Bitcoin miner Marathon Digital's (MARA) Chief Financial Officer Hugh Gallagher plans to retire from his role on May 12, about a year after he was appointed.
The move comes as bitcoin miners have gone through a difficult year, with bitcoin's price sinking and higher energy prices driving up costs, which weighed on their profit margins. Marathon's stock price has fallen about 71% in last 12 months, while bitcoin fell about 40%, according to TradingView data.
An external search for a new CFO is already in the process, the company said in the statement.
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