Hugh Gallagher, Chief Financial Officer of Bitcoin miner Marathon Digital (MARA), has announced his intention to step down from his position on May 12, approximately one year after being recruited to his current position. Hugh Gallagher’s announcement comes about a week after Marathon Digital (MARA) released its quarterly earnings report.
Gallagher provided an explanation for his decision to resign by stating in a statement that “with hash rate rising and becoming more steady and with the team being in a stronger position, I made the decision to depart.” This was Gallagher’s explanation for why he chose to resign. The previous year, in March, he was promoted to the role of Chief Financial Officer at the company.
The move comes at a time when bitcoin miners have been going through a difficult year, with the price of bitcoin going down and growing energy prices driving up costs, which has knocked on their profit margins. The move comes at a time when bitcoin miners have been going through a difficult year. According to data presented by TradingView, the price of a share of Marathon’s stock has dropped by around 71% over the course of the past year, whilst the price of bitcoin has dropped by approximately 40% over the same time period.
The company has issued a statement indicating that the process of conducting an external search for a new chief financial officer has already commenced. This information was provided by the corporation.