Argo – a major London-based multi-cryptocurrency mining platform – has announced that continually depressed market sentiment has forced it to cut back on its main business focus in an attempt to re-strategize its business.

In its strategy update press release (Feb 15), Argo said that challenging market conditions have caused it to find ways to substantially reduce its costs. It has since ceased the acceptance of new mining subscriptions. By April 1, 2019, it will also terminate all of its Mining-as-a-Service (MaaS) contracts.

MaaS is crypto mining that heavily relies on remotely borrowed hardware. Argo said it will retain sole focus on direct mining instead. It said it expects the cost-cutting measures to lower operating expenses by 35%, and make the restructuring of its mining infrastructure and capital a “profitable” move.

“The restructuring measures and strategy refocus are expected to reduce the overall cash burn and deliver EBITDA (earnings before interest, taxes, depreciation, and amortization) break-even in the second half of 2019,” Argo explained.

Its CEO and co-founder Mike Edwards further stated, “We are being proactive and strategic in light of the tough industry market conditions by taking swift action to cut costs and refocus our strategy.”

“While it is disappointing to make this shift after delivering better-than-expected growth during our first six months as a consumer business, we need to be prudent and act decisively in order to ride out the downturn and be in a strong position when industry fundamentals improve.”