Argo Blockchain appoints new finance chief, effective Wednesday

(Alliance News) - Argo Blockchain PLC on Tuesday said it has appointed Jim MacCallum as chief financial officer, effective from Wednesday.

The London-based cryptocurrency miner said the current CFO of mobile game platform technology company East Side Games Group Inc "brings over thirty years of experience across various roles in finance and accounting".

MacCallum was also previously senior vice president in finance and acting CFO at clean transportation technology company Westport Fuel Systems Inc.

"I am delighted to be joining Argo Blockchain, a dynamic and innovative company with a rich history and exciting future," said the incoming CFO. "I look forward to contributing to the success of the company through a strong focus on financial discipline."

Argo Blockchain Chair Matthew Shaw said: "His broad experience across multiple industries and strategic mindset will help guide the company through its next phase of growth."

Seif El-Bakly, interim chief executive officer at Argo Blockchain, also added: "With over 30 years of experience, Jim brings a wealth of finance and accounting knowledge to Argo, and I am excited for him to drive our financial discipline as we seek to deliver long-term value to our shareholders."

Argo Blockchain also provided a March operational update, mining 161 Bitcoin or Bitcoin equivalents during the calendar month, averaging 5.2 BTC per day. This fell by 10% from 5.7 BTC per day in February.

It said the primary driver of this fall was the increase in network difficulty, as average network difficulty was up 11% in March than in February.

Shares in Argo Blockchain were down 4.4% to 13.00 pence each in London on Tuesday afternoon.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.