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Author Topic: [2021-03-26] Eco friendly pool from Argo Blockchain  (Read 81 times)
Daltonik (OP)
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March 27, 2021, 08:18:56 AM
 #1

Mining company Argo Blockchain intends to create a pool for bitcoin mining, which will use only environmentally friendly energy. The firm has signed a memorandum of understanding with blockchain company DMG Blockchain Solutions.



Initially, Terra Pool will combine the hashrates of both partners, generated mainly from hydropower resources, but how much energy obtained from hydroelectric power plants can be considered environmentally friendly is another question.



Peter Wall CEO of Argo: “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".
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Daltonik (OP)
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April 07, 2021, 05:03:32 PM
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Research on the carbon emissions associated with mining is published in the journal Nature Communications.
Mining farms located in China will consume more than 296.59 TWh of electricity in three years and will be ahead of the Philippines in terms of greenhouse gas emissions, the publisher does not explain why the Philippines is taken. This is stated in a scientific study published in the journal Nature Communications https://www.nature.com/articles/s41467-021-22256-3  The document is available for download at the link https://www.nature.com/articles/s41467-021-22256-3.pdf



Carbon emission flows of Bitcoin blockchain operation
Without any policy interventions, the carbon emission pattern of the Bitcoin blockchain will become a non-negligible barrier against the sustainability efforts of China. The peak annual energy consumption and carbon emission of the Bitcoin blockchain in China are expected to exceed those of some developed countries such as Italy, the Netherlands, Spain, and Czech Republic. Figure 2 reports the estimated annualized energy consumption and carbon emission flows of Bitcoin blockchain in China. As the baseline assessment under minimal policy intervention, the Benchmark scenario simulates the natural operation results of the Bitcoin blockchain. In the BM scenario, the annual energy consumption of Bitcoin blockchain in China will gradually grow and eventually peak in 2024, at 296.59 Twh per year. This suggests that Bitcoin industry operation would follow an energy intensive pattern. In fact, energy consumed by Chinese Bitcoin blockchain in 2024 will exceed the energy consumption level of Italy and Saudi Arabia in 2016, ranking it 12th among all the countries. Regarding the carbon tax scenario, the highest energy demand of the Bitcoin industry slightly decreases due to carbon emission penalties, at 217.37 Twh. However, the results of the market access and site regulation scenarios indicate that the total energy consumption of the Bitcoin industry will reach 350.11 Twh and 319.80 Twh, respectively, in 2024 and 2025


Carbon emission flows of Bitcoin blockchain operation


Bitcoin industry energy consumption and carbon emission comparisons


Carbon policy effectiveness evaluation


Scientists propose to limit the production of bitcoin in those regions of China, where the main source of electricity is coal-fired thermal power plants. According to economists, this will allow to reduce greenhouse gas emissions as much as possible in accordance with the Paris climate Agreements signed by the People's Republic of China.
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April 07, 2021, 07:47:27 PM
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This is the fresh add-on to the bitcoin is bad narrative: now we have the association with terrorism, money laundering, tax evasion, capital flight, ponzi scheme (missed anything?) and the new kids on the block climate change and CO2 emissions.
I have always thought that when there is the need to find evidence to make a case against anything, these evidence will always be found and put together.
Good then that companies like Argo will move towards a greener footprint to avoid further criticism.
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April 08, 2021, 03:30:35 AM
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@acquafredda. There was also a mining pool that proposes for blocking transactions from implied illegal activities and sanctioned addresses. This is censorship. This new ecofriendly pool has also found another reason for censorship.

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April 08, 2021, 10:07:34 AM
 #5

This is the fresh add-on to the bitcoin is bad narrative: now we have the association with terrorism, money laundering, tax evasion, capital flight, ponzi scheme (missed anything?) and the new kids on the block climate change and CO2 emissions.

You can add to all this the lack of chips for the car industry, smartphones and computers because the crypto mining industry is causing shortages in the market - you can read more here.

I have always thought that when there is the need to find evidence to make a case against anything, these evidence will always be found and put together.
Good then that companies like Argo will move towards a greener footprint to avoid further criticism.

If most of the media is controlled by 5 or 6 world corporations, then the truth is what they present to the public, not what should be supported by facts and research. If you hear or read something more than once in your local media today, you will assume that it is true news like most people who do not question their truth.

I think we have already started to move away from the agenda that mining and BTC transactions cause environmental destruction, but we are slowly moving in the direction of convincing people that BTC should be stopped because it will consume so much energy that half the world will remain in the dark.

If you follow the news that covers this topic, then you must have noticed that they very skillfully manipulate one thing - and that is that they often change the country they compare to the total energy consumption used by BTC - one day it is Argentina, the second day Ireland and the third day they combine several countries such as New Zealand and Belgium. The goal, of course, is to try to create a bad image in as many countries as possible, because everyone's mouths are full of environmental protection and no one wants to give up the modern way of life - and they want to portray Bitcoin as something that affects these things.

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mikeywith
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April 08, 2021, 10:17:23 PM
 #6

Good then that companies like Argo will move towards a greener footprint to avoid further criticism.

There is nothing good about this, this whole thing is a joke at best.

1- Miners that already run on "green" power don't need the likes of Argo
2- Mining is a highly competitive game and the initial set-up cost + power cost are "the be-all and end-all" of a successful mining operation


Miners mine for a profit and nothing else, they follow the cheapest source of power, a great example is how things are in China, during the rainy season they move to Sichuan to mine for cheap, once the rain stops they move back to "the most polluting source of energy" which is coal.

Almost every form of clean energy is seasonal, it's there for a few months, and then it's gone, or it's there in the daytime and go at night, storing that power adds an extremely expensive cost to operate and makes it unprofitable, it's close to impossible to profitably mine bitcoin or run any other business with pure clean energy.

This whole green energy thing is nothing but a media pitch.

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April 09, 2021, 06:43:29 AM
 #7

I fail to understand how a pool can be eco-friendly unless they ban miners that are not eco-friendly?
How do they only allow miners on the pool that use only solar, wind, hydro, geo-thermal or other such eco-friendly power sources?

Seem to have missed explaining that at all.

If this is, instead, a private pool that no one else can mine on, that they only use eco-friendly power for their own miners, then it's just an advert that probably belongs somewhere else on the forum.

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