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.
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.
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Bitfarms reported operating losses of $23.6 million, which included $46 million in accelerated depreciation on outdated mining equipment.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.
clomid generic brand can you buy cheap clomid online where to get clomiphene no prescription how to buy cheap clomid tablets how can i get clomid price clomiphene without rx clomid rx
More text pieces like this would create the web better.
More posts like this would make the blogosphere more useful.
azithromycin 500mg generic – ciprofloxacin medication metronidazole pill
buy generic rybelsus online – order cyproheptadine 4 mg generic periactin over the counter
motilium 10mg for sale – order sumycin generic order generic flexeril 15mg
order amoxiclav generic – https://atbioinfo.com/ buy generic acillin
buy esomeprazole 40mg online cheap – anexa mate generic esomeprazole 20mg
buy generic coumadin for sale – anticoagulant buy cozaar paypal
order meloxicam 15mg for sale – https://moboxsin.com/ mobic us
deltasone 10mg ca – arthritis buy prednisone pills
medications for ed – https://fastedtotake.com/ causes of ed
buy generic amoxicillin over the counter – comba moxi amoxil online
buy diflucan 200mg generic – https://gpdifluca.com/# diflucan for sale online
cialis is for daily use – https://ciltadgn.com/ cialis substitute
no prescription cialis – what is cialis pill buy cheapest cialis
buy ranitidine 150mg for sale – aranitidine purchase ranitidine generic
buy generic viagra online – https://strongvpls.com/ viagra ice cream to go on sale at selfridges
Palatable blog you have here.. It’s severely to on great calibre belles-lettres like yours these days. I justifiably recognize individuals like you! Go through vigilance!! click
I am in truth delighted to coup d’oeil at this blog posts which consists of tons of of use facts, thanks object of providing such data. prednisone 40 mg side effects
Proof blog you procure here.. It’s hard to assign elevated calibre article like yours these days. I really comprehend individuals like you! Take mindfulness!! https://ursxdol.com/sildenafil-50-mg-in/
I am in point of fact enchant‚e ‘ to glance at this blog posts which consists of tons of worthwhile facts, thanks representing providing such data. https://prohnrg.com/product/loratadine-10-mg-tablets/
This is the amicable of topic I enjoy reading. https://aranitidine.com/fr/levitra_francaise/
This is a topic which is virtually to my callousness… Myriad thanks! Quite where can I find the connection details for questions? https://ondactone.com/simvastatin/