Argo, DMG commits to cryptocurrency decarbonisation
May 17 (Renewables Now) - Two companies from the cryptocurrency industry announced last week that they have partnered with the Crypto Climate Accord (CCA) to promote the decarbonisation of the sector.
The companies in question are UK-based cryptocurrency miner Argo Blockchain Plc (LON:ARB) and vertically-integrated blockchain and cryptocurrency technology firm DMG Blockchain Solutions Inc (CVE:DMGI). The two said in a joint statement that they are developing a new working group to more clearly outline the CCA goals. They will also be deploying new technologies to make the renewable energy sourcing of crypto mining more transparent, the announcement says.
CCA is a private sector-led initiative, which last month committed to power the cryptocurrency industry with 100% renewable energy. It has two goals so far: to achieve by 2030 net-zero emissions from power usage for signatories of the accord, and to develop standards, tools and technologies with CCA Supporters to speed up the adoption of and verification of progress toward 100% renewably-powered blockchains by the UNFCCC COP30 conference in 2025.
The announcement was released a day after Elon Musk tweeted that Tesla Inc (NASDAQ:TSLA) had suspended accepting purchases of its electric vehicles (EVs) with Bitcoin over concerns about the rapid rise of fossil fuel use in mining operations.
Argo and DMG noted in their statement that presently bitcoin miners globally account for up to an estimated 0.5% of global power consumption.