The
publicly listed Bitcoin (BTC) miner from Wall Avenue (NYSE: ARBK) and London (LSE: ARB) Argo Blockchain plc
introduced right this moment (Tuesday) that Chief Government Officer Thomas Chippas will step
down from his place and board directorship, efficient February 28, 2025.
Chief
Monetary Officer Jim MacCallum will function interim CEO whereas the corporate
conducts an government search.
The CEO
joined Argo Blockchain in late 2023, throughout a difficult interval for the
cryptocurrency market and the mining trade. Throughout his tenure, Chippas led
vital monetary enhancements on the dual-listed crypto miner, notably
orchestrating the
early compensation of the corporate’s Galaxy mortgage and strengthening its stability
sheet place.
Matthew Shaw, Chairman of the Board at Argo Blockchain
“Thomas
has made vital contributions to Argo together with the compensation of the
Galaxy mortgage forward of schedule and bettering the stability sheet,” mentioned
Matthew Shaw, Chairman of the Board. “On behalf of the Board and everybody at
Argo, I want to thank Thomas for his many achievements and want him each
success sooner or later.”
The
firm, which operates a mining facility in Quebec and maintains workplaces
throughout the US, Canada, and the UK, mentioned it plans to interact an government search
agency to establish a everlasting successor.
Earlier than
becoming a member of the cryptocurrency mining firm, Chippas held the function of Managing
Director at Citi’s New York department. His longest tenure, nevertheless, was with Cboe
Digital, the place he served as CEO and a member of the Board of Administrators. He additionally
continues to serve on the board of TS Think about, an organization offering SaaS
platforms for built-in digital front-office buying and selling.
Argo Nonetheless Faces
Challenges
Though
Chippas is leaving Argo Blockchain in a extra steady situation, vital
challenges persist. In response to the Q3 2024 monetary report, the
cryptocurrency mining firm reported a internet lack of $6.3 million for the
quarter, reflecting ongoing market difficulties and shrinking mining margins.
Income
fell to $7.5 million in Q3, a 28% decline from $10.4 million in the identical interval
final yr. Throughout the quarter, the corporate mined 123 Bitcoin, averaging 1.3 BTC
per day. Mining margins noticed a pointy drop to eight% in comparison with 58% a yr earlier
when the corporate benefited from energy credit as a consequence of financial curtailments.
Adjusted EBITDA swung to adverse $2.1 million, a major downturn from
optimistic $2.4 million within the prior yr.
In
December, Finance Magnates reported that Argo Blockchain raised £4.2
million ($5.3 million) by way of a share subscription. The corporate issued
roughly 76.9 million new peculiar shares at 5.5 pence per share to an
institutional investor. The funds intention to assist strategic initiatives,
together with the relocation or divestment of mining gear from its Helios
facility in Texas and sustaining Bitcoin mining operations in Quebec. The
firm can be trying to increase into high-performance computing (HPC).
The most recent
mining report from January signifies that Argo produced 39 BTC in December
2024, the identical as in November.
Our December operational replace is out:
🔸Mined 39 Bitcoin in December.
🔸Every day manufacturing was 1.3 Bitcoin per day per November.
🔸Mining income of $3.9 million, a rise from $3.4 million in November.
🔸We’re at the moment evaluating different web site choices to…
— Argo (@ArgoBlockchain) January 7, 2025
Nevertheless, manufacturing stays at a five-month low,
underscoring the corporate’s ongoing challenges..
The
publicly listed Bitcoin (BTC) miner from Wall Avenue (NYSE: ARBK) and London (LSE: ARB) Argo Blockchain plc
introduced right this moment (Tuesday) that Chief Government Officer Thomas Chippas will step
down from his place and board directorship, efficient February 28, 2025.
Chief
Monetary Officer Jim MacCallum will function interim CEO whereas the corporate
conducts an government search.
The CEO
joined Argo Blockchain in late 2023, throughout a difficult interval for the
cryptocurrency market and the mining trade. Throughout his tenure, Chippas led
vital monetary enhancements on the dual-listed crypto miner, notably
orchestrating the
early compensation of the corporate’s Galaxy mortgage and strengthening its stability
sheet place.
Matthew Shaw, Chairman of the Board at Argo Blockchain
“Thomas
has made vital contributions to Argo together with the compensation of the
Galaxy mortgage forward of schedule and bettering the stability sheet,” mentioned
Matthew Shaw, Chairman of the Board. “On behalf of the Board and everybody at
Argo, I want to thank Thomas for his many achievements and want him each
success sooner or later.”
The
firm, which operates a mining facility in Quebec and maintains workplaces
throughout the US, Canada, and the UK, mentioned it plans to interact an government search
agency to establish a everlasting successor.
Earlier than
becoming a member of the cryptocurrency mining firm, Chippas held the function of Managing
Director at Citi’s New York department. His longest tenure, nevertheless, was with Cboe
Digital, the place he served as CEO and a member of the Board of Administrators. He additionally
continues to serve on the board of TS Think about, an organization offering SaaS
platforms for built-in digital front-office buying and selling.
Argo Nonetheless Faces
Challenges
Though
Chippas is leaving Argo Blockchain in a extra steady situation, vital
challenges persist. In response to the Q3 2024 monetary report, the
cryptocurrency mining firm reported a internet lack of $6.3 million for the
quarter, reflecting ongoing market difficulties and shrinking mining margins.
Income
fell to $7.5 million in Q3, a 28% decline from $10.4 million in the identical interval
final yr. Throughout the quarter, the corporate mined 123 Bitcoin, averaging 1.3 BTC
per day. Mining margins noticed a pointy drop to eight% in comparison with 58% a yr earlier
when the corporate benefited from energy credit as a consequence of financial curtailments.
Adjusted EBITDA swung to adverse $2.1 million, a major downturn from
optimistic $2.4 million within the prior yr.
In
December, Finance Magnates reported that Argo Blockchain raised £4.2
million ($5.3 million) by way of a share subscription. The corporate issued
roughly 76.9 million new peculiar shares at 5.5 pence per share to an
institutional investor. The funds intention to assist strategic initiatives,
together with the relocation or divestment of mining gear from its Helios
facility in Texas and sustaining Bitcoin mining operations in Quebec. The
firm can be trying to increase into high-performance computing (HPC).
The most recent
mining report from January signifies that Argo produced 39 BTC in December
2024, the identical as in November.
Our December operational replace is out:
🔸Mined 39 Bitcoin in December.
🔸Every day manufacturing was 1.3 Bitcoin per day per November.
🔸Mining income of $3.9 million, a rise from $3.4 million in November.
🔸We’re at the moment evaluating different web site choices to…
— Argo (@ArgoBlockchain) January 7, 2025
Nevertheless, manufacturing stays at a five-month low,
underscoring the corporate’s ongoing challenges..
