[News] The First Green Bitcoin Mining Pool; Powered by Clean Energy Launched.

[Igebotz]

This is probably the best news on the internet today, the internet magic money is getting all the adoption it deserves. UK Argo will Partner with DMG Blockchain solutions to set up the Terra Pool that will be powered by clean energy. The phrase " Bitcoin mining is bad for the environment is gradually coming to an end".

Argo partners with DMG Blockchain Solutions to launch

the first clean energy Bitcoin mining pool

Argo, a global leader in cryptocurrency mining (LSE: ARB), is pleased to announce it has signed a Memorandum of Understanding ('MoU') with DMG Blockchain Solutions ('DMG'), a blockchain and cryptocurrency technology company, to launch the first Bitcoin mining pool powered exclusively by clean energy.

Under the terms of the MoU, Argo and DMG will jointly launch Terra Pool, a Bitcoin mining pool powered by clean energy. This pool will initially consist of both Argo's and DMG's hashrate which is mostly generated by hydroelectric resources.

Terra Pool represents the first ever opportunity for the creation of 'green bitcoin'. The initiative aims to expedite the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. The mining pool will provide a platform for cryptocurrency miners to produce Bitcoin and other cryptocurrencies in a sustainable way.

Peter Wall, Chief Executive of Argo Blockchain, said: "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. We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness."

Dan Reitzik, Chief Executive of DMG, said: "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. 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."

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[DooMAD]

Call me cynical, but I thought DCG had been involved in mining for a while now.  It's likely a portion of their hashrate has always been powered by renewable resources.  So, imagine, instead of announcing (I don't know the exact proportions, so hypothetical figures here) "30% of our mining is powered by renewable sources", what they do instead is partner with someone to form a new pool, separate that 30% of their hashpower and then say "Look, this pool is 100% renewable" and just not draw attention to the other 70% that you're still running under an existing pool.  Then the partner company can do the same and still keep using their non-green hashrate as well.

How do we know this isn't just a marketing stunt?

[Tytanowy Janusz]

How do we know this isn't just a marketing stunt?

Looks exacly like marketing stunt. Sad to say that but it looks to me that majority of green organisations and green movements are only corpo vs corpo tool or marketing tool.

The amount of FUD related to bitcoin using more energy than some countries (f.e Netherlands) is super low. 1 bitcoin transfer uses as much energy as whole single-family house needs for 2 days.
I'm surprised why every single green organization isint targeting bitcoin. Why Greta Thunberg isn't screaming "we should ban bitcoin"? The only explanation for that is ... nobody cares about the environment, every green organization cares only about bribes from big companies. Rich guys game. Green organization are only pawns in the game Corpo vs corpo. And big organizations has no profit from attacking bitcoin. And there is no way to attack it before its fully regulated (KYC to own bitcoin address that is allowed for crypt to fiat transactions)

[Ultegra134]

Call me cynical, but I thought DCG had been involved in mining for a while now.  It's likely a portion of their hashrate has always been powered by renewable resources.  So, imagine, instead of announcing (I don't know the exact proportions, so hypothetical figures here) "30% of our mining is powered by renewable sources", what they do instead is partner with someone to form a new pool, separate that 30% of their hashpower and then say "Look, this pool is 100% renewable" and just not draw attention to the other 70% that you're still running under an existing pool.  Then the partner company can do the same and still keep using their non-green hashrate as well.

How do we know this isn't just a marketing stunt?

It could be a possible scenario, however, even if it is a marketing stunt, it could actually drive some corporations/miners to at least run through renewable resources. Let's keep in mind that Bitcoin has been always accused of using too much energy, going green could actually clear its name.

[jaysabi]

This is probably the best news on the internet today, the internet magic money is getting all the adoption it deserves. UK Argo will Partner with DMG Blockchain solutions to set up the Terra Pool that will be powered by clean energy. The phrase " Bitcoin mining is bad for the environment is gradually coming to an end".

Argo partners with DMG Blockchain Solutions to launch

the first clean energy Bitcoin mining pool

Argo, a global leader in cryptocurrency mining (LSE: ARB), is pleased to announce it has signed a Memorandum of Understanding ('MoU') with DMG Blockchain Solutions ('DMG'), a blockchain and cryptocurrency technology company, to launch the first Bitcoin mining pool powered exclusively by clean energy.

Under the terms of the MoU, Argo and DMG will jointly launch Terra Pool, a Bitcoin mining pool powered by clean energy. This pool will initially consist of both Argo's and DMG's hashrate which is mostly generated by hydroelectric resources.

Terra Pool represents the first ever opportunity for the creation of 'green bitcoin'. The initiative aims to expedite the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. The mining pool will provide a platform for cryptocurrency miners to produce Bitcoin and other cryptocurrencies in a sustainable way.

Peter Wall, Chief Executive of Argo Blockchain, said: "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. We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness."

Dan Reitzik, Chief Executive of DMG, said: "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. 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."

This is missing the point. The argument is BTC mining is bad for the environment because of how inefficient it is on a per transaction basis. Even if bitcoin was entirely powered by renewable resources, the opportunity cost of using our renewable energy on something so inefficient would mean the clean energy is not being used for something more useful and diverting it to bitcoin increases the non-renewable energy generation needed elsewhere. This does nothing to alleviate the “bad for the environment” concerns.

[fiulpro]

Fact is , most of the countries have their own geographic power which can be used by them efficiently , they just showed that it is indeed possible to put it up on a bigger level. I do think that the most concerning point regarding the bitcoins is the unnecessary wastage of electricity which is indeed too much, therefore it's not considered environment friendly even when the bitcoins is not unlimited.
The hydroelectric power is actually a great idea and for other countries they can try and check their geographical features and then move forward to incorporate the Mining with the green and renewable energy.
It would for sure increase the cost at once, but it would pay itself off in a couple of years and at the same time you would be saving the environment for the future generations too therefore it's a win win for both situations !! More big companies should follow suit and even individual miners who do see it fit.

[aoluain]

The thread title is great news and any news concerning GREEN ENERGY is going to be
positive for Bitcoin but after reading DooMAD's post im wondering how can they certify
or have they certified the green energy consumption?

If miners can secure cheaper green energy than a regular network supply they would
all be clambering to get hooked up in that region