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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Experience to Earn: Everdome's Metaverse Frontier

    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    NFT sales plunge to $129.6m, Pudgy Penguins jump 63%

    PENGU token loses 20% in August amid Pudgy Party game launch

    PENGU token loses 20% in August amid Pudgy Party game launch

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    OKX Wallet Taps Shaga to Offer Secure Web3 AAA Gaming

    OKX Wallet Taps Shaga to Offer Secure Web3 AAA Gaming

    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Pudgy Penguins and Mythical Games Launch Pudgy Party Game

    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

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    GaFin Joins Cyber Crash to Advance Web3 Gaming

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    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Play Solana to ship handheld gaming device in October

    Play Solana to ship handheld gaming device in October

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    LFG Boosts Token Launches with Community Power

    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What Is Crypto Arbitrage and How to Use It in Trading?

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    What’s the Difference & Which Is Better to Trade?

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  • Analysis
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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Board changes at Bitfarms amid revenue drop and Riot’s hostile takeover efforts

August 14, 2024
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Board changes at Bitfarms amid revenue drop and Riot’s hostile takeover efforts
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Bitfarms co-founder and chairman Nicolas Bonta is stepping down from the board immediately amid the ongoing fight against Riot Platforms‘ hostile takeover bid, according to an Aug. 13 statement.

READ ALSO

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Bonta is one of three board members Riot aims to replace in the upcoming October shareholder vote.

Leadership change

In response to Bonta’s departure, Brian Howlett, the lead director, will assume the role of independent chairman. Ben Gagnon will step in as the new CEO and join the board.

Additionally, Liam Wilson will become the Chief Operating Officer (COO) on Aug. 26.

Edie Hofmeister, Chair of the Governance and Nominating Committee, emphasized that Bitfarms’ Board is dedicated to building the right team to implement its strategic plan and create long-term value for its shareholders. He added:

“The Bitfarms Board is focused on ensuring the Company has the right team to oversee and implement the Company’s strategic plan to deliver value in the near- and long-term.”

Bitfarms’ leadership changes come at a crucial time, as the company faces aggressive acquisition attempts from Riot.

In April, Riot first tried to acquire Bitfarms for about $950 million, but the offer was rejected because it undervalued the company.

Since then, Riot has become a significant Bitfarms shareholder through significant share acquisitions, reaching 15.9%. It has also criticized Bitfarms’ governance and called for the removal of the company’s board, which it claims prioritized the directors’ interests over those of shareholders.

See also  Bitfufu Reports Q3 Revenue Increase of 47.5% Year Over Year

Revenue declined in Q2

These leadership changes came less than a week after the Bitcoin miners revealed that their total revenue had dropped to $42 million, a 16% decrease from the first quarter.

The company attributed the decline to reduced block rewards after Bitcoin’s halving event in April. This year’s event slashed miners’ block rewards to 3.125 BTC per block, down from 6.25 BTC.

Additionally, Bitfarms reported operating losses of $23.6 million, which included $46 million in accelerated depreciation on outdated mining equipment.

The post Board changes at Bitfarms amid revenue drop and Riot’s hostile takeover efforts appeared first on CryptoSlate.

Tags: BitfarmsboardDropEffortshostilerevenueRiotstakeover

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