Bitcoin miner Marathon Digital’s (MARA) CFO Hugh Gallagher plans to retire from his function on Could 12, about an 12 months after he was appointed within the function.
“With hash price rising and changing into extra secure and with the group 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 by means of a tough 12 months, with bitcoin costs sinking and better power costs driving up prices, which weighed on their revenue margins. Marathon’s inventory worth has fallen about 71% in final 12 months, whereas bitcoin fell about 40%, in accordance with TradingView knowledge.
An exterior seek for a brand new CFO is already within the course of, the corporate mentioned within the assertion.