cyrpto Argo, blockchain, CEO, due, Financial, resigns, struggles Mark January 22, 2025 0 Comments

Argo Blockchain CEO resigns due to financial struggles

Bitcoin miner Argo Blockchain announced CEO departure and interim management changes.

Argo Blockchain, the UK’s dual-listed Bitcoin (BTC) mining company, revealed that CEO Thomas Chippas will step down from his position and his position on the board of directors effective February 28.

CFO Jim MacCallum will serve as interim CEO while the company searches for a permanent successor.

Chippas, who joined Argo, as of November 2023, has led several financial improvements during his tenure. These include prepaying the company’s Galaxy loan and strengthening its balance sheet.

Argo’s heavy losses

Despite these initiatives, Argo continue to face significant challenges. According to Finances Magnates, the company reported a net loss of $6.3 million in the third quarter of 2024, with revenue down 28% year over year to $7.5 million.

Our December operational update is available:

🔸I mined 39 Bitcoins in December.

🔸Daily production was 1.3 Bitcoin per day, the same as in November.

🔸Mining revenue of $3.9 million, an increase from $3.4 million in November.

🔸We are currently evaluating alternative site options for…

-Argo (@ArgoBlockchain) January 7, 2025

In December, Argo raised $5.3 million through an equity subscription to support strategic initiatives. These included moving or selling mining equipment from its Helios factory in Texas and maintaining operations in Quebec, Canada.

The company’s latest mining report highlights stagnant production, with 39 Bitcoins mined in December – the same figure as in November – marking a five-month low.