Argo Blockchain, a prominent player in the Bitcoin mining industry, has announced a significant change in its leadership structure. Peter Wall, the current CEO, and Interim Chairman stepped down to pursue other opportunities, and the company has named Seif El-Bakly, the Chief Operating Officer, as interim CEO.
According to the press release, Peter Wall’s leadership of Argo was marked by substantial growth and success for the company. He leaves a confident and talented organization aligned with a clear strategy for future growth.
Wall expressed his gratitude for the support and dedication of his colleagues and his pride in Argo’s achievements during his tenure.
Matthew Shaw, the newly appointed Chairman of the Board, praised Wall’s contributions to Argo and expressed his appreciation for the strong foundation he has created.
The Bitcoin miner company also asserts in the press release that with the appointment of Seif El-Bakly as interim CEO, Argo is well-positioned to continue its success and growth in the coming months.
In addition to Wall’s departure, Argo has also announced the resignation of non-executive director Sarah Gow from the Board due to health reasons. The company thanked Gow for her valuable contributions and wished her a speedy recovery.
The press release further stresses that as Argo continues to progress with changes in its leadership, the company has declared its aim to utilize the services of an executive search firm in order to identify a new CEO.
During this transition period, which is set to last three months, Wall has agreed to remain on board as an advisor to Argo. The company will provide updates on this process in due course.
Argo Boosts January Bitcoin Production
The company has reported a 14% increase in its Bitcoin (BTC) production for the month of January 2023. The company mined a total of 168 BTC in January, compared to the 147 BTC it mined in December 2022.
The increase in production is primarily attributed to fewer curtailment hours in January, which was caused by a severe winter storm that affected much of the US in December.
As of January 31st, the company held 115 BTC or Bitcoin Equivalents, with a total hashrate capacity of 2.5 EH/s. The surge in production translated to a mining revenue of $3.42 million in January, compared to December’s revenue of $2.49 million.
Argo has also announced a change in its reporting style following the takeover of operations at Helios by Galaxy Digital Holdings. The company will no longer provide monthly updates on its mining profit, but instead, it will include these figures on a quarterly basis and in its financial statements.
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