Last updated on December 8th, 2022 at 03:12 pm
Launched the world’s first green bitcoin mining pool – powered by clean energy
Cryptocurrency firms DMG Blockchain Solutions and Argo Blockchain announced the launch of the world’s first clean energy Bitcoin mining pool on Friday. In the first phase, the pool, called Terra Pool, will consist of DMG and Argo capacities, which currently use hydroelectric power.
The launch of a new pool for the release of “green” bitcoins comes amid growing criticism from environmental activists connected with the huge amount of energy spent on mining the largest cryptocurrency.
Argo Blockchain CEO Peter Wall expressed hope that other bitcoin miners will follow suit, adding that the new pool is “an important step towards protecting the planet now and for future generations.”
The companies said in a statement that they are committed to ensuring that Terra Pool serves as a strong incentive for Bitcoin miners, given the need to implement measures to combat climate change. Companies have set a goal to reduce greenhouse gas emissions over the next decade significantly.
According to the Cambridge Center for Alternative Finance (CCAF), estimated annual electricity consumption by Bitcoin miners has grown by 80% since the beginning of 2020, from 71.07 to 128 TWh in early March. By comparison, Australia’s main power grid used 192 TWh of electricity in 2019.
