Argo Blockchain Hires New CFO, Bitcoin Mining Declines in March
Argo Blockchain (NYSE/LSE:ARGO), a publicly traded crypto mining the company, announced the appointment of Jim MacCallum as Chief Financial Officer (CFO) on Tuesday. In the same filing, the company has also presented its latest operational update, which shows a decrease in mining production compared to the previous month.
Argo Blockchain hires MacCallum
MacCallum, a certified public accountant and chartered financial analyst, has over 30 years of experience in finance and accounting roles. He will officially join the company on April 5, 2023. Previously, MacCallum was CFO of East Side Games Group Inc, a publicly traded mobile gaming platform technology company based in Canada.
Jim MacCallum, new CFO of Argo Blockchain
Previously, he served as Senior Vice President, Finance and Acting CFO of Westport Fuel Systems Inc, a pure 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 join Argo Blockchain, a dynamic and innovative company with a rich history and exciting future. I look forward to contributing to the company’s success through a strong focus on financial discipline,” MacCallum commented on the appointment.
Matthew Shaw, chairman of Argo, noted MacCallum’s extensive experience in a wide range of industries and strategic mindset will help him steer the company in the right direction through the next stages of growth.
New RNS: We are pleased to welcome Jim MacCallum as our new CFO!
With more than 30 years of experience in accounting and finance, he will be a valuable addition to our administration team.
RNS also includes our operational results from March.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 difficulties in March compared with February.
However, total mining revenue reached $4.05m (£3.28m), up from February’s $3.76m (£3.09m), using daily exchange rates and crypto prices. At the end of last month, the company had 85 BTC. Argo’s total hash rate capacity remains at 2.5 EH/s.
Argo’s bitcoin mining grew for two consecutive months after experiencing a more significant depreciation of 35% in December due to a severe winter in the US. Like many others in the industry, the company stopped mining to reduce the load on the electrical 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 saved through a strategic deal with Galaxy Digital Holdings, Ltd, a financial firm focused on digital assets, owned by Mike Novogratz. Argo sold Galaxy’s Helios mine located in Texas for $65 million and also benefited from refinancing loans offered by Galaxy to raise 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 the fourth quarter, increasing a loss of $37 million from the previous quarter. Overall, the entire crypto mining industry earned $6 billion less in 2022 compared to the record year of 2021.
Argo Blockchain (NYSE/LSE:ARGO), a publicly traded crypto mining the company, announced the appointment of Jim MacCallum as Chief Financial Officer (CFO) on Tuesday. In the same filing, the company has also presented its latest operational update, which shows a decrease in mining production compared to the previous month.
Argo Blockchain hires MacCallum
MacCallum, a certified public accountant and chartered financial analyst, has over 30 years of experience in finance and accounting roles. He will officially join the company on April 5, 2023. Previously, MacCallum was CFO of East Side Games Group Inc, a publicly traded mobile gaming platform technology company based in Canada.
Jim MacCallum, new CFO of Argo Blockchain
Previously, he served as Senior Vice President, Finance and Acting CFO of Westport Fuel Systems Inc, a pure 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 join Argo Blockchain, a dynamic and innovative company with a rich history and exciting future. I look forward to contributing to the company’s success through a strong focus on financial discipline,” MacCallum commented on the appointment.
Matthew Shaw, chairman of Argo, noted MacCallum’s extensive experience in a wide range of industries and strategic mindset will help him steer the company in the right direction through the next stages of growth.
New RNS: We are pleased to welcome Jim MacCallum as our new CFO!
With more than 30 years of experience in accounting and finance, he will be a valuable addition to our administration team.
RNS also includes our operational results from March.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 difficulties in March compared with February.
However, total mining revenue reached $4.05m (£3.28m), up from February’s $3.76m (£3.09m), using daily exchange rates and crypto prices. At the end of last month, the company had 85 BTC. Argo’s total hash rate capacity remains at 2.5 EH/s.
Argo’s bitcoin mining grew for two consecutive months after experiencing a more significant depreciation of 35% in December due to a severe winter in the US. Like many others in the industry, the company stopped mining to reduce the load on the electrical 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 saved through a strategic deal with Galaxy Digital Holdings, Ltd, a financial firm focused on digital assets, owned by Mike Novogratz. Argo sold Galaxy’s Helios mine located in Texas for $65 million and also benefited from refinancing loans offered by Galaxy to raise 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 the fourth quarter, compounding a loss of $37 million from the previous quarter. Overall, the entire crypto mining industry earned $6 billion less in 2022 compared to the record year of 2021.
