United Kingdom-based cryptocurrency mining provider Argo Blockchain proclaimed it was refocusing its business as a part of a significant cost-cutting exercise, as per a strategy update printed on February. 15.

Argo, that is headquartered in London with facilities in Quebec, said it'd terminate its Mining-as-a-Service (MaaS) operations by April, focusing alone on direct mining.

MaaS operators facilitate cryptocurrency mining on borrowed hardware remotely. Explaining its call, Argo said the continuing suppression of Bitcoin (BTC) costs and associated reduced profit of mining had caused it to slenderize its expenses sheet.

“The deployment of the mining infrastructure and capital is predicted to be profitable following a material reduction in input prices achieved from suppliers,” the update reads, stating:

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

Along with abandoning MaaS, Argo plans to reduce prices by over a 3rd in order to satisfy its profit target.

CEO and co-founder mike Edwards summarized:

“While it's disappointing to make this shift when delivering better-than-expected growth during our 1st six months as a client business, we'd like to be prudent and act resolutely in order to outride the downturn and be in a very robust position when industry fundamentals improve.”

Bitcoin mining has faced a difficult year, with numerous firms experiencing issues as a results of decreasing costs. Earlier on Friday, Top Market Group reported on the most recent earnings from Nvidia, the company’s performance having been significantly impacted by the crypto winter.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now