Breaking Down What “Green Bitcoin” May Mean for the Crypto Industry
London-based cryptocurrency agency Argo Blockchain not too long ago announced plans to create the world’s first clear vitality Bitcoin mining pool. The agency confirmed its partnership with DMG Blockchain Solutions to launch the world’s first Bitcoin mining pool powered by clear vitality.
Bitcoin’s Energy Consumption Continues to Skyrocket
Bitcoin’s environmental concerns are nothing new. Crypto critics have all the time questioned the hefty electrical consumption of miners, however as Bitcoin surged to new highs and located itself in the limelight as soon as once more, electrical consumption ranges have bubbled to an astronomical determine. Simply put, rising Bitcoin costs makes mining extra worthwhile — incentivizing mining swimming pools to increase their operations.
According to the University of Cambridge’s Bitcoin Electricity Consumption Index, Bitcoin miners round the world at present account for 138.7 terawatts in electrical consumption — almost 0.5% of worldwide energy utilization. As Bitcoin costs elevated by almost 900% since March of final yr, its estimated annualized consumption additionally rose by 200%. With costs not too long ago peaking at $61,500, Bitcoin’s annual electrical consumption now exceeds that of developed nations, together with Sweden, Switzerland, and Finland, amongst others.
The Crypto Mining Industry May Face Consequences for Further Inaction
Amid rising issues over Bitcoin’s vitality waste, governments and tech figures akin to Bill Gates have questioned the utility and necessity of cryptocurrencies, whilst the world continues to change into extra digital than ever. With governments trying to tighten rules round the cryptocurrency trade, Bitcoin’s environmental affect can’t go unaddressed. With the precedent now set, the remainder of the crypto trade should observe or danger potential political and regulatory tailwinds.
Argo Blockchain and DMG will transition their mining operations to hydroelectric vitality, which is an alternate, renewable supply of energy. In a press release, Argo Blockchain CEO careworn the want for the mining trade to discover a sustainable resolution collectively. “We are hopeful different firms inside the Bitcoin mining trade observe in our footsteps to exhibit broader local weather consciousness,” he stated.
“Addressing local weather change is a precedence for Argo and partnering with DMG to create the first “inexperienced” bitcoin mining pool is a crucial step in the direction of defending our planet now and for generations to return”
Featured picture from UnSplash