Bitcoin Marketcap
$1.15T
Gold Marketcap
$16.16T
BTC Settlement Volume (24hr)
$12.90B
BTC Inflation Rate (next 1yr)
1.17%
CASEBITCOIN making the case for bitcoin every day
Bitcoin Marketcap
$1.15T
Gold Marketcap
$16.16T
BTC Settlement Volume (24hr)
$12.90B
BTC Inflation Rate (next 1yr)
1.17%
CASEBITCOIN making the case for bitcoin every day
Argo Blockchain (listed on the London stock exchange under $ARB) today announced the formation of a bitcoin mining pool powered exclusively by clean energy.
From the press release:
Terra Pool represents the first ever opportunity for the creation of 'green bitcoin'. The initiative aims to expedite the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. The mining pool will provide a platform for cryptocurrency miners to produce Bitcoin and other cryptocurrencies in a sustainable way. Peter Wall, Chief Executive of Argo Blockchain, 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. We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness."
Bitcoin has been under fire of late due to concerns over it energy use and climate impact. These concerns are mostly misplaced, due a variety of reasons. Argo Blockchain's creation of a clean-energy-only mining pool is a demonstration of the incentives at play; specifically that bitcoin mining is profitable on clean-energy, and the incentives for ever greater share of total mining to be powered by clean energy sources is only likely to increase in the future.
Jack Dorsey, CEO of Twitter and Square, even suggested recently that Bitcoin may be ~100% powered by clean energy in the future:
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally... Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”
For more discussion of bitcoin's energy use, and references to further reading on the topic, see our Common Bitcoin Critique #4 page.
tldr