Justin Nolan recently served as CEO at Arkon Energy and previously helped develop Argo's Helios project.
Now he returns to lead the cryptocurrency mining company's efforts to get back to profitability.
The publicly-listed
Bitcoin (BTC) mining company Argo Blockchain (LSE: ARB; NASDAQ: ARBK) has appointed Justin
Nolan as its new Chief Executive Officer (CEO) and Director, effective
immediately, the company announced today (Monday).
Justin Nolan Returns to
Argo Blockchain as New CEO
Nolan, who
previously served as Argo's Chief Growth Officer, rejoins the company after a
stint as CEO at Arkon Energy, a digital infrastructure firm. His appointment
marks an important move for Argo as it looks to strengthen its position in the
competitive cryptocurrency mining sector and regain profitability.
Matthew Shaw, Chairman of the Board at Argo Blockchain
“We
are delighted to welcome Justin back to Argo at this pivotal time for the
Company,” said Matthew Shaw, Argo's chairman. “His deep industry
expertise, strategic vision, and leadership in scaling mining operations make
him the ideal leader for our next phase of growth.”
Nolan
brings significant experience in the cryptocurrency mining industry, having
previously played a key role in expanding Argo's operations during his tenure
as Chief Growth Officer from April 2022 to January 2023. Before that, he served
as Vice President of Business Development at the company.
Although
Argo has not yet published its full report for 2024, the
most current one for Q3 leaves no doubt: the situation is difficult. Like
the entire crypto industry, Argo is struggling with margins: on the one hand,
mining costs and difficulty are increasing, while on the other hand, the
current Bitcoin correction isn't helping to increase revenue.
In Argo's
case, Q3 saw a revenue reduction of almost 30% to $7.5 million. During this
period, the company was mining an average of 1.3 BTC per day. Mining margins
shrank from 58% to 8%, and the net loss deepened to $6.3 million.
However,
the new CEO sees a light at the end of the tunnel.
“Argo Has a Strong
Foundation”
Nolan’s
history with Argo extends to the development of the Helios project, which he
initially co-founded through DPN LLC before Argo acquired it in March 2021.
This project has been a significant part of Argo's operational footprint.
“I am
honored to rejoin Argo as CEO and lead the Company into its next chapter,”
Nolan said. “Argo has a strong foundation, a talented team, and a
commitment to operational excellence. I look forward to working closely with
the Board and our stakeholders to drive innovation, enhance efficiency, and
create sustainable value for shareholders.”
As part of
his compensation package, Nolan has been awarded 22,250,000 performance share
units (PSUs) relating to the company's ordinary shares. These PSUs will vest
over a three-year period, subject to his continued employment and satisfaction
of performance conditions specific to his role.
The publicly-listed
Bitcoin (BTC) mining company Argo Blockchain (LSE: ARB; NASDAQ: ARBK) has appointed Justin
Nolan as its new Chief Executive Officer (CEO) and Director, effective
immediately, the company announced today (Monday).
Justin Nolan Returns to
Argo Blockchain as New CEO
Nolan, who
previously served as Argo's Chief Growth Officer, rejoins the company after a
stint as CEO at Arkon Energy, a digital infrastructure firm. His appointment
marks an important move for Argo as it looks to strengthen its position in the
competitive cryptocurrency mining sector and regain profitability.
Matthew Shaw, Chairman of the Board at Argo Blockchain
“We
are delighted to welcome Justin back to Argo at this pivotal time for the
Company,” said Matthew Shaw, Argo's chairman. “His deep industry
expertise, strategic vision, and leadership in scaling mining operations make
him the ideal leader for our next phase of growth.”
Nolan
brings significant experience in the cryptocurrency mining industry, having
previously played a key role in expanding Argo's operations during his tenure
as Chief Growth Officer from April 2022 to January 2023. Before that, he served
as Vice President of Business Development at the company.
Although
Argo has not yet published its full report for 2024, the
most current one for Q3 leaves no doubt: the situation is difficult. Like
the entire crypto industry, Argo is struggling with margins: on the one hand,
mining costs and difficulty are increasing, while on the other hand, the
current Bitcoin correction isn't helping to increase revenue.
In Argo's
case, Q3 saw a revenue reduction of almost 30% to $7.5 million. During this
period, the company was mining an average of 1.3 BTC per day. Mining margins
shrank from 58% to 8%, and the net loss deepened to $6.3 million.
However,
the new CEO sees a light at the end of the tunnel.
“Argo Has a Strong
Foundation”
Nolan’s
history with Argo extends to the development of the Helios project, which he
initially co-founded through DPN LLC before Argo acquired it in March 2021.
This project has been a significant part of Argo's operational footprint.
“I am
honored to rejoin Argo as CEO and lead the Company into its next chapter,”
Nolan said. “Argo has a strong foundation, a talented team, and a
commitment to operational excellence. I look forward to working closely with
the Board and our stakeholders to drive innovation, enhance efficiency, and
create sustainable value for shareholders.”
As part of
his compensation package, Nolan has been awarded 22,250,000 performance share
units (PSUs) relating to the company's ordinary shares. These PSUs will vest
over a three-year period, subject to his continued employment and satisfaction
of performance conditions specific to his role.
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.
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