In the world of crypto mining, there is a large publicly traded miner, specifically mining Bitcoin. Riot Blockchain, or RIOT, is a household name in Bitcoin mining. Now, its is in the news for naming its present head of financial and corporate operations, named Colin Yee, as the future CFO (Chief Financial Officer) of the company. This change will be effective 15 August 2022. The decision has implications for the future of the company.
The Appointment of Colin Yee
In a recent statement after Colin Yee’s appointment announcement, the CEO of RIOT was pleased to mention that Colin Yee is the best choice. Jason Les, RIOT’s CEO, stated that Yee was the right person to see that the Bitcoin miner’s strategic goals were achieved. Lately, shares of RIOT had plummeted about 72%, largely due to the massive fall in the value of Bitcoin itself.
When RIOT reported its earnings for Q1 on 10 May, revenue all but missed estimated targets, but the company managed to maintain its hash rate guidance. This was at an acceptable level of 12.8. Apart from news of the current new appointment, the company’s present CFO, Jeff McGonegal will remain with RIOT in the role of senior advisor. Yee, considered a good candidate to drive RIOT’s success, is a chartered accountant by profession and joined Bitcoin miner RIOT as late as last April.