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Bitcoin Miner Argo Blockchain's CEO Resigns
The mining firm had to sell its biggest facility to stave off bankruptcy.
Peter Wall, the CEO and interim chairman of bitcoin mining firm Argo Blockchain (ARBK), has resigned after three years, the company said in a Thursday press release.
The London-based company had a difficult 2022 as soaring power prices raised operating costs at Helios, its biggest site, where the miner didn't have a fixed-rate power agreement. After trying to raise funds to stave off bankruptcy, Argo sold the Texas facility to Galaxy Digital for $65 million.
STORY CONTINUES BELOW
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Seif El-Bakly will act as interim CEO and Matthew Shaw has been appointed chairman of the board, according to the company's website. Chief Financial Officer Alex Appleton announced his resignation last week.
The company's London-traded shares (ARB) fell more than 10% to 16.6 pence (20 U.S. cents) as of 08:38 UTC.
UPDATE (Feb. 9, 08:46 UTC): Rewrites headline; Adds tenure in first paragraph, share price in last.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
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