What “Green Bitcoin” may mean to the crypto industry
Cryptocurrency company in London, Argo Blockchain revealed recently plans to build the world’s first renewable energy Bitcoin mining pool. DMG Blockchain Solutions has announced its collaboration to start the world’s leading Bitcoin energy-driven mining pool.
Bitcoin continues to Skyrocket’s electricity use
Nothing fresh on Bitcoin’s sustainability issues. Crypto skeptics have often criticized the large use of electricity by miners, but after Bitcoin has risen to new heights and once again become the highlight, the cost of electricity has bubbled to an astronomical level. In simple terms, rising Bitcoin rates allow mining rentable — encouraging mining pools to multiply.
Bitcoin mining is currently represented worldwide by 138.7 terawatts of energy demand, almost 0.5 percent of total energy use, according to the Bitcoin Electricity Consumption Index of the University of Cambridge. As Bitcoin values soared by almost 900% since March of last year, their annualized consumption has also risen by 200%. Bitcoin’s annual electricity demand is now more than that for advanced countries, including Sweden, Switzerland and Finland, with rates peaking recently at $61,500.
THE CRYPTO MINING INDUSTRY CAN BE USED FOR FURTHER DEVELOPMENT
In the middle of growing worries about the energy waste in Bitcoin, policymakers and technological leaders like Bill Gates have criticized the usefulness and necessity of cryptocurrency, while the future is still more digital than ever. Bitcoin’s environmental effect cannot go unaddressed, as regulators strive to tighten controls around the cryptocurrency business. The rest of the crypto industry must follow the precedent already established or threaten future political and regulatory winds.
Argo Blockchain and DMG will turn their mining businesses to hydropower, an alternative green power source. Argo Blockchain CEO underlined in a statement the need for the mining community to work together to find a viable alternative. “To show wider climate awareness, we are optimistic that other businesses in the Bitcoin mining industry will follow our path,” he 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”
