Blockchain and encryption company DMG Blockchain Solutions has announced a partnership with the crypto asset mining business Argo Blockchain. The two companies have decided to start a Bitcoin mining pool focused on the use of clean energy.
- DMG Blockchain Solutions (TSX-V: DMGI) and Argo Blockchain Co., Ltd. (LSE: ARB) recently signed a memorandum of understanding to establish Terra Pool. The new Bitcoin mining pool is designed to use clean energy and combine the hash rate of DMG and Argo’s use of hydroelectric power.
- In recent months, in general, Bitcoin (BTC) mining and all proof-of-work (PoW) mining have been criticized as these networks may consume a lot of energy. DMG and Argo’s Terra Pool plan to keep Bitcoin mining climate-friendly by focusing on clean energy solutions.
- DMG CEO Dan Reitzik said in a statement: “DMG’s growing innovation capabilities and continued focus on environmentally-friendly Bitcoin mining have the opportunity to drive changes in how the Bitcoin mining community acts toward a climate-sensitive future.”
- The two companies also stated that if operations “accelerate the transition from traditional energy to clean energy,” the new eco-friendly Bitcoin mining pool will cooperate with other members of the crypto asset mining industry.
- In the past ten years, Bitcoin miners who use renewable energy to mine BTC have used renewable energy and surplus energy, such as geothermal, wind, solar, natural gas, and hydropower. In recent years, the concept of combined heat and power has been developed by using excess heat rigs released during use.
- This month, Bitcoin’s hash rate reached 185 exahash per second (EH/s), and the network difficulty is the highest in BTC’s life. At the time of publication, there were 17 well-known Bitcoin mining pools leading the hash rate to the BTC chain.
- Peter Wall, CEO of Argo Blockchain, believes that solving the clean energy efficiency of the mining industry is a good idea for the planet. Wall emphasized: “Addressing climate change is Argo’s top priority.” “We hope that other companies in the Bitcoin mining industry can follow in our footsteps to demonstrate broader climate awareness,” Argo executives added.
What do you think of DMG and Argo’s clean energy Terra Pool project? Let us know your thoughts on this topic in the comments section below.
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