Argo Blockchain PLC has partnered with DMG Blockchain Solutions, a blockchain and cryptocurrency technology firm, to launch Terra Pool. If successful, this will be the first Bitcoin mining pool to exclusively run on clean energy.
Despite the bad reputation bitcoin gets for having an outsized carbon footprint, there are a number of projects aiming to reduce that effect and improve environmental sustainability.
The latest among them is a recent agreement between Argo and DMG. The pair hopes to create a “green bitcoin” by reducing the environmental impact of cryptocurrency mining.
Initially, Terra Pool will consist of processing power from both firms, which predominantly use hyrdroelectric resources in their operations. Argo hopes this will encourage other companies to shift their mining to clean energy.
“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,” Argo CEO Peter Wall said. “We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness.”
More Efficient Bitcoin Mining
Another effort to improve the sustainability credentials of bitcoin mining comes from EZ Blockchain. The company’s signature product is the EZ Smartgrid Flaring Mitigation System. In the process of oil drilling, gas is often a natural byproduct. However, it’s usually burned off wastefully in a practice known as gas flaring.
EZ’s Smartgrid system enables companies to use that flared gas to power bitcoin mining instead of wasting it. In October 2020, oil and gas company Wesco Operating Inc. first deployed the Smartgrid.
Blockchain for Waste Management
Apart from crypto mining, preojcts around the world are using blockchain technology to improve environmental sustainability through waste management. In Argentina, a local entrepreneur has launched JellyCoin. He hopes to use this coin to compensate workers for how much waste they collect, sort, and deliver.
In India, a community is putting the local trash collection application on the blockchain. They hope this will improve the efficiency and reliability of waste collection in the area.
Meanwhile, New York-based startup RecycleGO is launching several blockchain projects around the world. These include bottle collection projects in Miami and Nigeria. Another project focuses on collecting and reprocessing fishing nets in Ghana.
“What the world needs are scalable solutions, broad scalable solutions in terms of tracking, in terms of attaching data to human activity, in terms of really allowing social impact behavior to be monitored, measured, and credited,” RecycleGO CEO Stan Chen said.
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