Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) has announced the appointment of Jim MacCallum as its chief financial officer from April 5.
The London-listed cryptocurrency miner said MacCallum is a certified public accountant and chartered financial analyst with over thirty years of experience across various roles in finance and accounting.
He currently serves as chief financial officer of EastSide Games Group, a publicly-traded mobile game platform technology company based in Canada. Previously, MacCallum was senior vice president of finance and acting CFO at Westport Fuel Systems, a dual-listed and publicly-traded clean transportation technology company. He also held senior roles at Amica Mature Lifestyles, Absolute Software, and Cisco Systems.
Commenting on his appointment to Argo Blockchain, 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 Argo's board, added: "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 chief executive 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."
MacCallum will not be a statutory director of the company.
March operational update
During the month of March, Argo also revealed that it mined 161 bitcoin or bitcoin equivalents (together, BTC), a yield of approximately 5.2 BTC per day, representing a 10% decrease of 10% compared to February.
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, Argo held 85 bitcoin or bitcoin equivalents and had a total hashrate capacity of 2.5 EH/s.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in March amounted to US$4.05mln (£3.3mln) compared to US$3.76mln (£3.1mln) in February