One of the big problems with bitcoin as of late is that it hasn’t become very energy conscious. Many companies and individuals alike complain that mining the currency is causing huge problems for our environment, and they want to make sure the planet is still in a healthy place in the future. Now, firms such as DMG Blockchain Solutions and Argo Blockchain are taking these worries to heart and looking to create an entirely new green sector for the mining space.
Argo Blockchain and DMG Blockchain Solutions Are Working Hard for a Stronger Future
Over the past several weeks, we’ve been hearing several complaints about what bitcoin mining can allegedly do the atmosphere. It is widely believed that the practice of bitcoin and crypto mining leaves a heavy carbon footprint behind. Bank of America, for example, claimed in a recent report that bitcoin mining requires more energy than companies such as American Airlines, and that for every $1 million invested in BTC, the energy required to fuel 1.2 million vehicles is required.
In addition, it is argued that bitcoin mining now requires more electricity that certain nations, such as Argentina and Norway.
DMG Blockchain Solutions and Argo Blockchain have now paired up to tackle these concerns. Together, they are launching what they say will be the planet’s first “bitcoin mining pool powered by clean energy.” The maneuver is designed to limit the effects of climate change and ensure everyone’s children and grandchildren can continue to survive in a clean world.
In a statement, both firms announced that they are looking to mint “the first green bitcoin.” The project is known as Terra Pool, and will consist of both DMG’s and Argo’s hashrate, which presently utilizes energy established through hydroelectric sources. Peter Wall – CEO of Argo Blockchain – explained:
We are hopeful other companies within the bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness.
Over time, it is hoped that Terra Pool will do its part to limit the emissions of greenhouse gases and other harmful substances in Earth’s atmosphere so that global warming can slow down or even come a halt in the coming years.
With bitcoin reaching a whopping $61,000 per unit in recent weeks, one can imagine that bitcoin miners are making quite a bit, and many new miners have been entering the space hoping to earn rewards on what is now one of the world’s biggest assets, though many argue that this method of getting rich comes with a few negative marks, such as environmental impacts.
Things Are Exaggerated!
However, some say the effects of bitcoin mining aren’t that bad. One of these figures is Dan Held, head of growth at the Kraken cryptocurrency exchange in San Francisco. He states:
What it really comes down to when people don’t like bitcoin energy consumption is… they simply don’t like bitcoin.