Argo Blockchain Hires New CFO, Bitcoin Mining Decreases in March

Argo Blockchain (NYSE/LSE:ARGO), a publicly-listed crypto mining 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.

Argo Blockchain Hires MacCallum

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.

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.

"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.

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.

Argo Mines 161 BTC in March, Less than a Month Ago

Argo Blockchain mined 161 Bitcoin or Bitcoin Equivalents (BTC) in March, or 5.2 BTC per day, representing a 10% decrease from the 5.7 BTC per day produced in February 2023. The main driver of this decrease was the 11% increase in network difficulty in March compared to February.

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.

Argo's bitcoin mining grew for two months in a row after experiencing a more substantial depreciation of 35% in December 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.

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 strategic deal with Galaxy Digital Holdings, Ltd, 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.

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, reported a net loss of $90 million in Q4, deepening a $37 million loss from the earlier quarter. Overall, the whole crypto mining industry made $6 billion less in 2022 compared to the record-breaking year of 2021.