Stronghold digital mining3/23/2023 ![]() Following Thursday’s resignation, El-Bakly took the helm as interim CEO, supported by Matthew Shaw as the chairman of the board Riot Platforms mined a record 740 BTC in January but anticipates delayed hash rate growth ![]() Argo previously enlisted the services of BDO Canada to furnish its Chief Operating Officer, Seif El-Bakly, with accounting and consultancy services during the search. The search has now extended to include the top seat. The company said it had contracted a specialized executive search firm to undertake a comprehensive selection process to replace its CFO. In his exit message, Appleton highlighted his achievements at the crypto mining firm, noting the inherent potential of the business to succeed even more in the future. The NASDAQ and London Stock Exchange-listed crypto miner Argo Blockchain on Feb 1 said that Alex Appleton had left his position as the Chief Financial Officer and Executive Director after spending more than two years at the company. The $65 million sale was part of a bailout plan that prevented the miner from filing for bankruptcy because of financial issues.Īrgo also announced the resignation of another board member Sarah Gow citing health reasons in the latest update. Wall is expected to continue serving the firm as an advisor in the next three months as the miner restructures following the sale of its leading Helios facility to Galaxy Digital Holdings last year. Last week, CFO Alex Appleton vacated his position to explore other opportunities. Argo Blockchain CEO steps down barely a month after CFO resignationĪrgo Blockchain has today communicated the exit of its CEO Peter Wall whose resignation marks the second executive to leave the firm after the acquisition by Galaxy Digital. US Bitcoin, on the other hand, fell into the radar of the City of Niagara Falls over complaints raised about the noise from its facility in the Ontario province. Worth noting, Hut 8 and US Bitcoin both have pending disputes – the former with the energy supplier for its facility in North Bay. The new entity will boast a capacity of around 5.6 exahashes per second (EH/s) across the facilities in the US (New York and Texas) and Canada (Alberta), which will have access to 825 megawatts. ![]() The two intend to complete the deal by the second half of the year, with the merger presentation awaiting review by other parties, including stakeholders and stock exchanges. She tied the decision primarily to ambitions to scale and seek more revenue streams benefitting both firms. Leverton said the miner would still have advanced with all-stock merger plans even if the sector wasn’t currently in turmoil. There’s uncertainty in regulatory environments on both sides of the border,” she remarked on the location of the resulting unit. “One of the advantages here is giving us that geographic diversification. In a Wednesday interview, Hut 8 CEO Jamie Leverton denied reports that the firm was compelled to merge because of the market downturn. Hut 8 disclosed the merge, birthing ‘New Hut’, which will primarily operate in the US on Tuesday. Earlier this week, Canadian mining firm Hut 8 said it is merging with US Bitcoin against the mothballing trend in a Feb 7 announcement. In the same month, Thiel-backed digital assets exchange Bullish withdrew a similar bid with Far Peak Acquisition that would have made the company public. USD Coin stablecoin issuer, on its end, mutually called off a SPAC listing plan with Concord in December. Singapore-based mining firm Bitdeer hinted last November that it could push back its public listing until the end of this year. Poor market returns in 2022 also put a financial strain on most miners, leading some to significantly trim their operating costs, raise funds via the sale of equipment, consolidate, or in extreme cases, declare bankruptcy. Hut 8 merges with US Bitcoin as the majority of companies abandon consolidation plansīitFuFu isn’t the only company that has shelved or canceled plans to go public, alluding to the chaotic market landscape and increased scrutiny from regulators in the wake of Terra ecosystem collapse in May and FTX exchange bankruptcy. The latest three-month pushback means that the mining firm can’t postpone the date again without approval from shareholders. BitFuFu has deferred its deadline twice now under Arisz’s governing documents. The Bitmain mining arm first revealed its intentions to become publicly listed by a merger with Arisz Acquisition Corp in Jan 2022, setting Q3 of the same year as a deadline to complete the same. Cloud mining firm BitFuFu on Tuesday issued a statement communicating a second delay to its plans for public listing via a special-purpose acquisition company (SPAC) with a new deadline now set for May.
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