The crypto company appoints Jim MacCallum as the new Chief Financial Officer.
Also, it reports 161 BTC mined in March, a 10% decrease from February.
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
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.
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
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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
‘Bitcoin Jesus’ Arrested in Spain for Evading $48 Million in US Taxes
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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