Argo Blockchain (ARB) has partnered with crypto technology firm DMG Blockchain Solutions ('DMG') to launch the first Bitcoin mining pool powered exclusively by clean energy.
Under the MoU in which Argo, a blockchain technology company, entered into alongside DMG, the pair will jointly launch Terra Pool, a Bitcoin mining pool powered by clean energy.
The pool, which represents the first ever opportunity to create 'green bitcoin', will initially consist of both parties’ hash rate which is mostly generated by hydroelectric resources.
Terra Pool will aim to expedite the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment and to provide a platform for cryptocurrency miners to produce Bitcoin and other cryptocurrencies in a sustainable way.
Shares in Argo Blockchain have seen an over six-fold increase in value since the beginning of the year. The stock was trading 12.09% higher this morning at 222.5p following the news.
Peter Wall, Chief Executive of Argo Blockchain, commented, "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.”
Wall said Argo remains “hopeful” that other companies within the Bitcoin mining industry will follow in the group’s footsteps to demonstrate “broader climate consciousness.”
Dan Reitzik, CEO of DMG, said, "DMG's increased innovative strength and continued focus on eco-friendly Bitcoin mining has the opportunity to drive transformations in how the Bitcoin mining community acts towards a climate-conscious future. DMG's ongoing commitment to clean energy-based capital deployment is a key industry development.”
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