Bitcoin miner Argo Blockchain introduced a CEO departure and interim management modifications.
Argo Blockchain, the British dual-listed Bitcoin (BTC) mining firm, has revealed that CEO Thomas Chippas will step down from his position and board place, efficient Feb. 28.
CFO Jim MacCallum will step in as interim CEO whereas the corporate conducts a seek for a everlasting successor.
Chippas, who joined Argo in November 2023, led a number of monetary enhancements throughout his tenure. These included the early reimbursement of the corporate’s Galaxy mortgage and strengthening its steadiness sheet.
Argo’s heavy losses
Regardless of these initiatives, Argo continues to face important challenges. In keeping with Finance Magnates, the corporate reported a $6.3 million internet loss in Q3 2024, with income falling 28% yr over yr to $7.5 million.
In December, Argo raised $5.3 million via a share subscription to help strategic initiatives. These included relocating or promoting mining tools from its Helios facility in Texas and sustaining operations in Quebec, Canada.
The corporate’s newest mining report highlights stagnant manufacturing, with 39 Bitcoin mined in December — the identical determine as November — marking a five-month low.