Green Bitcoin Mining Gains Popularity

0

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

Bitcoin bashers are running out of ways to attack the biggest cryptocurrency. One thing that classic mainstream media can still point is the fact that the mining of Bitcoin consumes an awful lot of energy.

Fans of crypto respond in kind by saying that it is still only a fraction of what gold mining costs or even only a small percentage compared to the carbon footprint of classic banking. It does however remain to be a problem, certainly given the fact that cryptofans tend to be of younger (and thus mostly eco-friendlier) generations.

According to the Cambridge Center for Alternative Finance, annualized Bitcoin power consumption has jumped 80% since the start of 2020 to reach 128 terawatt hours, mostly due to the incredible price rise of Bitcoin itself.

Furthermore, as new mining facilities open up in the US (where the government wants to make sure China cannot control an ever more important asset), there is concern about the carbon footprint of Satoshi Nakamoto’s invention.

Advertentie.

Terra Pool

In order to counter this, companies like DMG Blockchain Solutions and Argo Blockchain have now launched what they hope will be the world’s first bitcoin mining pool powered by clean energy. The aim of the operation is to mine the first “green bitcoin” and to better manage the impact of Bitcoin mining on the climate.

The launch of their joint Terra Pool project comes as Argo has just acquired 320 acres in West Texas to open a 200 megawatt mining facility, which once again shows a rise in mining capacity in the US.

Peter Wall, the CEO of Argo Blockchain, declared that:

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.

Already last year, fintech company Square (owned by Twitter CEO Jack Dorsey) promised:

$10M to support companies that help drive adoption and efficiency of renewables within the bitcoin ecosystem.