DMG and Argo Team Up To Decarbonise Cryptocurrency

DMG and Argo Team Up To Decarbonise Cryptocurrency

In a joint statement released yesterday, DMG Blockchain Solutions Inc. and Argo Blockchain Plc announced their partnership in the Crypto Climate Accord (CCA) to promote the decarbonization of the cryptocurrency industry. Alongside the CCA, DMG and Argo are developing a new working group to more clearly outline the CCA’s objectives, while deploying new technologies that increase the transparency of the renewable energy sourcing of crypto mining.

Canada-headquartered DMG is a vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. Argo is a UK-based publicly-traded blockchain technology company focused on large-scale cryptocurrency mining.

An amplified demand in cryptocurrencies has highlighted the ecological impacts that blockchain-based technology can, and will, have on the world. Bitcoin miners around the world currently account for up to an estimated 0.5% of global power usage. There is an immediate and crucial opportunity to decarbonize this growing power usage. In April of this year, founding members of the CCA, a private sector-led initiative, committed to making the cryptocurrency industry powered with 100% renewable energy.

Sheldon Bennett, CEO of DMG Blockchain Solutions, said, “Since our inception, DMG has been committed to transparency and good governance. Partnering with the Crypto Climate Accord alongside Argo allows us to apply those values to put us on a path to become a more sustainable industry. Together, we can finally put the wheels in motion to transition the cryptocurrency industry into one that focuses on renewable energy.”

Peter Wall, CEO of Argo, said, “As more data continues to surface regarding Bitcoin and Bitcoin mining’s impact on the environment, it’s imperative that the industry takes real, tangible action. The Crypto Climate Accord helps lay the groundwork for that action and we are both eager and determined to ensure that supporters and signatories remain committed to the CCA’s goals.”

In an effort to decarbonize the global crypto industry by prioritizing climate stewardship and creating the opportunity for the entire crypto industry’s transition to net-zero greenhouse gas emissions by 2040, the CCA has outlined the following objectives:

  • Achieve net-zero emissions from electricity consumption for CCA Signatories by 2030.
  • Develop standards, tools, and technologies with CCA Supporters to accelerate the adoption of and verify progress toward 100% renewably-powered blockchains by the 2025 UNFCCC COP30 conference.

Jesse Morris, Chief Commercial Officer at Energy Web, said, “Based on early industry feedback about the CCA, we know that this green hash rate solution is critical to assist individual mining facilities prove their use of renewables and the industry as a whole to set an example for other industries to follow. We look forward to working closely with DMG, Argo, and other CCA Supporters to develop this solution and introduce it to the market as quickly as possible.”

With DMG, Argo, and over 40 organizations on board – including 20 prominent cryptocurrency organizations – the CCA is on a path to achieve the stated objectives through the promotion and use of renewable energy solutions. The CCA invites subject matter experts, and others in the space to sign onto and aid in the implementation of the working group.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.