Here’s the impact the Term “Green Bitcoin” is likely to exert on the Crypto Mining Industry

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Argo Blockchain, a cryptocurrency company headquartered in London, recently revealed plans to create the world’s first renewable energy Bitcoin mining pool. The company also announced a collaboration with DMG Blockchain Solutions to launch the world’s first Bitcoin mining pool driven by renewable energy.

Bitcoin’s Energy Consumption Continues to Skyrocket

Concerns over Bitcoin’s environmental impact are nothing new. Crypto sceptics have long criticised miners’ massive electrical usage, but since Bitcoin roared to record highs and re-entered the spotlight, electrical consumption levels have risen to an astronomical amount. Simply put, increasing Bitcoin values increase the profitability of mining, incentivizing mining pools to extend their activities.

According to the University of Cambridge’s Bitcoin Electricity Demand Index, Bitcoin mines worldwide consume 138.7 terawatts of electricity — about 0.5 percent of global power consumption. After March of last year, Bitcoin prices have risen by nearly 900 percent, while its projected annualised usage has increased by 200 percent. Bitcoin’s annual electricity demand now approaches that of developed nations such as Sweden, Switzerland, and Finland, with costs recently peaking at $61,500.

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The Crypto Mining Industry May Face Consequences for Further Inaction 

Governments and tech leaders such as Bill Gates have doubted the value and necessity of cryptocurrency in the face of increasing questions about Bitcoin’s electricity waste, and as the environment becomes more interactive than ever. With regulators looking to tighten controls around the cryptocurrency market, the environmental effects of Bitcoin cannot be ignored. With the precedent now created, the rest of the crypto industry must comply or face potentially harmful political and regulatory consequences.

Argo Blockchain and DMG will shift their mining activities to hydroelectric technology, which is a clean, green energy source. In a tweet, Argo Blockchain CEO emphasised the importance of the mining community working together to find a long-term solution. “We expect that other Bitcoin mining firms will join in our footsteps to show greater climate consciousness,” he added.

“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”

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