• Argo Blockchain’s CEO, Peter Wall, has resigned.
• Alex Appleton, the business’s CFO has also left the company recently.
• In December, the company mined a paltry 147 BTC, a decrease of 25% from last month.
Peter Wall Resigns as CEO of Argo Blockchain
Seif El-Bakly has been named the company’s interim CEO while Matthew Shaw has been promoted to chairman of the board. Peter Wall had served in his position for three years and expressed appreciation to his coworkers for their help and commitment before leaving.
Alex Appleton Leaves Company
A little over a week ago, Alex Appleton, the CFO and Executive Director of Argo Blockchain left the company. It is unclear why he chose to leave or what he plans to do next.
Decreased Bitcoin Mining in December
In December of 2021, Argo Blockchain mined a paltry 147 BTC which was 25% lower than the previous month due to strong winter storms that hit Texas around Christmas time. This was concerning for many investors as this could be an indication that profits may not be as high as expected.
Investors File Lawsuit
At the end of January 2021, a group of Argo’s investors filed a lawsuit against the company alleging wrongful conduct and omissions caused sudden and dramatic decrease in value of its American depositary shares (ADS). The prolonged crypto winter and rising cost of power charges were also factors leading up to this lawsuit being filed.
Argo Avoids Bankruptcy with Sale Of Helios Facility
In order to avoid bankruptcy, Argo reached a deal with Galaxy Digital at the end of 2022 where they sold their Helios facility for $65 million. Though Mike Novogratz’s company will house the mining fleet, Argo will retain ownership of the equipment giving them some control over their profits going forward