Green Bitcoin: What Does This Mean For The Bitcoin Mining Industry?
London-based cryptocurrency company Argo Blockchain has announced plans to create the first clean-powered Bitcoin mining pool. The company has a partnership with DMG Blockchain Solutions for the project.
Critics of crypto have always questioned the high electrical consumption in crypto mining, and as Bitcoin reaches new highs, electrical consumption has reached a high level.
That is, the increase in Bitcoin prices makes mining more profitable, and encouraging mining pools to expand their operations.
According to the University of Cambridge’s Bitcoin Electricity Consumption Index, cryptocurrency miners worldwide currently account for 138.7 terawatts of electricity consumption. This is 0.5% of the global energy use.
As Bitcoin prices have increased by almost 900% since March last year, its annual consumption has also grown by 200%.
With crypto prices recently reaching nearly $ 60,000, Bitcoin’s annual electricity consumption now exceeds that of developed countries, including Sweden, Switzerland and Finland.
“Green Bitcoin is an important step in protecting our planet now and for future generations”
Due to the increase in energy consumption in the world, many governments and some technology personalities, such as Bill Gates, increasingly question the usefulness and the need for cryptocurrency, although the world continues to become more digital than ever.
However, Argo Blockchain and DMG will transition their mining to hydroelectric power, which is an alternative, sustainable and renewable source of energy.
In a statement, the CEO of Argo Blockchain highlighted the need for the mining industry to find a sustainable solution together.
We are hopeful that other companies within the Bitcoin mining industry will follow our steps to demonstrate a broader climate awareness.
Facing climate change, according to Argo Blockchain, is a priority for the two companies to create the first Bitcoin mining reservoir. “Green Bitcoin is an important step in protecting our planet now and for future generations.
What do you think of the innovative idea that Argo Blockchain and DMG had to switch and now switch to using renewable energy sources for their mining industries?Let us know in the comments section below.