Bitfarms, a Canadian Bitcoin mining firm, faces significant leadership changes amid a takeover attempt by Texas-based Riot Platforms. Founder Nicolas Bonta has resigned, and Ben Gagnon joins the board as the new CEO.
Riot, seeking global dominance, has increased its stake in Bitfarms to 18%, investing $169 million. Alleging poor governance, Riot has targeted Bonta and other directors for removal.
Brian Howlett becomes the new independent chairman, while Liam Wilson is appointed COO. These moves aim to bolster Bitfarms' defenses against Riot's advances.
The developments underline the power struggle within the Bitcoin mining industry as prominent companies vie for control and market share.
