Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) has announced the appointment of Jim MacCallum as Chief Financial Officer effective April 5.
The London-listed cryptocurrency miner said MacCallum is a Chartered Accountant and Chartered Financial Analyst with over thirty years of experience from various roles in finance and accounting.
He currently serves as CFO of EastSide Games Group, a publicly traded mobile gaming platform technology company based in Canada. Previously, MacCallum was Senior Vice President of Finance and Acting CFO of Westport Fuel Systems, a dual public and private clean transportation technology company. He also held senior roles at Amica Mature Lifestyles, Absolute Software and Cisco Systems.
Commenting on the appointment to Argo Blockchain, MacCallum said: “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 company’s success through a strong focus on financial discipline.”
Matthew Shaw, Chairman of Argo, added: “I am delighted to welcome Jim to the Argo team as CFO. His broad experience across multiple industries and strategic mindset will help the company through its next phase of growth.”
Argo’s Interim CEO Seif El-Bakly said: “With over 30 years of experience, Jim brings a wealth of financial and accounting knowledge to Argo and I am delighted that he will drive our financial discipline as we seek to deliver long-term value to our shareholders.”
MacCallum will not be a statutory director of the company.
March operational update
During the month of March, Argo also revealed that it mined 161 bitcoins or bitcoin equivalents (collectively, BTC), a return of approximately 5.2 BTC per day, representing a 10% decrease of 10% compared to February.
The primary driver of the decline in daily BTC production was the increase in network difficulties. In March, the average network difficulty was 11% higher than in February.
As of March 31, 2023, Argo held 85 bitcoin or bitcoin equivalents and had a total hash rate capacity of 2.5 EH/s.
Based on daily exchange rates and cryptocurrency prices during the month, mining revenue in March was $4.05m (£3.3m) compared to $3.76m (£3.1m) in February
