Argo Blockchain Plc (LON:ARB) has appointed Peter Wall, one of its co-founders and current vice president of operations, as its new chief executive with immediate effect.

The cryptocurrency miner also said that one of its non-executive directors, Gil Penchina, had stepped down from the board on 1 January and been succeeded by Ian Macleod, the former corporate secretary of Canadian social networking services firm Teligence.

READ: Argo Blockchain increases number of crypto mining machines to 7,000

Argo has also received another 3,616 Bitmain Antminer T17 crypto mining machines which are currently being installed and expected to become operational next Friday.

The new machines will increase the company’s mining capacity by 75%, while the firm also reiterated its target of having around 17,000 machines installed by the end of the first quarter of 2020, an increase of 204% on its current production base.

The 6,384 machines required to achieve this target are currently on order and expected to be delivered in batches from early January.

Argo’s shares rose 2.5% to 5.7p in early deals on Thursday.

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