Publicly-traded cryptocurrency mining firm Argo Blockchain will launch a Bitcoin mining pool powered solely by clean energy, the company announced on March 26. Argo has partnered with fellow eco-friendly mining firm DMG Blockchain to create Terra Pool — a Bitcoin mining pool consisting of a hash rate derived from both its hydroelectric power sources. The firm claims it is the first of its kind.
Agro Blockchain plans to expand its mining operations.
Argo Blockchain is a United Kingdom-based mining company with three operational facilities in Canada set up to mine Bitcoin, and the privacy coin, Zcash. The firm recently acquired a 320-acre plot of land in Texas. It plans to expand its mining operations with an additional 200-megawatts of electrical power, also derived from renewable energy sources. Chief Executive of Argo, Peter Wall, said making Bitcoin more green was a major priority. He also urged other Bitcoin mining companies to follow suit. “Addressing climate change is a priority for Argo and partnering with DMG to create the first ‘green’ Bitcoin mining pool is an important step towards protecting our planet now and for generations to come,” Peter Wall said.
Bitcoin criticized for massive energy consumption.
Bitcoin’s energy usage has been highly debated, which rose to match the yearly consumption of the country of Chile last month. The critics and skeptics are quick to point out the massive energy consumption. However, few think to level the same criticisms at a technology like the internet, which already uses more energy than Bitcoin. Like cryptocurrencies, it has yet to expand to anything close to global usage. DMG’s focus on eco-friendly Bitcoin mining has the opportunity to drive transformations in how the Bitcoin mining community acts towards the existential threat of climate change.