Marathon Digital's Chief Financial Officer (CFO) Hugh Gallagher is set to step down from his role on May 12, an year after his appointment. This decision of his comes at a time when bitcoin miners are going through a difficult patch due to falling prices of bitcoin as well as rising of energy costs. This has put tremendous strain on the profit margins of these miners.

A search for a replacement is already being conducted and it is expected to conclude soon. Speaking about his decision, Gallagher said, “With hash rate growing and becoming more stable and with the team now in a stronger position, I made the decision to retire.” This is seen by many as a rationale decision to make, as his job was to help the miner survive the tough market conditions they are going through.

Marathon Digital's stock price has been sinking continuously over last 12 months and has been slashed by a considerable 71%. Such a sharp fall has been noticed with other miners too, though the decrease in bitcoin values has been relatively less steep. As per data sourced from TradingView, bitcoin prices have declined by about 40% over the same time frame.

The news brings in a sense of uncertainty as marathon as well as other miners strive to survive in such tumultuous market conditions. The effectiveness of this search by Marathon debatable, and to what extent the new CFO will be able to revive the miner’s fortunes is yet to be seen.

It has been a rough journey for the miners in the last few months, and while events like these can bring in a sense of stability, the future still remains far from certainty. All that bitcoin miners can do right now is to be hopeful, robust and resilient in order to emerge clear out of this situation.



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