Following the merger of equals between Hut 8 Corp.
and US Bitcoin Corp, the renowned blockchain infrastructure company has
announced a leadership transition. Asher Genoot, previously the President and a
Board member, has stepped into the role of Chief Executive Officer, succeeding
Jaime Leverton.
Genoot, having served as the President and Director
since November 2023, brings a wealth of experience to his new role. Previously, he was the Co-Founder and President of U.S. Data Mining Group, Inc., known as US Bitcoin
Corp, where he led the venture-backed private Bitcoin mining company.
Genoot’s track record includes a 730 MW portfolio across
data centers in Texas, Nebraska, and New York as of December 2022. The merger
has set the stage for a new strategic direction, and Genoot’s appointment
signifies a crucial step in realizing the potential within the combined
company, Hut 8 mentioned in a press release today (Wednesday).
Bill Tai, the Chairman of the Board of Hut 8,
highlighted the transformative nature of the merger, emphasizing the need for a
disciplined and proven approach, which Genoot is expected to bring to the
table.
Tai said: “Hut 8 is now at a pivotal inflection
point, and we believe that Asher is uniquely qualified to accelerate our path
to market leadership. There is tremendous potential in the combined Company,
and the Board is confident that Asher will bring a disciplined, proven approach
to unlock this potential.”
About Hut 8
Hut 8 Corp., headquartered in Miami, Florida, stands
at the intersection of infrastructure and energy through Bitcoin mining,
managed services, energy arbitrage, and traditional data center operations. The
company’s portfolio spans computing data centers across British Columbia and
Ontario and Bitcoin mining and hosting sites in Alberta, New York,
Nebraska, and Texas.
Last year, Hut 8 Mining reported a substantial decrease
in revenue for the third quarter of 2023. The decline in revenue nearly doubled
the net loss compared to the same period in 2022, leading to an 11% drop in its
stock price on the Canadian stock exchange, Finance Magnates reported.
The financial overview provided by Hut 8 revealed a
net loss of CAD 53.6 million for the quarter, with mining profit declining to
CAD 3.8 million. Operational challenges significantly reduced Bitcoin mining
output, stemming from increased network difficulties, operational suspensions,
and electrical issues at one of its facilities.
Following the merger of equals between Hut 8 Corp.
and US Bitcoin Corp, the renowned blockchain infrastructure company has
announced a leadership transition. Asher Genoot, previously the President and a
Board member, has stepped into the role of Chief Executive Officer, succeeding
Jaime Leverton.
Genoot, having served as the President and Director
since November 2023, brings a wealth of experience to his new role. Previously, he was the Co-Founder and President of U.S. Data Mining Group, Inc., known as US Bitcoin
Corp, where he led the venture-backed private Bitcoin mining company.
Genoot’s track record includes a 730 MW portfolio across
data centers in Texas, Nebraska, and New York as of December 2022. The merger
has set the stage for a new strategic direction, and Genoot’s appointment
signifies a crucial step in realizing the potential within the combined
company, Hut 8 mentioned in a press release today (Wednesday).
Bill Tai, the Chairman of the Board of Hut 8,
highlighted the transformative nature of the merger, emphasizing the need for a
disciplined and proven approach, which Genoot is expected to bring to the
table.
Tai said: “Hut 8 is now at a pivotal inflection
point, and we believe that Asher is uniquely qualified to accelerate our path
to market leadership. There is tremendous potential in the combined Company,
and the Board is confident that Asher will bring a disciplined, proven approach
to unlock this potential.”
About Hut 8
Hut 8 Corp., headquartered in Miami, Florida, stands
at the intersection of infrastructure and energy through Bitcoin mining,
managed services, energy arbitrage, and traditional data center operations. The
company’s portfolio spans computing data centers across British Columbia and
Ontario and Bitcoin mining and hosting sites in Alberta, New York,
Nebraska, and Texas.
Last year, Hut 8 Mining reported a substantial decrease
in revenue for the third quarter of 2023. The decline in revenue nearly doubled
the net loss compared to the same period in 2022, leading to an 11% drop in its
stock price on the Canadian stock exchange, Finance Magnates reported.
The financial overview provided by Hut 8 revealed a
net loss of CAD 53.6 million for the quarter, with mining profit declining to
CAD 3.8 million. Operational challenges significantly reduced Bitcoin mining
output, stemming from increased network difficulties, operational suspensions,
and electrical issues at one of its facilities.
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- Source: https://www.financemagnates.com//executives/hut-8-announces-change-in-leadership-asher-genoot-succeeds-jamie-leverton-as-ceo/
