Argo, DMG unveil plans for clean energy-backed bitcoin mining pool

A pair of publicly traded bitcoin mining firms announced plans last week to create what they call the first-ever mining pool powered only by clean energy sources.

The partnership between the UK-based cryptocurrency mining firm Argo Blockchain and Canada-based DMG Blockchain Solutions will result in the launch Terra Pool.

Terra Pool’s hash rate will initially come from Argo's and DMG's mining sources. Argo said in a statement that the two firms' mining power is "mostly generated by hydroelectric resources."

"Terra Pool represents the first ever opportunity for the creation of 'green bitcoin'. The initiative aims to expedite the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. The mining pool will provide a platform for cryptocurrency miners to produce Bitcoin and other cryptocurrencies in a sustainable way," the firm said in a statement.

"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 Blockchain CEO Peter Wall was quoted as saying.

The news comes more than a month after Argo purchased 320 acres of land in West Texas to open a 200-megawatt mining facility and nearly three months after the firm sought to increase its mining capacity by 75%.