CEO of Prominent Crypto Mining Firm Argo Blockchain Resigns

• Seif El-Bakly has been named the company’s interim CEO.
• In December, the company mined a paltry 147 BTC, a decrease of 25% from last month.

Peter Wall, CEO of Argo Blockchain, a prominent crypto miner, has resigned. Alex Appleton, the business’s CFO, left the company a little over a week ago. As stated in an official release, Peter Wall will be leaving his position as CEO of Argo Blockchain after three years of service. He called his time there a “great privilege” and expressed appreciation to his coworkers for their help and commitment.

Seif El-Bakly has been named the company’s interim CEO, while Matthew Shaw has been promoted to the role of chairman of the board. The company already announced that Alex Appleton, the CFO and Executive Director, was leaving. 

Tough Year For Miners

For the company, the previous several months have been particularly stressful. In order to avoid bankruptcy, the company had reached a deal to sell its Helios facility to Galaxy Digital for $65 million at the end of 2022. Though Mike Novogratz’s company will house the mining fleet, Argo will retain ownership of the equipment.

In December, the company mined a paltry 147 BTC, a decrease of 25% from the previous month caused by a strong winter storm that hit Texas around Christmas.

At the end of January, a group of Argo’s investors filed a lawsuit against the company. They alleged that in 2021 the company’s wrongful conduct and omissions caused a sudden and dramatic decrease in the value of its American depositary shares (ADS), which in turn caused substantial financial harm to its customers. The previous year for tough for crypto miners due to the prolonged crypto winter and the rising cost of power charges.