Argo Blockchain (LSE: ARB; NASDAQ: ARBK), a publicly-listed Bitcoin (BTC) mining firm, has announced the immediate appointment of Justin Nolan as its new Chief Executive Officer (CEO) and Director as of today (Monday).
Justin Nolan Takes the Helm as CEO of Argo Blockchain
Nolan, who previously held the position of Chief Growth Officer at Argo, returns to the company following his role as CEO at Arkon Energy, a digital infrastructure enterprise. His appointment is a strategic move for Argo as it aims to solidify its presence in the competitive cryptocurrency mining landscape and work towards achieving profitability. Matthew Shaw, the Chairman of the Board at Argo Blockchain, commented on the significance of this leadership change.
“We are thrilled to have Justin back at Argo during this crucial phase for the Company,” stated Matthew Shaw, Chairman of Argo. “His extensive industry knowledge, strategic foresight, and proven leadership in scaling mining operations position him as the perfect leader for our next growth stage.”
Nolan carries a wealth of experience in the cryptocurrency mining sector, having played a pivotal role in the expansion of Argo’s operations during his previous term as Chief Growth Officer from April 2022 to January 2023. Prior to that, he held the position of Vice President of Business Development within the organization.
Nolan succeeds Thomas Chippas, whose exit was disclosed in late January. Throughout a challenging two-year timeframe for the cryptocurrency market, Chippas facilitated the repayment of a loan to Galaxy, which allowed the company to remain operational and improved its balance sheet. Nonetheless, the Bitcoin miner continues to face profitability challenges.
We are pleased to announce Justin Nolan’s appointment as Chief Executive Officer and Director of Argo Blockchain.
Previously, Justin served as CEO of Arkon Energy, a digital infrastructure firm, and was pivotal at Argo as Chief Growth Officer.
Facing a $6.3 Million Loss
While Argo has yet to release its complete report for 2024, the latest Q3 report illustrates a challenging situation. Similar to the broader crypto industry, Argo is grappling with tightening margins: mining costs and difficulty are escalating while the ongoing Bitcoin downturn hampers revenue growth.
In Q3, Argo experienced a nearly 30% drop in revenue, totaling $7.5 million. During this timeframe, the company mined an average of 1.3 BTC per day. Mining margins fell sharply from 58% to 8%, leading to a deeper net loss of $6.3 million.
Despite these challenges, the new CEO is optimistic about the company’s future.
“Argo Is Built on a Solid Foundation”
Nolan’s connection with Argo includes his involvement in the Helios project, which he originally co-founded through DPN LLC before its acquisition by Argo in March 2021. This project remains a significant aspect of Argo’s operational strategy.
“I am excited to return to Argo as CEO and guide the Company into its next chapter,” Nolan remarked. “Argo boasts a robust foundation, a skilled team, and a commitment to operational excellence. I am eager to collaborate closely with the Board and our stakeholders to foster innovation, boost efficiency, and generate sustainable value for our shareholders.”
As part of his compensation package, Nolan has been granted 22,250,000 performance share units (PSUs) linked to the company’s ordinary shares. These PSUs will vest over a three-year period, contingent upon his continued employment and meeting performance benchmarks relevant to his role.
