Argo Blockchain CEO steps down after difficult year for crypto miner

Argo Blockchain CEO Image credit: rafapress via Shutterstock

London-listed crypto mining company Argo Blockchain has announced its founder and CEO, Peter Wall, will step down from his position.

Wall served as both the CEO and interim chairman of Argo Blockchain but is leaving the company to “pursue other opportunities”.

Chief operating officer Seif El-Bakly will assume the role of interim CEO. Matthew Shaw, who founded the digital real estate collaboration platform Blimp Homes, will become chairman of the board.

Argo Blockchain, which became the first cryptoasset firm to list on the London Stock Exchange in August 2018, had a difficult 2022. Like most crypto companies, Argo felt the chill of the crypto winter that saw the value of major cryptocurrencies crash from their 2021 highs.

The fallen value of Bitcoin, combined with skyrocketing energy costs, put the firm in a tough position. Mining for cryptocurrency requires significant computing power to solve puzzles that verify transactions on the blockchain network in exchange for a cryptocurrency reward.

Shares at the company were valued at £2.82 per share back in February 2021, however, after a difficult year, currently sit at just £0.16.

Argo Blockchain faced bankruptcy towards the end of last year, forcing the company to sell its $65m crypto mining facility Helios.

Prior to Wall stepping down, this February also saw the departure of Argo Blockchain’s chief financial officer, Alex Appleton.

UKTN has contacted Argo Blockchain for comment.