Prominent crypto firms DMG Blockchain Solutions and Argo Blockchain are launching the world’s first Bitcoin mining pool powered by clean energy. The mining operation intends to issue the first green bitcoin. Argo blockchain join hands with DMG Blockchain to develop Terra Pool. It is a Bitcoin mining pool that includes hash rates derived from both firms. Argo blockchain claims it to be the first of its kind. Adjusting with the latest climate science, Terra Pool intends to manage Bitcoin mining’s impact on the climate.
However, the firms have not disclosed a particular date for the launch of the Terra Pool. The project comes at a time when Bitcoin frequently faces criticism for its massive carbon footprint. As per Cambridge University’s Centre for Alternative Finance, miners spend approximately 14.44 GW or 128.77 terawatt-hours yearly. Meanwhile, a new study from Bank of America unveiled that Bitcoin’s energy consumption is similar to significant corporations like American Airlines, which travels over 200 million passengers a year.
Terra Pool to accelerate the Transformation from Conventional Power to Clean Energy
Terra Pool’s launch occurs amid the concerns over the environment due to immense energy employed to mine the popular token. It will offer both a powerful incentive and convenient platform for cryptocurrency miners to create Bitcoin in a sustainable and climate-conscious approach. It is to decrease greenhouse gas emissions over the next decade fundamentally. Moreover, Terra Pool will function with like-minded Bitcoin miners to facilitate the transfer from conventional power to clean energy in the future.
Furthermore, in the early stages, the pool will consist of both DMG’s and Argo’s hash rate. It presently utilizes energy produced by hydroelectric resources. Argo Blockchain PLC is a UK-based mining company with three functional offices in Canada established to mine Bitcoin, and the privacy coin, Zcash (ZEC). Currently, the firm purchased a 320-acre plot of land in Texas. It intends to extend its mining operations with a supplementary 200-megawatts of electrical power obtained from renewable energy sources.
Follow BitcoinWorld for the latest updates.