After releasing Q3 2020 financials that show increased mining revenue and margins, the company announced board-level changes.
NASDAQ-listed Riot Blockchain, one of a few publicly-traded companies mining Bitcoin, recently made changes to its board of directors. A short press release published on Riot’s website states that Remo Mancini had amicably resigned from the board with immediate effect:
“Mr. Mancini’s decision to resign from the Company’s Board of Directors is not the result of any disagreement with the Company’s operations, policies or procedures.”
Marleau to fill the role
The company also announced that they had appointed Hubert Marleau to fill the vacant seat. Mr. Marleau brings a wealth of experience with him in macroeconomic policy & analysis, corporate governance, financial analysis, and investment banking. Most notable are Marleau’s tenure as a Governor of the Montreal and Vancouver stock exchanges and a Director of the Toronto Stock Exchange. These continued high-level appointments from the traditional financial system to the cryptocurrency financial system bring further legitimacy to the crypto space.
Riot Blockchain also grabbed headlines last month after announcing that they had purchased a further $6 million in Bitcoin mining equipment from Bitmain. This purchase was in addition to numerous other mining equipment purchases from Bitmain throughout much of 2020.
More than 15000 miners were purchased in August. At the time, Mancini said that the company’s strategic transformation is well underway. Riot was working toward becoming one of the largest Bitcoin miners in North America. Mancini also said at that time that Riot would achieve positive cash flow in late 2020.
The outlook is certainly good as Riot’s shares surged by 50% this week.
Shares of Colorado-based bitcoin mining company Riot Blockchain surged 50% this week, tapping two-year highs, as bitcoin continues marching toward record levels.— CoinDesk (@CoinDesk) November 20, 2020
Report by @zackvoell https://t.co/12nZai4h2j
Riot in the red in 2018
Riot’s bullish activity comes as a surprise to many as their 2018 financial report revealed losses of $58 million. With the price of Bitcoin almost hitting new all-time highs, mining firms are now well-positioned to make bank or as is the case, make crypto.
More about Riot Blockchain
Riot Blockchain (NASDAQ: RIOT) specializes in cryptocurrency mining with a focus on bitcoin. Riot also holds non-controlling investments in blockchain technology companies. The Castle Rock, Colorado-based company was founded in 2000 and the Company’s primary mining facility is located in Massena, New York.