Well, well, well! It seems like Argo Blockchain is having a bit of a shake-up. Our dear CEO, Thomas Chippas, has decided to take a little vacation from his responsibilities, effective Feb. 28. I mean, who wouldn’t want to escape the chaos of Bitcoin mining? 🏃♂️💨
In his place, CFO Jim MacCallum will be stepping in as the interim CEO. Because nothing says “we’re in trouble” like promoting someone who’s already been in the financial trenches. Good luck, Jim! You’re gonna need it! 😅
Chippas, who joined the party in November 2023, did manage to sprinkle some financial fairy dust during his short reign. He even paid off the company’s Galaxy loan early! Bravo! 👏 But alas, it seems the magic didn’t last long, as Argo is still facing some serious financial gremlins.
Argo’s Heavy Losses
According to Finance Magnates, Argo reported a whopping $6.3 million net loss in Q3 2024. Ouch! That’s like finding out your favorite pair of shoes is on sale, but you can’t afford them. Revenue also took a nosedive, falling 28% year over year to a measly $7.5 million. Yikes! 😬
Our December operational update is out:
🔸 Mined 39 Bitcoin in December (yes, the same as last month, because why not?).
🔸 Daily production was 1.3 Bitcoin per day, consistent with November. Consistency is key, right? 🤷♀️
🔸 Mining revenue of $3.9 million, an increase from $3.4 million in November. Progress? Maybe?
🔸 We are currently evaluating alternative site options to… well, who knows? Stay tuned!
— Argo (@ArgoBlockchain) January 7, 2025
In a desperate bid to keep the lights on, Argo raised $5.3 million through a share subscription. This cash will help them relocate or sell mining equipment from their Helios facility in Texas. Because nothing screams “we’re doing great” like selling your toys! 🏷️💸
And let’s not forget the latest mining report, which reveals that production is as stagnant as a pond in summer. They mined 39 Bitcoin in December—yep, the same as November. Talk about a five-month low! Someone get these miners a map or a GPS! 🗺️
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2025-01-22 18:54