Argo Blockchain launching new ‘clean energy’ mining pool

Getting your Trinity Audio player ready...

London Stock Exchange-listed block reward mining operator Argo Blockchain PLC (LSE: ARB) has announced it is partnering with Canada-based DMG Blockchain Solutions to launch Terra Pool, an alleged environmentally friendly BTC mining pool powered by sustainable clean energy. 

Under the terms of the deal, the pool will initially comprise hashrate generated “mostly” by both companies’ hydroelectric resources as part of a “Green” BTC initiative. This initiative promotes speeding up the shift from conventional power to clean energy while reducing digital currency mining’s impact on the environment.  

In a statement, Argo CEO Peter Wall said, “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.”

DMG CEO Dan Reitzik added, “We believe this is an opportunity for continued growth as we develop a better understanding of climate-friendly operations while simultaneously integrating the newest and most innovative blockchain technologies.”

BTC reward mining customarily has been a power-intensive endeavor that deters many traditional companies from moving into the sector. The grievance most critics incorrectly point to as being the root of the problem is the proof-of-work consensus mechanism that powers most public blockchains instead of the more problematic and inefficient small block sizes. 

Green energy is not always the cheapest form of energy. Block reward miners routinely seek the cheapest electricity rates possible, leading to an over reliance on environmentally damaging nuclear & fossil fuel power plants instead of renewable energy sources. 

The Bitcoin vision created by Satoshi Nakamoto has the potential to be the greatest eco-friendly technology ever developed. Bitcoin SV as a technology is an incredible tool for reducing the negative environmental footprint technology has on the world. Transaction processors are using enough energy to get their clients transactions added to blocks based on SLAs (Service Level Agreements) and won’t be concerned with chasing block rewards which is what the hash miners are doing.

Bitcoin SV (BSV) is the only green public blockchain with massive scaling and data management superpowers capable of globally enabling energy efficiency in all industries. 

See also: TAAL’s Jerry Chan presentation at CoinGeek Live, The Shift from Bitcoin “Miners” to “Transaction Processors”