Mining
Bitcoin miner Marathon Digital’s (MARA) CFO Hugh Gallagher plans to retire from his function on Might 12, about an 12 months after he was appointed within the function.
“With hash charge rising and turning into extra secure and with the workforce now in a stronger place, I made the choice to retire,” Gallagher mentioned in a press release. He was appointed to the CFO function on March of final 12 months.
The transfer comes as bitcoin miners have gone via a troublesome 12 months, with bitcoin costs sinking and better power costs driving up prices, which weighed on their revenue margins. Marathon’s inventory value has fallen about 71% in final 12 months, whereas bitcoin fell about 40%, in keeping with TradingView information.
An exterior seek for a brand new CFO is already within the course of, the corporate mentioned within the assertion.
