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Argo Blockchain has appointed Justin Nolan as its new CEO, succeeding Thomas Chippas. Nolan, who previously served as the chief growth officer and was CEO of Arkon Energy, has a history of expanding the company's operations, including the Helios mining project. This leadership change comes after significant challenges, including the sale of the Helios facility in Texas to avoid bankruptcy.
The Bitcoin network hashrate increased by 2 EH/s in early March, averaging 811 EH/s, while U.S.-listed miners maintained a 30% share. Despite this rise, the average Bitcoin price fell by approximately 10%, leading to an 11% drop in daily mining revenue per EH/s compared to February. Overall, the market cap of tracked U.S. miners decreased by 13%, with only Argo Blockchain showing a slight gain.
Bitcoin's price surged over 130% in 2024, reaching $98,600, yet most mining companies struggled, with only 7 of 25 firms posting positive returns. Rising operational costs, increased mining difficulty, and reduced block rewards from the April halving event severely impacted profitability, leading to significant stock declines for firms like Argo Blockchain and Greenidge. To cope, miners raised over $2.2 billion through stock offerings and bolstered their balance sheets by accumulating Bitcoin reserves.
Bitcoin has surged 113% in 2024, yet most mining stocks have struggled, with many ending the year in the red, some down as much as 84%. Miners faced challenges from reduced rewards following the April halving, increased operational costs, and rising mining difficulty, prompting many to seek capital through stock offerings and diversify into sectors like AI. Notably, Core Scientific's partnership with CoreWeave aims to generate significant revenue from AI computing power.
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