Alex Appleton, the CFO of Argo Blockchain, resigned from his position because he wanted to pursue other opportunities.
Announcing his resignation from his longtime CFO role, Appleton is leaving to “chase other opportunities,” according to a statement to the London Stock Exchange.
Argo Shares Dropped After Development
Following the news, Argo’s shares in the LSE fell by about 3.4 percent to 15.07 pence.
The mining company narrowly escaped bankruptcy last year when it sold its Helios facility in Texas to crypto-focused financial services firm Galaxy Digital for $65 million and a $35 million loan. Thus, the company met its liquidity needs by selling its production facility to Galaxy Digital. In 2022, a sad year for the mining industry, electricity costs soared as Bitcoin valuations fell. The shares of Argo, which suffered from this situation, also fell more than 90 percent. Of course, Argo was not the only mining company that had trouble in this process.
Fortunately, this difficult process of miners is over for now. The rises experienced on the BTC side also increased mining revenues by 50 percent and allowed many mining companies to breathe.