By Michael Scott
The UK-based Bitcoin miner Argo Blockchain revealed that the chief executive, Peter Wall, would leave his position. The outgoing chief executive intends to pursue other opportunities outside the Argo Blockchain.
A report from the management dated February 9 confirmed that the firm would engage recruitment agencies to find a suitable candidate for the position.
Change in Leadership in Argo Blockchain
The Bitcoin miner Argo Blockchain listed under NASDAQ: ARBK, has revealed plans to hire a new chief executive. On February 9, the management proclaimed that the acting chief executive would be exiting the office. The unplanned departure of Peter Wall from the chief executive compelled the board members to take immediate steps to alter the management.
The board members appointed Seif El-Bakly, the chief operating officer, as the new chief executive. Correspondingly, Matthew Shaw was newly appointed chairman of the board of trustees.
In his statement, Wall agreed to continue offering advisory services until the company leadership stabilizes amid the transitional period.
Executives Resigning from Argo Blockchain
The management of Argo Blockchain has portrayed a shaky project owing to the departure of core team players.
In early January, the chief financial officer Alex Appleton resigned after he assisted the Bitcoin mining company in selling the Helios facility. Appleton struck a deal with Galaxy Digital to dispose of the Helios facility at $65M. Last December, negotiations for Helios property reached fruition, whereby $35M obtained from the sale was used in loan repayment.
In 2021, Argo Blockchain lost another talented staff, Sarah Gow, who had stepped down from office to undergo medical treatment. The exit of its founder and chief executive portrays a negative image for the mining firm already struggling to navigate the sector’s challenges.
Current Condition in Bitcoin Mining Industry
Furthermore, the company issued a notice in 2022 to file for Chapter 11 of the Bankruptcy Protection, citing the liquidity crisis and the current bearish market. The previous year, Argo Blockchain struggled to meet its operational cost due to high power costs and fierce competition from its rivals in the crypto space.
In January, the Bitcoin mining company generated 168 BTC, a 14% increase from 147 BTC in 2022.
Meanwhile, the company declared two openings and has engaged a recruitment company to find the right candidacy.
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