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 Govt 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 govt 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 vital monetary enhancements on the dual-listed crypto miner, notably orchestrating the early reimbursement of the corporate’s Galaxy mortgage and strengthening its steadiness sheet place.
Matthew Shaw, Chairman of the Board at Argo Blockchain
“Thomas has made vital contributions to Argo together with the reimbursement of the Galaxy mortgage forward of schedule and enhancing the steadiness 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 need him each success sooner or later.”
The corporate, which operates a mining facility in Quebec and maintains places of work throughout the US, Canada, and the UK, mentioned it plans to have interaction an govt search agency to establish a everlasting successor.
Earlier than becoming a member of the cryptocurrency mining firm, Chippas held the function 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, vital challenges persist. Based on 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 12 months. Through 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 12 months earlier when the corporate benefited from energy credit as a consequence of financial curtailments. Adjusted EBITDA swung to adverse $2.1 million, a big downturn from constructive $2.4 million within the prior 12 months.
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 abnormal shares at 5.5 pence per share to an institutional investor. The funds purpose 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 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.
🔸Every day manufacturing was 1.3 Bitcoin per day in step with November.
🔸Mining income of $3.9 million, a rise from $3.4 million in November.
🔸We’re at present evaluating various website choices to…
— Argo (@ArgoBlockchain) January 7, 2025
Nevertheless, manufacturing stays at a five-month low, underscoring the continuing challenges dealing with the corporate.