BIT Mining Limited, a crypto mining firm listed at the NYSE, has announced the appointment of Bo Yu to the board of directors. Before this appointment, Bo Yu served as the chief operating officer and the company’s General Counsel.
The company has also made other several appointments to its board. Qian Sun has been appointed as a member of the company’s audit committees, and he will serve on the corporate governance committee.
Strengthening team through new appointments
As mentioned earlier, Bit Mining is listed at the NYSE under the ticker symbol BTCM. It is one of the leading crypto mining firms. Following a boom in crypto-related activities, the company has significantly increased its mining capacity this year.
The latest appointments are an effort by the company to boost the strength of its team and bolster its plans for expanding globally.
The press release on these latest appointments notes that “Man San Vincent Law, an executive director of the company, has been appointed as the chairman of the company’s strategic planning committee and a member of its compensation committee, effective December 28, 2021.”
“Mr Yu will remain the chairman of each of the company’s compensation committee and its nominating and corporate governance committee, Mr Sun will remain a member of the Company’s strategic planning committee, and Mr Law will remain a member of the company’s nominating and corporate governance committee,” the company added.
Bitcoin mining activities hit a peak in 2021
2021 has been marked with increased interest in cryptocurrencies. The trend has led to major profits for mining firms. Data from Glassnode, an on-chain analytics platform, note that the Bitcoin mining hash rat3e gas increased by 27% this year.
However, Bitcoin mining activities were largely disrupted in May after China announced a ban on crypto mining. More than half of mining firms went offline, largely affecting the mining hash rate. However, this has since recovered.
As one of the leading Bitcoin mining firms, BIT Mining has seen immense growth this year. The company has increased its mining capacity in 2021, resulting in increased revenues and profits. One of the strategic investments by the firm this year is the Bee Computing machine that aims at bringing efficiency to the mining process.