Argo Blockchain CEO resigns due to financial struggles

Bitcoin miner Argo Blockchain announced a CEO departure and interim leadership changes.

Argo Blockchain, the British dual-listed Bitcoin (BTC) mining company, has revealed that CEO Thomas Chippas will step down from his role and board position, effective Feb. 28.

CFO Jim MacCallum will step in as interim CEO while the company conducts a search for a permanent successor.

Chippas, who joined Argo in November 2023, led several financial improvements during his tenure. These included the early repayment of the company’s Galaxy loan and strengthening its balance sheet.

Argo’s heavy losses

Despite these initiatives, Argo continues to face significant challenges. According to Finance Magnates, the company reported a $6.3 million net loss in Q3 2024, with revenue falling 28% year over year to $7.5 million.

Our December operational update is out:

🔸Mined 39 Bitcoin in December.

🔸Daily production was 1.3 Bitcoin per day consistent with November.

🔸Mining revenue of $3.9 million, an increase from $3.4 million in November.

🔸We are currently evaluating alternative site options to…

— Argo (@ArgoBlockchain) January 7, 2025

In December, Argo raised $5.3 million through a share subscription to support strategic initiatives. These included relocating or selling mining equipment from its Helios facility in Texas and maintaining operations in Quebec, Canada.

The company’s latest mining report highlights stagnant production, with 39 Bitcoin mined in December — the same figure as November — marking a five-month low.