Bitmine Immersion Technologies, Inc. Announces Executive Changes
September 09, 2021 at 04:31 pm EDT
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Bitmine Immersion Technologies, Inc. announced that on July 16, 2021, Erik S. Nelson resigned as Chief Financial Officer and Corporate Secretary. Mr. Nelson remains Chief Executive Officer. On July 16, 2021, the Company’s board of directors appointed Raymond Mow as Chief Financial Officer and Treasurer, and Seth Bayles as Corporate Secretary. Both positions were formerly held by Erik S. Nelson. On the same day, the Company’s board of directors appointed Ryan Ramnath as Chief Operating Officer. Ryan Ramnath is the Chief Executive Officer of Bitflair Mining Corp. Mr. Ramnath co-founded BitFlair Mining Corp., held the role as CEO and was instrumental in navigating the local Trinidad environment to successfully launch the first liquid cooled bitmine hosting operation in Trinidad. Raymond Mow has over 28 years of financial industry experience, most recently as Managing Director of Fixed Income at First Foundation Advisers overseeing $2.3 billion. Seth Bayles is a Corporate Attorney with over 15 years of experience practicing in the areas of entertainment, finance, technology, and commercial contracts.
Bitmine Immersion Technologies Inc. is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. The Company operates in the cryptocurrency mining industry. Its business includes industrial scale digital asset mining, equipment sales and hosting operations. It is engaged in self-mining bitcoin for its own account, as well as hosting third-party equipment used in mining of digital asset coins and tokens, specifically bitcoin. It conducts digital asset mining operations using specialized computers equipped with application-specific integrated circuit chips. Its data centers provide power, racks, thermodynamic management (heat dissipation and airflow management), redundant connectivity, 24/7 security, as well as software which provide infrastructure management and custom firmware that improves performance and energy efficiency.