RNS4 Apr 2023 08:12
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to announce the appointment of Jim MacCallum as Chief Financial Officer. He will start in the position on 5 April 2023. Mr. MacCallum is not a statutory director of the Company.
Mr. MacCallum is a Certified Public Accountant and a Chartered Financial Analyst, bringing over thirty years of experience across various roles in finance and accounting. He currently serves as Chief Financial Officer of East Side Games Group Inc (XTSE: EAGR), a publicly-traded mobile game platform technology company based in Canada. Previously, he was Senior Vice President, Finance and Acting CFO at Westport Fuel Systems Inc (NASDAQ: WPRT; XTSE: WPRT), a dual-listed and publicly-traded clean transportation technology company. He also held senior roles at Amica Mature Lifestyles, Absolute Software and Cisco Systems. Mr. MacCallum articled with KPMG and completed the Advanced Management Program at Harvard Business School.
Upon his appointment, Mr. MacCallum said: "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."
Matthew Shaw, Chairman of the Board, said: "I'm thrilled to welcome Jim to the Argo team as CFO. His broad experience across multiple industries and strategic mindset will help guide the Company through its next phase of growth."
Argo's Interim CEO, Seif El-Bakly, said, "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."
March Operational Update
During the month of March, Argo mined 161 Bitcoin or Bitcoin Equivalents (together, BTC), or 5.2 BTC per day. This is a decrease of 10% over the 5.7 BTC per day produced in February 2023. The primary driver of the decrease in daily BTC production was the increase in network difficulty. In March, the average network difficulty was 11% higher than in February.
As of 31 March 2023, the Company held 85 Bitcoin or Bitcoin Equivalents.
The Company's total hashrate capacity continues to be 2.5 EH/s.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in March amounted to $4.05 million [GBP3.28 million] (February 2023 $3.76 million [GBP3.09 million]).