“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”
Breaking Down What “Green Bitcoin” May Mean for the Crypto Industry
Bitcoin’s Energy Consumption Continues to Skyrocket
According to the University of Cambridge’s Bitcoin Electricity Consumption Index, Bitcoin miners around the world currently account for 138.7 terawatts in electrical consumption — nearly 0.5% of global power usage. As Bitcoin prices increased by nearly 900% since March of last year. Estimated annualized consumption also rose by 200%. With prices recently peaking at $61,500, Bitcoin’s annual electrical consumption now exceeds that of developed nations, including Sweden, Switzerland, and Finland, among others.
THE CRYPTO MINING INDUSTRY MAY FACE CONSEQUENCES FOR FURTHER INACTION
Argo Blockchain and DMG will transition their mining operations to hydroelectric energy, which is an alternative, renewable source of power. In a statement, Argo Blockchain CEO stressed the need for the mining industry to find a sustainable solution together.
“We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness,”