Argo Blockchain PLC (LON:ARB) (OTCQX:ARBKF) said it has signed a memorandum of understanding (MOU) with DMG Blockchain Solutions, a blockchain and cryptocurrency technology firm, to launch the first Bitcoin mining pool powered exclusively by clean energy.
Under the terms of the deal, Argo and DMG will jointly launch Terra Pool, which will initially consist of both companies processing power which is mostly generated by hydroelectric resources.
The firm said Terra Pool represented the first ever opportunity to create a “green Bitcoin” and is aiming to expand the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment.
“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”, Argo chief executive Peter Wall said in a statement.