The green revolution is upon us! Well, at least in the crypto space. Theoretically, if nothing else. The environmental issues facing Bitcoin are known to all, but a new mining pool may hold the answer.
That’s because cryptocurrency companies Argo and DMG have signed a MoU, also known as a memorandum of understanding, with a view to launch a new Bitcoin mining pool that operates exclusively on renewable energy.
As explained in a statement by the pair, the mining operation is named TerraPool, and will consist of the hashrate from both companies and make use of energy generated predominately by hydroelectric sources.
The goal, then, is to establish the first ever opportunity for the creation of green Bitcoin, and provide a clear roadmap for minimizing the effects of Bitcoin mining on the environment — which, of course, are considerable.
Peter Wall, CEO at Argo Blockchain:
“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. We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consensus.”
By running a mining operation on energy generated from renewable sources, Argo and DMG believe that they can reverse the narrative surrounding Bitcoin mining and accelerate the transition from conventional mining to clean energy equivalents.
That’s not to say that the equipment required to construct renewable energy infrastructure does not have a carbon footprint of its own.
But compared to reports like this one from the University of Cambridge that Bitcoin uses up more energy on an annual basis than the country Sweden, at 139.15 TWh/year, this is a start.
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