Peter Wall, the chief executive officer (CEO) of cryptocurrency mining firm Argo Blockchain (ARB) has resigned after three years, the company announced.
The London, England-based company has struggled over the past year with rising energy prices.
Cryptocurrency mining consumes massive amounts of power and Argo Blockchain didn't have a fixed-rate power agreement at Helios, its largest mining site.
After trying to raise funds to stave off bankruptcy, Argo Blockchain sold the Helios facility, which is based in Texas, to Galaxy Digital for $65 million U.S.
Argo Blockchain said that Seif El-Bakly will act as interim CEO and Matthew Shaw has been appointed chairman of the company’s board of directors.
The resignation of CEO Peter Wall comes one week after chief financial officer (CFO) Alex Appleton announced his resignation from Argo Blockchain.
Argo’s London-traded shares fell more than 10% to the equivalent of $0.20 U.S. on news the CEO is stepping down.
