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Argo Blockchain, DMG to Launch Clean Energy Bitcoin Mining Pool
Argo said "Terra Pool" will allow for the creation of "green bitcoin."
Updated Sep 14, 2021, 12:32 p.m. Published Mar 26, 2021, 10:54 a.m.
U.K.-listed Argo Blockchain (LON: ARB) said it has signed a memorandum of understanding with blockchain and cryptocurrency technology firm DMG Blockchain Solutions to launch a bitcoin mining pool completely powered by clean energy.
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- Under terms of the agreement, the two firms will jointly launch “Terra Pool,” a bitcoin mining pool exclusively powered by clean energy.
- Terra Pool will initially consist of both Argo's and DMG's hashrate, which is mostly generated by hydroelectric resources. It will provide a platform for cryptocurrency miners to produce bitcoin and other cryptocurrencies in a sustainable way, the firms said.
- The agreement comes amid rising criticism for the energy used by the crypto mining industry and its potential impact on climate change.
- "Addressing climate change is a priority for Argo and partnering with DMG to create the first 'green' bitcoin mining pool is an important step towards protecting our planet now and for generations to come,” said Peter Wall, CEO of Argo Blockchain.
Read more: Argo Blockchain Takes 25% Stake in $40M Crypto VC Fund
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