By Samuel Indyk
Investing.com – Argo Blockchain PLC (LON:ARB), the UK-listed cryptocurrency miner, has today announced a memorandum of understanding with DMG Blockchain Solutions to launch the first Bitcoin mining pool powered exclusively by clean energy.
Under the terms of the agreement, Argo and DMG will launch Terra Pool, that will initially consist of their hashrate which is mostly generated by hydroelectric sources.
Climate concerns
Concerns over the Bitcoin network’s climate change implications have picked up steam recently. A recent note from Bank of America (NYSE:BAC) highlighted the issue, saying the network today emits about 60mln tons of carbon dioxide, the same as Greece.
“A $1bln fresh inflow into Bitcoin may cause CO2 to rise by the equivalent of 1.2mln internal combustion engine cars,” the US bank said.
Argo and DMG partnership
“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 Argo Blockchain CEO Peter Wall. “We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness."
At 09:45, shares in Argo Blockchain were trading higher by 13% at 224.70p per share.
DMG Blockchain Solutions
DMG Blockchain are a fellow cryptocurrency miner based in Canada, who not only mine Bitcoin but also have a software division.
“DMG's increased innovative strength and continued focus on eco-friendly Bitcoin mining has the opportunity to drive transformations in how the Bitcoin mining community acts towards a climate-conscious future,” said DMG CEO Dan Reitzik.
In a YouTube video posted after the announcement, Argo CEO Wall confirmed that the mining pool will be launched in the coming weeks with more details to follow. You can watch the video from Argo Blockchain below: