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Home»ADOPTION NEWS»Bitcoin Mining Firm Hut 8 Hires Former Citigroup Executive as New CFO
ADOPTION NEWS

Bitcoin Mining Firm Hut 8 Hires Former Citigroup Executive as New CFO

By Crypto FlexsAugust 6, 20243 Mins Read
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Bitcoin Mining Firm Hut 8 Hires Former Citigroup Executive as New CFO
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Hut 8, a Bitcoin mining company and energy infrastructure company, announced Tuesday that it will hire a new chief financial officer later this month.

Sean Glennon will become Hut 8’s new CFO, effective August 21. Shenif Visram is stepping down from his role for family reasons, but will remain with the company until Glennon takes over to oversee an orderly transition.

“We are excited to welcome Sean to the organization as we continue to execute on our power-first thesis,” said Asher Genut, Hut 8 CEO. “Shaun brings a wealth of strategic, financial and capital markets knowledge, and along with his relationship roaddex in this space, will be a valuable asset in shaping and executing our future plans.”

Glennan most recently served as a managing director in the Global Power, Utilities & Renewables group of Citigroup’s Investment Banking division. During his 13 years at Citigroup, he advised on more than $80 billion of M&A and capital markets activity in the power sector, the firm said.

Genoot highlighted Glennan’s experience advising on such M&A transactions, which he said would “help scale the platform with a focus on creative structuring and prudent capital allocation.”

The rise of artificial intelligence led to a surge in demand for data centers in April. Bitcoin Halving Event By cutting miners’ income in half, many people Explore alternatives.

Also on Tuesday, Hut 8 released its monthly mining update for July. The company produced 105 Bitcoins, bringing the total lot to 9,102 BTC. As of July 31, the managed hash rate was 13.4 EH/s, a slight increase from the previous month.

“We continue to see the impact of ongoing optimization efforts on our own mining operations,” Genoot said. “Since bringing Salt Creek online and completing the planned rollout of our curtailment software, we have seen significant reductions in our average energy costs.”

According to the press release, Hut 8 currently owns or manages energy infrastructure with a power capacity of 1.3 gigawatts.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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