After releasing financial data for the third quarter of 2020 showing an increase in mining revenues and margins, Riot Blockchain announced changes to the Board of Directors.
Riot Blockchain, listed on NASDAQ, one of the few publicly traded companies operating Bitcoin, recently made changes to its board of directors. A short press release posted on Riot’s website indicates that Remo Mancini had resigned from the board of directors with immediate effect:
Sir. 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.
The company also announced that it has appointed Hubert Marleau to fill the vacant seat. Mr. Marleau brings with him a wealth of experience in macroeconomic policy and analysis, corporate governance, financial analysis and investment banking. Most notable is Marleau’s tenure as Governor of the Montréal and Vancouver stock exchanges and as a director of the Toronto Stock Exchange. These ongoing high-level appointments, ranging from the traditional financial system to the cryptosystem, give additional legitimacy to the crypto bank review space.
Riot Blockchain also made headlines last month after announcing that he had purchased an additional $6 million in Bitcoin mining equipment from Bitmain. This purchase was in addition to many other purchases of mining equipment from Bitmain over much of 2020.
More than 15,000 miners were purchased in August. At the time, Mancini stated that the company’s strategic transformation was well underway. Riot was working to become one of the largest Bitcoin miners in North America. Mancini also stated at the time that Riot would achieve positive cash flow by the end of 2020.
The outlook is certainly good as Riot’s shares jumped 50% this week.
Shares of Colorado-based bitcoin mining company Riot Blockchain jumped 50% this week to two-year highs as bitcoin continues to advance to record levels.
Report from @zackvoell
Riot’s bull market activity is very surprising as their 2018 financial report revealed losses of $58 million. With the price of Bitcoin reaching almost new unprecedented highs, mining companies are now well placed to bank or, as is the case, crypto.
Riot Blockchain (NASDAQ: RIOT) specializes in the extraction of cryptography with an emphasis on Bitcoin. Riot also holds non-controlling investments in blockchain technology companies. The company, based in Castle Rock, Colorado, was founded in 2000 and the company’s main mining facility is located in Massena, New York.