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 business. Throughout his tenure, Chippas led important 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 important contributions to Argo together with the compensation of the Galaxy mortgage forward of schedule and enhancing the stability sheet,” mentioned Matthew Shaw, Chairman of the Board. “On behalf of the Board and everybody at Argo, I wish to thank Thomas for his many achievements and want him each success sooner or later.”
The corporate, which operates a mining facility in Quebec and maintains workplaces throughout the US, Canada, and the UK, mentioned it plans to have interaction an government search agency to determine a everlasting successor.
Earlier than becoming a member of the cryptocurrency mining firm, Chippas held the position 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 secure situation, important challenges persist. In response to the Q3 2024 monetary report, the cryptocurrency mining firm reported a web 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. In the course of 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 attributable to financial curtailments. Adjusted EBITDA swung to detrimental $2.1 million, a big 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 means of a share subscription. The corporate issued roughly 76.9 million new odd shares at 5.5 pence per share to an institutional investor. The funds goal to help strategic initiatives, together with the relocation or divestment of mining tools from its Helios facility in Texas and sustaining Bitcoin mining operations in Quebec. The corporate can also be trying to broaden 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.
🔸Day by day manufacturing was 1.3 Bitcoin per day according to November.
🔸Mining income of $3.9 million, a rise from $3.4 million in November.
🔸We’re presently evaluating various web site choices to…
— Argo (@ArgoBlockchain) January 7, 2025
Nonetheless, manufacturing stays at a five-month low, underscoring the continued challenges going through the corporate.