Crypto Miner Hut 8 Hires Former IBM Executive as CFO

Canadian bitcoin mining firm Hut 8 (HUT) hired Shenif Visram as chief financial officer to replace Shane Downey, who leaves the company following 20 months in the role.

During his 20-year career, Visram spent nearly 12 years at IBM, including spells as CFO and chief operating officer (COO) of global business services for the computing giant's Canadian arm.

Like many of its peers in the bitcoin mining sector, Hut 8 has had a trying year, most recently posting a third-quarter loss of C$23.7 million ($17.4 million). Mining firms have been squeezed between declining crypto prices and increasing energy costs, with several miners struggling to stay afloat.

HUT shares trading on Nasdaq are down around 85% year-to-date at $1.01. At the time of writing, they are up 1.98% in pre-market trading.

Read more: Bitcoin Mining Firm TeraWulf Raises $10M in New Capital to Repay Some of Its Debts