PANews reported on August 14 that according to The Block, Bitcoin mining company Bitfarms has appointed CEO Ben Gagnon to join the board of directors, and co-founder and former chairman Nicolas Bonta will step down. The board of directors appointed chief director Brian Howlett as the new independent chairman. It is reported that Bonta played a key role in the creation, development and international expansion of Bitfarms (especially in Latin America).
U.S.-based Riot Platforms attempted to acquire Bitfarms earlier this year and has become its largest shareholder and is pushing to restructure its board. Bitfarms posted a $27 million net loss in its most recent earnings report, with revenue falling 16% due to a reduction in block rewards following Bitcoin’s April halving event.