Bitcoin companies Argo Blockchain and DMG Solutions teamed up to bring a “clean energy” mining venture that will run on hydroelectric resources as we can see in our latest Bitcoin news.
The two Bitcoin companies said they will launch a BTC mining pool that uses green energy, a mining pool that will be powered by hydroelectric resources. The companies announced a clean energy Bitcoin mining pool which they claim will be the first of its kind in the world as the debate on crypto’s carbon footprint heats up. DMG Blockchain Solutions and BTC mining company Argo Blockchain said that the new venture will produce clean BTC using hydroelectric resources.
The plan is to make the mining pool named Terra Pool, to work to manage the impact of Bitcoin’s mining on the climate. According to the CEO of DMG Blockchain Dan Reitzik, the joint mining pool venture is the only “Bitcoin mining pool to mandate that miners are using Green/Clean energy sources.” He added:
“Miners use a variety of power sources globally from nuclear, to hydro, to coal, and many miners are already using renewable sources of energy. The major pools (primarily based in China) do not care what power sources the miners connecting to them are using. This is what makes Terra Pool different—we have a mandate and guiding principles.”
Bitcoin miners don’t use renewable energy now but there are some companies that are pushing for a greener approach to produce it. payments company square for example launched a bitcoin Clean Energy investment initiative with $10 million as support for companies that have renewable in their ecosystem. Founded back in 2011, DMG is a crypto company listed on the Toronto Stock Exchange that is focused on “mining public blockchains and applying permissioned blockchain technology.”
When’s the rest of the economy going to be entirely renewable?
— David – DMG (@DavidDMGI) March 26, 2021
While Argo is the only mining company that is listed on the London Stock Exchange, it was founded in 2017 and only last month it hit record revenue growth. It’s not clear from the statement when exactly Terra Pool will launch but the project comes at a crucial time when BTC is becoming criticized for its large carbon footprint. Mining BTC uses huge amounts of energy for example, per year, miners consume 14.44 GW or 128.77 terawatt-hours as per the Cambridge University Center for Alternative Finance:
“Terra Pool will provide both a strong incentive and accessible platform for cryptocurrency miners to produce Bitcoin in a sustainable and climate-conscious way with the goal of significantly reducing greenhouse gas emissions over the next decade. “