Crypto Miner Hut 8 Hires Former IBM Executive as CFO

Shenif Visram spent almost 12 years at IBM, including spells as chief financial officer and chief operating officer of global business services for the computing giant's Canadian arm.

AccessTimeIconDec 13, 2022 at 12:12 p.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC

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.

  • Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
    01:54
    Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
  • HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
    00:50
    HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
  • Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
    01:45
    Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • 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 (US$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.



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.