Recently, announced London-based blockchain and cryptocurrency firm Argo has announced plans to create the world’s first clean-energy Bitcoin mining pool.

Argo has confirmed its partnership with DMG Blockchain Solutions to launch the world’s first bitcoin mining pool powered by clean energy.

Bitcoin energy consumption continues to rise:

Bitcoin’s environmental concerns are nothing new.

Cryptocurrency critics have long been skeptical about miners’ huge electrical consumption, but as Bitcoin soared to new heights, the coin has found itself in the spotlight once again, with electricity consumption soaring to an astronomical new figure.

Simply put, higher bitcoin prices make the mining process more profitable, which incentivizes mining pools to expand their operations.

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According to the University of Cambridge’s Bitcoin Electricity Consumption Index, Bitcoin miners around the world currently account for 138.7 TWh of electricity consumption, equivalent to 0.5% of global energy use.

Given that bitcoin’s price has risen by nearly 900% since March of last year, its annual energy consumption has also increased by 200%.

With prices recently peaking at $61,700, annual Bitcoin consumption of electricity has now exceeded that of developed countries, including Sweden, Switzerland, Finland, and others.

The Crypto Mining Industry and the Energy Consumption Dilemma:

Amid growing concerns about wasting energy in bitcoin, governments and tech figures like Bill Gates have questioned the usefulness and necessity of cryptocurrencies, even as the world continues to become more digital than ever.

As governments look to tighten regulations around the cryptocurrency industry, the environmental impact of Bitcoin cannot be ignored.

Argo Blockchain and DMG will convert their mining operations to hydroelectric power, which is an alternative and renewable source of energy.

In a statement, Argo’s CEO emphasized the mining industry’s need to find a sustainable solution.

He stated what he meant:

We hope that other companies in the Bitcoin mining industry will follow our lead to show a broader climate awareness.

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Tackling climate change is a priority for Argo, which is demonstrated by its partnership with DMG to create the first Bitcoin mining green pool.

Which is an important step towards protecting our planet now and for generations to come.

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