Bitcoin mining company Bitfarms has named Ben Gagnon as its new chief executive officer, replacing him from his previous role as chief mining officer. This decision comes amidst a takeover conflict with U.S. competitor Riot Platforms.

In an official announcement on Monday, Bitfarms revealed the appointment of Ben Gagnon as the new CEO. The Chairman of the Board of Directors, Nicolas Bonta, expressed that Gagnon's focus will be on expanding and diversifying the company's operations, particularly in areas like energy generation, heat recycling, energy trading, and high-performance computing for artificial intelligence.

Edie Hofmeister, Chair of the Independent Search Committee of Bitfarms, highlighted Gagnon's key role in the company's growth strategy during his tenure as chief mining officer. Gagnon's efforts have been instrumental in positioning Bitfarms for substantial value creation.

In response to Bitfarms' leadership change, Riot Platforms, the U.S.-based Bitcoin entity that had been eyeing Bitfarms for acquisition, introduced a new website named 'ABetterBitfarms.' This platform aims to inform shareholders about Bitfarms' alleged governance issues and advocate for board changes, presenting Riot's three independent director nominees.

Riot Platforms had initiated efforts to acquire Bitfarms, offering $950 million for the Canadian company. However, the acquisition bid was later retracted by Riot Platforms, citing impossibility in engaging with Bitfarms' current board for a potential merger.