Bitcoin Miner Argo Blockchain's CEO Resigns
The mining firm had to sell its biggest facility to stave off bankruptcy.
Feb 9, 2023 at 8:16 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3OS3GLJAEFEBXPPQYV26CESOJQ.JPG)
Argo Blockchain's Helios facility in Dickens County, Texas. (Argo Blockchain)
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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.
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.
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Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.
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