Top IBM executive to become Hut 8 CFO
Shenif Wisram will become the new CFO of Canadian miner Hut 8. He will replace Shane Downey, who has been in the position for almost two years.
As for Shenif Wisram, he spent 12 of his 20-year career at IBM, where he served as CFO as well as COO, among other positions.
The situation in the crypto market has affected all mining companies and Hut 8 was no exception. It has also struggled with emerging challenges and noted a $17.4 million loss in its Q3 report. At the same time, like the other miners, Hut 8 is working hard to improve its financial health.
The drop in the value of bitcoin by several times, as well as the sharp rise in energy prices, has put miners in a very difficult situation. Also, the supply of equipment has increased in the market, which has fallen in price, further exacerbating the situation for companies that have been expanding capacity with loans secured against the devices.
Hut 8 securities lost about 85% on the Nasdaq to $1.01 apiece.