"The future of crypto mining is renewable": Argo Blockchain's CEO Peter Wall on 'green' bitcoin and sustainability
A UK cryptocurrency firm has opened up about its plans to make cryptocurrency mining more sustainable.
Argo Blockchain, based in London, announced in March that it is working with DMG Blockchain Solutions to launch Terra Pool, the first Bitcoin mining pool powered by only clean energy.
Bdaily spoke to Argo Blockchain’s CEO, Peter Wall, about the new sustainable cryptocurrency project.
Hi Peter! Could you tell us a bit about Argo Blockchain and what your role entails?
“Argo Blockchain is a publicly traded cryptocurrency company, listed on the London Stock Exchange. We are the first crypto company to be traded in London, and we are particularly proud of that. We are cryptocurrency miners, mining Bitcoin and selected other coins and consider ourselves a blockchain technology company.
“As the CEO of Argo since January 2020, I oversee all aspects of the company’s operations and strategy. We have a particular focus on being open and transparent with our shareholders and an ESG friendly company.”
How are you making bitcoin mining more sustainable?
“We’re doing a range of things to make cryptocurrency mining more sustainable.
“The first is completing a full energy audit on the power sources that we use. We have two large data centres in Quebec which use 100 per cent renewable hydro-power. We also work with a partner in the US that recently announced they are carbon neutral.
“We are also building out a 200mw data centre in west Texas, we’re particularly excited about this site as it is powered by over 90 per cent renewable energy, namely wind.
We have founded the first clean Bitcoin mining pool, in partnership with DMG, powered entirely by clean energy.
“Additionally, we were the first signatories of the Crypto Climate Accord and have committed to achieving net-zero emissions by 2030.
“Finally, we are working constantly behind the scenes in the industry to encourage others to adopt renewable sources of power and to take ESG concerns seriously.
“We feel our actions so far are achieving meaningful change in the sector, but we are constantly searching for, and discussing ways in which we can further reduce our impact on the environment.”
What is the significance of the first ’green’ bitcoin mining pool?
“We hope that Terra Pool will expedite the shift from conventional power sources to clean and renewable energy and reduce the impact that mining bitcoin has on the environment.
“It will provide a platform for cryptocurrency miners to produce bitcoin and other cryptocurrencies in a more sustainable way.
“Terra Pool will also give people the certification that their bitcoin has been created using only renewable power. Our hope is that this pool is another step toward greener mining.”
Why did you decide to pursue the clean energy project?
“For Argo, ‘clean’ or sustainable mining is more than a project, it is something that has been central to us from the beginning.
“We truly believe that crypto is the future and in order for this to be a reality, it has to be sustainable- the future of power is renewable and so is the future of crypto mining.
“We also believe that the power used in mining has the potential to innovate other industries and sectors. With the amount of power required, we have to find efficiencies.”
What has been the biggest challenge of the Terra Pool so far?
“We expected challenges in establishing something as unprecedented as the first clean mining pool.
“There are no guidelines or examples to follow in this space, so we have sought the input of expert environmental consultants to draw up robust governance rules for the pool.
“The combination of this expertise with our understanding of mining and blockchain technology will result in a detailed outline of how the pool will be governed to ensure the certification of any bitcoin generated by the pool.
“Our intention is to establish a standard that enables us to achieve a real impact in reducing the environmental impact of mining.”
What does the future hold for Argo Blockchain and sustainable bitcoin mining?
“We have ideas and projects that we’re working on, and we’re always looking for new ways to engage with ESG.
“We’re incredibly excited about our new facility in Texas and our partnership with crypto design and construction specialists, Navier, to co-develop our mining infrastructure there.
“We think the future for Argo and for the cryptocurrency ecosystem in general is bright and we are excited to be innovators and entrepreneurs in the space.”
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