In short – We learn it This morningand the news is already starting to make the rounds of the cryptosphere: the CEO ofArgo blockchain, Peter Wallresigns as crypto winter lingers and the BTC price continues to look gloomy. After six years at the helm of the company bitcoin miningWall has decided to take a different direction, leaving behind a company that seems to be struggling through the crypto winter.
Founded in 2017, Argo quickly carved out a leading position in the bitcoin mining industry by offering affordable operating costs, sometimes even defying all competition. Wall allowed a serene growth to the company by expanding a range of services to include cryptocurrency mining products for institutional investors, but also individuals.
Wall’s departure in the middle of the crypto winter is seen as the symbol of a failure faced with an overly harsh crypto winter and a cryptocurrency prices which tends to turn red. Let’s not be pessimistic, however, and note that the company assures that daily operations will not be affected. In addition, the company specifies in its communication that the transition will take place in a transparent manner. The Board of Directors has appointed the Chief Operating Officer Seif El-Bakly as interim CEO, while Wall will continue to advise the company.
I’future of Argo in the crypto industry, however, remains fragile, the company has experienced good growth. However, soaring electricity prices have increased the costs of operating its mining farms, particularly in Texas. While bankruptcy was narrowly avoided thanks to an infusion of $100 million, the colors taken by bitcoin in recent weeks had allowed the company to resume its activities on the NASDAQ.
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