Argo Blockchain Signs Crypto Climate Accord
Argo Blockchain (LSE: ARB), a global leader in cryptocurrency mining, is pleased to announce it has signed the Crypto Climate Accord (CCA) in partnership with DMG Blockchain Solutions (DMG), the blockchain and cryptocurrency technology company, to promote the decarbonisation of the cryptocurrency industry.
Argo and DMG have been working with the CCA over the last few weeks to ensure the accord’s objectives promote meaningful impact in reducing overall emissions for the crypto industry. In conjunction with the CCA, Argo and DMG are jointly developing a maiden working group to more clearly outline the accord’s aims while deploying new technologies that increase the transparency of the renewable energy sourcing of crypto mining.
The CCA, a private sector-led initiative with 40 signatories including 20 prominent cryptocurrency companies, has outlined the following objectives as part of its effort to decarbonise the global cryptocurrency industry and transition the sector to net-zero greenhouse gas emissions by 2040:
· Achieve net-zero emissions from electricity consumption for CCA Signatories by 2030.
· Develop standards, tools, and technologies with CCA Supporters to accelerate the adoption of and verification of progress towards 100% renewably powered blockchains by the 2025 UNFCCC COP30 conference.
Argo and DMG are the first cryptocurrency companies and signatories to the CCA to sign up to these commitments amid increased demand for cryptocurrencies which has highlighted the impact that blockchain-based technology is having on the environment globally.
On 26 March 2021, Argo announced it had signed a Memorandum of Understanding with DMG to launch the first Bitcoin mining pool powered exclusively by clean energy. This pool will initially consist of both Argo’s and DMG’s hash rate which is mostly generated by hydroelectric resources. Terra Pool represents the first-ever opportunity for the creation of ‘green bitcoin’ and will provide a platform for cryptocurrency miners to produce Bitcoin and other cryptocurrencies in a sustainable way.
Peter Wall, CEO of Argo Blockchain, said: “As more data continues to surface regarding Bitcoin and Bitcoin mining’s impact on the environment, it’s imperative that the industry takes real, tangible action. The Crypto Climate Accord helps lay the groundwork for that action and we are both eager and determined to ensure that Supporters and Signatories remain committed to the group’s goals.”
Sheldon Bennett, CEO of DMG Blockchain Solutions, said: “Since our inception, DMG has been committed to transparency and good governance. Partnering with the Crypto Climate Accord alongside Argo allows us to apply those values to put us on a path to become a more sustainable industry. Together, we can finally put the wheels in motion to transition the cryptocurrency industry into one that focuses on renewable energy.”
