Argo Blockchain Hires New CFO, BTC Mining Down in March

Mining

Argo Blockchain (NYSE/LSE:ARGO), a publicly-listed crypto mining firm, introduced the appointment of Jim MacCallum as its Chief Monetary Officer (CFO) on Tuesday. In the identical submitting, the corporate has additionally offered its newest operation replace, displaying a lower in mining output in comparison with the earlier month.

Argo Blockchain Hires MacCallum

MacCallum, a Licensed Public Accountant and Chartered Monetary Analyst, brings over 30 years of expertise in finance and accounting roles. He’ll formally be a part of the corporate on 5 April 2023. Beforehand, MacCallum was the CFO of East Facet Video games Group Inc, a publicly-traded cellular sport platform know-how firm primarily based in Canada.

Jim MacCallum, new CFO at Argo Blockchain

Beforehand, he served as Senior Vice President, Finance, and Appearing CFO at Westport Gas Programs Inc, a clear transportation know-how firm. MacCallum additionally held senior positions at Amica Mature Life, Absolute Software program, and Cisco Programs. He accomplished the Superior Administration Program at Harvard Enterprise College.

“I’m delighted to be becoming a member of Argo Blockchain, a dynamic and modern firm with a wealthy historical past and thrilling future. I stay up for contributing to the success of the corporate via a powerful concentrate on monetary self-discipline,” MacCallum commented on his appointment.

Matthew Shaw, the Chairman of Argo’s Board, famous MacCallum’s intensive expertise in a variety of industries and strategic mindset that may assist him correctly handle the corporate via its subsequent progress phases.

New RNS: We’re thrilled to welcome Jim MacCallum as our new Chief Monetary Officer!

With greater than 30 yrs of expertise in accounting and finance, he might be a worthwhile addition to our mgmt workforce.

The RNS additionally consists of our March operational outcomes.https://t.co/8VRcmrp3Bz

— Argo (@ArgoBlockchain) April 4, 2023

Argo Mines 161 BTC in March, Lower than a Month In the past

Argo Blockchain mined 161 Bitcoin or Bitcoin Equivalents (BTC) in March, or 5.2 BTC per day, representing a ten% lower from the 5.7 BTC per day produced in February 2023. The principle driver of this lower was the 11% improve in community issue in March in comparison with February.

Nonetheless, the general mining income reached $4.05 million (£3.28 million), up from February’s $3.76 million (£3.09 million), utilizing every day foreign exchange charges and crypto costs. On the finish of final month, the corporate held 85 BTC. Argo’s whole hashrate capability stays at 2.5 EH/s.

Argo’s bitcoin mining grew for 2 months in a row after experiencing a extra substantial depreciation of 35% in December as a result of a extreme winter in the USA. Like many others within the trade, the corporate stopped mining to scale back the load on the electrical grid.

The corporate’s scenario has improved considerably in current months. On the finish of the 12 months, it was on the verge of chapter and was rescued via a strategic cope with Galaxy Digital Holdings, Ltd, a monetary agency targeted on digital belongings, owned by Mike Novogratz. Argo offered Galaxy its Helios mine positioned in Texas for $65 million and moreover benefited from mortgage refinancing provided by Galaxy to supply funds to cowl ongoing operations.

The top of 2022 usually turned out to be worse for the mining trade as a result of decrease Bitcoin costs. HIVE Blockchain, one other publicly-traded cryptocurrency miner, reported a web lack of $90 million in This fall, deepening a $37 million loss from the sooner quarter. Total, the entire crypto mining trade made $6 billion much less in 2022 in comparison with the record-breaking 12 months of 2021.