Bitcoin Miner Marathon Digital’s CFO to Retire After One Year

Mining

Bitcoin miner Marathon Digital’s (MARA) CFO Hugh Gallagher plans to retire from his position on Could 12, about an yr after he was appointed within the position.

“With hash fee rising and changing into extra steady and with the group now in a stronger place, I made the choice to retire,” Gallagher stated in a press release. He was appointed to the CFO position on March of final yr.

The transfer comes as bitcoin miners have gone by way of a tough yr, with bitcoin costs sinking and better vitality costs driving up prices, which weighed on their revenue margins. Marathon’s inventory value has fallen about 71% in final 12 months, whereas bitcoin fell about 40%, in accordance with TradingView knowledge.

An exterior seek for a brand new CFO is already within the course of, the corporate stated within the assertion.