Crypto Miner Hut 8 Making Crucial Changes

The Crypto winters of 2022 have troubled several crypto mining firms.
Crypto miner Hut 8 lost more than 15 million US dollars in the last quarter of 2022.

Hut 8 (HUT), a Canadian crypto mining firm, has recently appointed Shenif VIsram, a former executive of IBM, as its Chief Financial Officer.

Shenif Visram started his career at IBM in February 2004 as Senior Finance Manager. After 3 years and 2 months, he was appointed as Chief Financial Officer of Global Business Services at IBM Canada.

Visram completed his tenure of 4 years and 1 month as CFO for Global Business Services, and later, he was appointed as the Director and Chief Financial Officer of Global Technology Services.

Hut 8 has been adversely affected like other crypto mining firms. Hut 8 released its financial report for the third quarter of 2022. The report shows that the firm lost around C$23.7 million, which is about $17.4 million U.S dollars.

Crypto markets have been struggling since the start of this year. It seems like this year was star-crossed with bad omens for all financial asset classes.

Apart from struggling crypto prices, crypto miners have been affected by rising prices of electricity, which is ultimately leading to massive losses in the ongoing financial year.

While writing this article 1 Canadian Dollar was equal to 0.737703 U.S Dollars.

As per reports, Shane Downey served Hut 8 as its Chief Financial Officer for around 20 months.

Hut 8 stock price has fallen by nearly 86.53% since the beginning of this year; at press time, its price was C$1.39.

Texas based Bitcoin miners paused all their mining activities and have already shifted energy allocations to energy production and distribution companies.

Bitcoin miners scaled down services because of extreme heat waves in Texas, a continuous downtrend in prices of almost all cryptocurrencies, and the crypto winter.

Decreasing prices of BTC and other cryptos have forced miners and other firms working in the trading, buying, and selling of crypto to halt, pause, or scale down their services.

Earlier on August 20, 2022, TheCoinRepublic reported that Vietnam-based crypto miners suffered great losses after the Ethereum Blockchain shifted towards PoS. According to reliable data, Ethereum is the second largest and biggest cryptocurrency globally.

Compute North plays a crucial role in the mining facilities of Marathon Digital, along with several others. These facilities include major facilities such as King Mountain wind farm, McCamey and Wolf Hollow, Granbury, Texas. There will be no impact on the mining operations of Marathon Digital, though, as the company clarified.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing