Bitcoin Miner Argo Blockchain Experiences Leadership Shakeup, Interim CEO Steps Down
Argo Blockchain, a prominent player in the Bitcoin mining industry, has announced a significant change in its leadership structure. Peter Wall, the current CEO, and interim chairman stepped down to pursue other opportunities, and the company has appointed Seif El-Bakly, Chief Operating Officer, as interim CEO.
According to the press release, Peter Wall’s management of Argo was characterized by significant growth and success for the company. He leaves a confident and talented organization with a clear strategy for future growth.
Wall expressed his appreciation for the support and commitment of his colleagues and his pride in the Argos’ achievements during his tenure.
Matthew Shaw, the newly appointed chairman, praised Wall’s contribution to Argo and expressed his gratitude for the strong foundation he has created.
The Bitcoin mining company also claims in the press release that with the appointment of Seif El-Bakly as interim CEO, Argo is well positioned to continue its success and growth in the coming months.
In addition to Wall’s departure, Argo has also announced that non-executive director Sarah Gow is stepping down from the board due to health reasons. The company thanked Gow for her valuable contribution and wished her a speedy recovery.
The press release further emphasizes that as Argo continues to evolve with management changes, the company has declared its intention to use the services of an executive search firm to identify a new CEO.
During this transition period, which is set to last three months, Wall has agreed to remain on board as an advisor to Argo. The company will provide updates on this process in due course.
Argo increases production of bitcoin in January
The company has reported a 14% increase in Bitcoin (BTC) production for the month of January 2023. The company mined a total of 168 BTC in January, compared to the 147 BTC mined in December 2022.
The increase in production is primarily attributed to fewer curtailment hours in January, which was caused by a severe winter storm that hit much of the US in December.
As of January 31, the company had 115 BTC or Bitcoin equivalents, with a total hash rate capacity of 2.5 EH/s. The increase in production translated into mining revenue of $3.42 million in January, compared to December’s revenue of $2.49 million.
Argo has also announced a change in its reporting style following the takeover of operations at Helios by Galaxy Digital Holdings. The company will no longer provide monthly updates on its mining performance, but will instead include these numbers on a quarterly basis and in its financial statements.
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