The blockchain and crypto firm DMG Blockchain Solutions has revealed a partnership with the crypto asset mining business Argo Blockchain. The two firms have decided to launch a bitcoin mining pool thatâ€™s focused on leveraging clean energy resources.
- DMG Blockchain Solutions (TSX-V: DMGI) and Argo Blockchain Plc (LSE: ARB) have recently entered into a Memorandum of Understanding to establish Terra Pool. The new bitcoin mining pool aims to utilize clean energy resources and will combine both DMGâ€™s and Argoâ€™s hashrate that uses hydroelectric-power.
- In recent months, bitcoin (BTC) mining and all proof-of-work (PoW) mining, in general, has been criticized for how energy-intensive these networks can be. DMGâ€™s and Argoâ€™s Terra Pool plans to keep bitcoin mining climate-friendly by focusing on clean energy solutions.
- â€œDMGâ€™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,â€ DMG CEO Dan Reitzik said in a statement.
- The two companies also said the new eco-friendly bitcoin mining pool will work with other members of the crypto asset mining industry if the operations â€œexpedite the shift from conventional power to clean energy.â€
- During the last decade, bitcoin miners leveraging renewable energy to mine BTC have utilized both renewable and surplus energy sources such as geothermal, wind, solar, natural gas, and hydropower. In more recent years, cogeneration concepts have been developed by leveraging the excess heat mining rigs release during use.
- Bitcoinâ€™s hashrate captured 185 exahash per second (EH/s) this month and the network difficulty is the highest it has ever been in BTCâ€™s lifetime. At the time of publication, 17 publicly-known bitcoin mining pools direct hashrate at the BTC chain.
- Argo Blockchain CEO Peter Wall believes that addressing clean energy efficiency in mining is a good idea for the planet. â€œAddressing climate change is a priority for Argo,â€ Wall stressed. â€œWe are hopeful other companies within the bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness,â€ the Argo executive added.
What do you think about DMGâ€™s and Argoâ€™s clean energy Terra Pool project? Let us know what you think about this subject in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.