Peter Wall Resigns As CEO & Interim Chairman Of Argo Blockchain

Argo Blockchain, a well-known participant in the Bitcoin mining industry, has announced a change in its organisational structure. Peter Wall, who was acting as CEO and Interim Chairman, resigns to pursue other opportunities. Seif El-Bakly, the Chief Operating Officer, has been named the temporary CEO by the business.

Peter Wall’s leadership at Argo led to the company’s significant expansion and success, according to the news release. He leaves behind an enterprise that is capable and skilled and has a clear plan for future expansion.

Wall shared his gratitude for his teammates’ support and dedication as well as his pleasure in Argo’s achievements throughout his tenure with the business.

Additionally, the newly appointed Chairman of the Board, Matthew Shaw, praises Wall’s achievements to Argo. He thanks Wall for laying out such a strong foundation. Shaw is looking forward to building on this foundation and guiding Argo to more success in the future.

Argo Blockchain affirms in the press release that Seif El-Bakly’s appointment as interim CEO will enable the company to sustain its success and growth. Argo company confident future success under interim CEO in upcoming months.

Sarah Gow, a non-executive director, has announced her resignation from the board of directors of Argo Blockchain owing to health concerns. The business thanks Gow for his invaluable services and wishes her a quick recovery.

In the press release, Argo emphasizes its intention to engage the services of an executive search firm as it moves forward with leadership changes. The company aims to find a new CEO through this process.

Wall has agreed to work with Argo as a consultant for the future three-month transition phase. In the future, the firm will update how this transformation is going.

Argo Shifts Reporting Approach After Helios Takeover

Bitcoin production for the company increased by 14% in Jan 2023, with a total of 168 BTC being mined. This is a significant improvement from the previous month of Dec 2022, when the company only mined 147 BTC. The company’s increase in Bitcoin production highlights its success in the mining industry.

Production increased due to lower curtailment in Jan, caused by Dec severe US winter storm. The storm reduced working hours, resulting in a boost in production for the month of Jan.

Additionally, the company’s hashrate capability was 2.5 EH/s, and its Bitcoin holdings as of Jan 31 were 115 BTC or Bitcoin Equivalents. Mining revenue in Jan increased from $2.49 million in Dec to $3.42 million as a result of the 14% increase in production.

Related Reading | Ethereum On-Chain Activity Boosts With Increased Gas Price

Galaxy Digital Holdings’ takeover of operations at Helios prompted Argo to announce a shift in its reporting approach. The company will now include its mining profits in its quarterly reports and financial statements instead of offering monthly updates.

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