Cryptocurrency company Argo Blockchain said Friday it had ceased accepting new mining subscriptions and would terminate all existing mining-as-a-service contracts by 1 April 2019, citing 'challenging trading conditions.'

This shift in strategy followed more than six months of better-than-expected growth achieved by Argo's consumer business since its launch in the summer of last year, the company said.

As part of the restructuring, the company planned to implement significant cost-cutting to lower its mining cost base, including ongoing expenses, by 35%.

The restructuring measures and strategy refocus were expected to reduce the overall cash burn and deliver earnings (EBITDA) break-even in the second half of 2019.

At 9:38am: (LON:ARB) Argo Blockchain Plc Ord 0.1p share price was +0.26p at 3.13p