Argo
Blockchain (NYSE/LSE:ARGO), a publicly-listed crypto mining company, announced
the appointment of Jim MacCallum as its Chief Financial Officer (CFO) on
Tuesday. In the same filing, the company presented its latest
operation update, showing a decrease in mining output compared to the previous
month.
Argo Blockchain Hires
MacCallum
MacCallum,
a Certified Public Accountant and Chartered Financial Analyst, brings over 30
years of experience in finance and accounting roles. He will officially join
the company on 5 April 2023. Previously, MacCallum was the CFO of East Side
Games Group Inc, a publicly-traded mobile game platform technology company
based in Canada.
Earlier,
he served as the Senior Vice President, Finance, and Acting CFO at Westport Fuel
Systems Inc, a clean transportation technology company. MacCallum also held
senior positions at Amica Mature Lifestyles, Absolute Software, and Cisco
Systems. He completed the Advanced Management Program at Harvard Business
School.
“I am
delighted to be joining Argo Blockchain, a dynamic and innovative company with
a rich history and exciting future. I look forward to contributing to the
success of the company through a strong focus on financial discipline,” MacCallum
commented on his appointment.
Matthew
Shaw, the Chairman of Argo’s Board, noted MacCallum’s extensive experience in a
wide range of industries and strategic mindset that will help him properly
manage the company through its next growth phases.
New RNS: We are thrilled to welcome Jim MacCallum as our new Chief Financial Officer!
With more than 30 yrs of experience in accounting and finance, he will be a valuable addition to our mgmt team.
The RNS also includes our March operational results.https://t.co/8VRcmrp3Bz
— Argo (@ArgoBlockchain) April 4, 2023
Argo Mines 161 BTC in
March, Less than a Month Ago
Argo
Blockchain mined 161 Bitcoin or Bitcoin Equivalents (BTC) in March, or 5.2 BTC
per day, representing a 10% decrease from the 5.7 BTC per day produced in
February 2023. The main driver of this decrease was the 11% increase in network
difficulty in March compared to February.
However,
the overall mining revenue reached $4.05 million (£3.28 million), which is up from
February’s $3.76 million (£3.09 million), using daily forex rates and crypto
prices. At the end of last month, the company held 85 BTC. Argo’s total hashrate
capacity remains at 2.5 EH/s.
Argo’s
bitcoin mining grew for two months in a row after experiencing a more
substantial depreciation of 35% in December due to a severe winter in the
United States. Like many others in the industry, the company stopped mining to
reduce the load on the electric grid.
The company’s
situation has improved significantly in recent months. At the end of the year,
it was on the verge of bankruptcy and was rescued through a strategic deal with
Galaxy Digital Holdings, Ltd, a financial firm focused on digital assets, owned
by Mike Novogratz. Argo sold Galaxy its Helios mine located in Texas for $65
million and additionally benefited from loan refinancing offered by Galaxy to
provide funds to cover ongoing operations.
The end of
2022 generally turned out to be worse for the mining industry due to lower
Bitcoin prices. HIVE Blockchain, another publicly-traded cryptocurrency miner, reported a net loss of $90 million in Q4, deepening a $37 million loss from the
earlier quarter. Overall, the whole crypto mining industry made $6 billion less
in 2022 compared to the record-breaking year of 2021.
Argo
Blockchain (NYSE/LSE:ARGO), a publicly-listed crypto mining company, announced
the appointment of Jim MacCallum as its Chief Financial Officer (CFO) on
Tuesday. In the same filing, the company presented its latest
operation update, showing a decrease in mining output compared to the previous
month.
Argo Blockchain Hires
MacCallum
MacCallum,
a Certified Public Accountant and Chartered Financial Analyst, brings over 30
years of experience in finance and accounting roles. He will officially join
the company on 5 April 2023. Previously, MacCallum was the CFO of East Side
Games Group Inc, a publicly-traded mobile game platform technology company
based in Canada.
Earlier,
he served as the Senior Vice President, Finance, and Acting CFO at Westport Fuel
Systems Inc, a clean transportation technology company. MacCallum also held
senior positions at Amica Mature Lifestyles, Absolute Software, and Cisco
Systems. He completed the Advanced Management Program at Harvard Business
School.
“I am
delighted to be joining Argo Blockchain, a dynamic and innovative company with
a rich history and exciting future. I look forward to contributing to the
success of the company through a strong focus on financial discipline,” MacCallum
commented on his appointment.
Matthew
Shaw, the Chairman of Argo’s Board, noted MacCallum’s extensive experience in a
wide range of industries and strategic mindset that will help him properly
manage the company through its next growth phases.
New RNS: We are thrilled to welcome Jim MacCallum as our new Chief Financial Officer!
With more than 30 yrs of experience in accounting and finance, he will be a valuable addition to our mgmt team.
The RNS also includes our March operational results.https://t.co/8VRcmrp3Bz
— Argo (@ArgoBlockchain) April 4, 2023
Argo Mines 161 BTC in
March, Less than a Month Ago
Argo
Blockchain mined 161 Bitcoin or Bitcoin Equivalents (BTC) in March, or 5.2 BTC
per day, representing a 10% decrease from the 5.7 BTC per day produced in
February 2023. The main driver of this decrease was the 11% increase in network
difficulty in March compared to February.
However,
the overall mining revenue reached $4.05 million (£3.28 million), which is up from
February’s $3.76 million (£3.09 million), using daily forex rates and crypto
prices. At the end of last month, the company held 85 BTC. Argo’s total hashrate
capacity remains at 2.5 EH/s.
Argo’s
bitcoin mining grew for two months in a row after experiencing a more
substantial depreciation of 35% in December due to a severe winter in the
United States. Like many others in the industry, the company stopped mining to
reduce the load on the electric grid.
The company’s
situation has improved significantly in recent months. At the end of the year,
it was on the verge of bankruptcy and was rescued through a strategic deal with
Galaxy Digital Holdings, Ltd, a financial firm focused on digital assets, owned
by Mike Novogratz. Argo sold Galaxy its Helios mine located in Texas for $65
million and additionally benefited from loan refinancing offered by Galaxy to
provide funds to cover ongoing operations.
The end of
2022 generally turned out to be worse for the mining industry due to lower
Bitcoin prices. HIVE Blockchain, another publicly-traded cryptocurrency miner, reported a net loss of $90 million in Q4, deepening a $37 million loss from the
earlier quarter. Overall, the whole crypto mining industry made $6 billion less
in 2022 compared to the record-breaking year of 2021.