U.K.-based crypto mining firm Argo Blockchain PLC and Canadian firm DMG Blockchain Solutions Inc will launch the world’s first clean energy Bitcoin mining pool.
The mining pool termed “Terra Pool” will be aimed at better managing the impact of Bitcoin mining on the climate.
According to a press release, the pool will consist of both DMG and Argo’s hash rate, which will be comprised exclusively of clean energy generated by hydroelectric resources.
“In the near-term, Terra Pool will work with like-minded Bitcoin miners to expedite the shift from conventional power to clean energy,” said DMG Blockchain, explaining that the goal would be to incentivize cryptocurrency miners to produce Bitcoin in a sustainable and climate-conscious way.
Why It Matters: Crypto mining companies have been under scrutiny from climate activists around the world after a recent Cambridge study found that mining Bitcoin uses more electricity than the whole country of Argentina.
As Bitcoin’s price continued to soar, however, miners didn’t show any signs of slowing down as the mining hash rate reached an all-time high of 165.96 million terahashes per second (TH/s).
The launch of a climate-conscious mining pool would be the first of its kind, and as Peter Wall, Chief Executive of Argo Blockchain puts it, creating “the first ‘green’ Bitcoin mining pool is an important step towards protecting our planet now and for generations to come.”
What Else: In line with making mining more environmentally sustainable, the state of Kentucky recently passed two laws that give Bitcoin miners tax breaks on electricity and clean energy incentives.
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