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Argo Blockchain, a cryptocurrency mining firm publicly-listed on the London Stock Exchange (LSE: ARB), announced today that it has signed a Memorandum of Understanding (MoU) with DMG Blockchain Solutions to launch a mining pool that will exclusively run on clean energy.
From hydroelectric resources to clean energy
The two companies will launch Terra Pool, a bitcoin mining pool utilizing clean energy. Terra Pool will initially combine the individual hashrate of the two companies.The companies are currently using hydroelectric resources to power up their mining activities.
Terra Pool will be notable for presenting the opportunity to create what the press statement calls “green bitcoin,” simply meaning that it has been produced using clean energy.
The partnership aims to quickly move away from the use of conventional energy to clean energy in order to lessen the impact of bitcoin mining on the environment.
The initiative was launched with climate change in mind.
Green bitcoin mining pool
United Nations, an intergovernmental organization for maintaining peace and order said 2021 will be a crucial year for climate change.These are sentiments resonate with those of Peter Wall, the Argo CEO who said that the company prioritizes climate change.
“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,” said Wall.
“We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness."
The cryptocurrency mining sector has been in need of energy transformation and this represents the first step.
Commitment to clean energy
Dan Reitzik, the Chief Executive of DMG said “eco-friendly bitcoin mining has the opportunity to drive transformations in how the bitcoin mining community acts towards a climate-conscious future.”Bitcoin critics have long argued that cryptocurrency mining is a dirty business that harms the environment.
The report that bitcoin mining consumes more electricity than countries such as Argentina has added more weight to the arguments of cryptocurrency mining naysayers.
The bitcoin mining sector needs to acknowledge the criticism and find ways to utilize clean energy.
“We believe this is an opportunity for continued growth as we develop a better understanding of climate-friendly operations while simultaneously integrating the newest and most innovative blockchain technologies,” said Reitzik.
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