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Launched the world’s first green bitcoin mining pool — powered by clean energy
Cryptocurrency firms DMG Blockchain Solutions and Argo Blockchain announced on Friday the launch of the world’s first clean energy Bitcoin mining pool. In the first phase, the pool called Terra Pool will consist of the facilities of DMG and Argo, which currently use electricity generated by hydroelectric power plants.
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The launch of a new pool for the release of «green» bitcoins comes amid growing criticism from environmental activists in connection with the huge amount of energy spent on mining the largest cryptocurrency.
Argo Blockchain CEO Peter Wall said he hopes 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, taking into account the need to implement measures to combat climate change. Companies set a goal to significantly reduce greenhouse gas emissions over the next decade.
According to the Cambridge Center for Alternative Finance (CCAF), the estimated annual electricity consumption of Bitcoin miners has grown by 80% since the beginning of 2021, from 71.07 to 128 TWh at the beginning of March. By comparison, Australia’s main grid used 192 TWh of electricity in 2021.