DMG Blockchain Solutions Inc and Argo Blockchain Plc have announced the establishment of the world’s first Bitcoin mining pool powered by clean energy – specifically hydropower.
As founding shareholders and partners, blockchain and cryptocurrency technology company DMG and UK-based global cryptocurrency mining company Argo have entered into a Memorandum of Understanding to establish Terra Pool, a cooperative effort to launch a Bitcoin mining pool exclusively powered by clean energy. Initially, the Pool will consist of both DMG’s and Argo’s hashrate, which currently uses energy generated by hydroelectric resources.
“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. “DMG’s ongoing commitment to clean energy-based capital deployment is a key industry development. We believe this is an opportunity for continued growth as we develop a better understanding of climate-friendly operations while simultaneously integrating the newest and most innovative blockchain technologies.”
Terra Pool will provide both a strong incentive and accessible platform for cryptocurrency miners to produce Bitcoin in a sustainable and climate-conscious way with the goal of significantly reducing greenhouse gas emissions over the next decade, says the companies. In the near-term, Terra Pool will work with like-minded Bitcoin miners to expedite the shift from conventional power to clean energy.
“Addressing climate change is a priority for Argo,” said Argo Blockchain CEO Peter Wall. “Partnering with DMG to create the first ‘green’ Bitcoin mining pool is an important step towards protecting our planet today and for generations to come. We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness.”