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Argo Blockchain appoints new climate strategy advisor

Published 01/04/2021, 09:16
Updated 01/04/2021, 09:18
© Reuters.

By Samuel Indyk – Argo Blockchain , the UK-listed cryptocurrency miner, today announced it has appointed Guidehouse as its new climate strategy advisor.

Guidehouse is a leading consultancy and solutions provider who has been appointed to research and advise on science-based solutions towards Argo’s long-term strategy of eliminating its climate impact.

The work is to include a full climate action plan to achieve Argo’s objective of becoming a net-zero greenhouse gas company.

“We are delighted to be working with Guidehouse to assess the options available in order to achieve our goal of becoming net zero and a climate friendly cryptocurrency miner,” said Argo Blockchain PLC (LON:ARB) CEO Peter Wall.

“At Argo, we pride ourselves on being pioneers within this hugely exciting sector, and we aim to become the gold standard for other miners to ensure we are doing everything we can to secure a sustainable future for generations to come.”

Crypto and climate concerns

Last week, Argo announced a partnership with DMG to form the first mining pool powered by clean energy. The latest hire of Guidehouse might show that Argo is serious about becoming a climate friendly cryptocurrency miner.

There have been huge concerns over the impact mining Bitcoin and other cryptocurrencies is having on the environment. A recent note from Bank of America (NYSE:BAC) suggested that the Bitcoin network today emits about 60mln ton of carbon dioxide, the same amount as Greece.

“A $1bln fresh inflow into Bitcoin may cause CO2 to rise by the equivalent of 1.2mln internal combustion engine cars,” Bank of America said.

NFT Investments

In related news for the company, NFT Investments, established by the co-founders of Argo Blockchain, has announced its intention to float on the Aquis Stock Exchange Global Market.

NFT Investments is an investment vehicle for “unique” non-fungible tokens (NFT). NFTs are a signature saved on blockchain ledgers that allow someone to verify the ownership and authenticity of certain items, such as artwork.

In March this year, the artist Beeple managed to sell a piece of digital artwork at Christie’s for $69mln, the first NFT sold by a legacy auction house.

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