Bitfarms Ltd. (TSX:BITF), a global vertically integrated Bitcoin data center company, today announced that the Board of Directors has appointed Ben Gagnon Chief Executive Officer, effective immediately. He was previously Chief Mining Officer.

"Ben is a seasoned leader with significant experience in Bitcoin mining, and we are thrilled to appoint someone of his caliber as the Company's next CEO," said Nicolas Bonta, Chairman of the Board of Directors. "Over the last five years, Ben has been a vital member of the Bitfarms leadership team and has been instrumental in positioning the Company to drive organic growth and capture a greater share of the global demand for Bitcoin. We look forward to leveraging Ben's insights and experience as the Company works to expand and diversify the business into exciting and synergistic new areas, such as energy generation, heat recycling, energy trading and HPC (high performance computing) for AI (artificial intelligence)."

"The Board is confident that Ben is the right person to lead Bitfarms in this next chapter. During his tenure as Chief Mining Officer, Ben played a significant role in the development of Bitfarms' growth plan, positioning the Company to drive significant value creation," said Edie Hofmeister, Chair of the Independent Search Committee of the Board of Directors. "We look forward to benefiting from his leadership as we continue to capitalize on growth opportunities and further global expansion with an emphasis on the U.S."

"I am honored to be appointed CEO and am excited for the opportunity to lead and work alongside such a talented team," said Mr. Gagnon. "This has been a transformational year for the Company, and I am encouraged about the future as we begin planning and implementing strategies for the 2028 halving event, while simultaneously evaluating potential HPC/AI opportunities. As I look to the next four years and the Company's strategic path, I am encouraged by the tremendous potential ahead and am confident that we have the right team in place to execute on our objectives."

Mr. Gagnon started his career at Bitfarms as Director of Business Development in 2019 and was promoted to the Director of Mining Operations in 2020 and Chief Mining Officer in 2021. In his various roles at the Company, Ben has been responsible for mining strategy and operations, including growth strategies, mining economics, miner portfolio management, and evaluation and integration of new technologies. He has worked intimately with every department in the Company. Prior to joining Bitfarms, Mr. Gagnon founded and operated two Bitcoin mining companies, holding roles as Chief Executive Officer, Chief Mining Officer and Chief Technology Officer. Mr. Gagnon earned his M.Sc. in Internet Computing from Hong Kong University and has a B.Sc. in Economic Consulting and International Business from the Kelley School of Business at Indiana University. In addition, Mr. Gagnon currently serves as co-chair of the Canadian Blockchain Consortium Mining Committee and is a lead analyst for the Bitcoin Mining Council.