Two of the publicly listed cryptocurrency companies came up with the announcement that they are going to be the world’s first ‘green’ bitcoin mining pool. London-listed Argo Blockchain, on Friday, said that it opted for signing a preliminary deal with the DMG Blockchain Solutions of Canada. It is about to launch “the first bitcoin mining pool powered exclusively by clean energy.”
Argo and DMG are going to combine their computational power to create the Terra Pool, a new bitcoin mining pool that is going to get power from green hydroelectricity. This move is coming amidst the growing scrutiny of the environmental impact of bitcoin and all other cryptocurrencies.
The network of bitcoin is now getting powered from a decentralized network of computers. Users are now getting the encouragement to contribute to the computing power through the promise of awards with newly minted bitcoins. It is going to be given in return for the completion of the essential operational tasks through a process known as mining. The power needed to mine one bitcoin increases automatically as the network tends to grow. This means more electricity and more energy.
Also, it is going to come up with a lot of power that is needed for running the network and mining new coins. According to a recent highlighted report of Bank of America, the enormous environmental costs of bitcoin are a concerning fact. Analysts found that the bitcoin network is currently having the same annual usage of energy as in countries like Greece, Netherlands, and the Czech Republic. The energy consumption of bitcoin has grown by an estimate of 200% over the last two years.
The Argo chief executive, Peter Wall, said, “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.”
Hence, they are hopeful for other companies within the mining industry of bitcoin to follow their footsteps to demonstrate broader climate consciousness.
Dan Reitzik, the chief executive of DMG, said, “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.”
Shares in Argo made its jump by 13% in London, but it is still remaining down across the week.