World Crypto Global
- Written by: Damian Chmiel
- Tue, 04 Apr 2023
- Israel
<p> Argo Blockchain (<a href="https://www.financemagnates.com/tag/argo/" target="_blank" rel="follow">NYSE/LSE:ARGO</a>), a publicly-listed <a href="https://www.financemagnates.com/terms/c/crypto-mining/" class="terms__main-term" id="b7de0d78-81b9-460d-b33d-311d7d0dff0e">crypto mining</a> company, announced the appointment of Jim MacCallum as its Chief Financial Officer (CFO) on Tuesday. In the same filing, the company presented its latest operation update, showing a decrease in mining output compared to the previous month.</p><p>Argo Blockchain Hires MacCallum</p><p class="MsoNormal">MacCallum, a Certified Public Accountant and Chartered Financial Analyst, brings over 30 years of experience in finance and accounting roles. He will officially join the company on 5 April 2023. Previously, MacCallum was the CFO of East Side Games Group Inc, a publicly-traded mobile game platform technology company based in Canada. </p><p class="MsoNormal">Earlier, he served as the Senior Vice President, Finance, and Acting CFO at Westport Fuel Systems Inc, a clean 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.</p><p class="MsoNormal">"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 success of the company through a strong focus on financial discipline," MacCallum commented on his appointment.</p><p class="MsoNormal">Matthew Shaw, the Chairman of Argo's Board, noted MacCallum's extensive experience in a wide range of industries and strategic mindset that will help him properly manage the company through its next growth phases.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">New RNS: We are thrilled to welcome Jim MacCallum as our new Chief Financial Officer! With more than 30 yrs of experience in accounting and finance, he will be a valuable addition to our mgmt team.The RNS also includes our March operational results.<a href="https://t.co/8VRcmrp3Bz">https://t.co/8VRcmrp3Bz</a></p>— Argo (@ArgoBlockchain) <a href="https://twitter.com/ArgoBlockchain/status/1643132693453107200?ref_src=twsrc%5Etfw">April 4, 2023</a></blockquote><p>Argo Mines 161 BTC in March, Less than a Month Ago</p><p class="MsoNormal">Argo Blockchain mined 161 <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__secondary-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93">Bitcoin</a> or Bitcoin Equivalents (BTC) in March, or 5.2 BTC per day, <a href="https://www.financemagnates.com/cryptocurrency/argo-daily-btc-production-rises-7-in-february-despite-network-difficulty-jump/" target="_blank" rel="follow">representing a 10% decrease from the 5.7 BTC per day produced in February 2023</a>. The main driver of this decrease was the 11% increase in network difficulty in March compared to February. </p><p class="MsoNormal">However, the overall mining revenue reached $4.05 million (£3.28 million), which is up from February's $3.76 million (£3.09 million), using daily forex rates and crypto prices. At the end of last month, the company held 85 BTC. Argo's total hashrate capacity remains at 2.5 EH/s.</p><p class="MsoNormal">Argo's bitcoin mining grew for <a href="https://www.financemagnates.com/cryptocurrency/argo-blockchain-produces-more-btc-in-january-due-to-lighter-winter/" target="_blank" rel="follow">two months in a row</a> after experiencing a more substantial <a href="https://www.financemagnates.com/cryptocurrency/argo-blockchain-reports-35-lower-bitcoin-production-in-december/" target="_blank" rel="follow">depreciation of 35% in December</a> due to a severe winter in the United States. Like many others in the industry, the company stopped mining to reduce the load on the electric grid.</p><p class="MsoNormal">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 rescued through <a href="https://www.financemagnates.com/cryptocurrency/mike-novogratzs-galaxy-saves-bitcoin-miner-argo-from-bankruptcy/" target="_blank" rel="follow">a strategic deal with Galaxy Digital Holdings, Ltd</a>, a financial firm focused on digital assets, owned by Mike Novogratz. Argo sold Galaxy its Helios mine located in Texas for $65 million and additionally benefited from loan refinancing offered by Galaxy to provide funds to cover ongoing operations.</p><p class="MsoNormal">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, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-90m-loss-in-q4-2022-amid-lower-bitcoin-prices/" target="_blank" rel="follow">reported a net loss of $90 million in Q4</a>, deepening a $37 million loss from the earlier quarter. Overall, the whole crypto mining industry <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">made $6 billion less in 2022</a> compared to the record-breaking year of 2021.</p> This article was written by Damian Chmiel at www.financemagnates.com.
