Terra Bitcoin mining pool officially launches

Terra Pool, a joint project from bitcoin miner Argo and Canada-based DMG Blockchain Solutions, is now open to the general public.

DMG announced Wednesday that testing for Terra Pool had concluded. The pool was launched privately in December of last year, with hash rate initially coming from Argo's and DMG's mining sources.

The emphasis of the project is on the use of clean energy for mining, with the ultimate goal of achieving 100% clean renewable energy power sources from each miner.

Per the announcement, Terra Pool will be audited by a third-party independent auditor firm every year. Members have to meet the pool's clean energy requirements to maintain their status. The company does KYC and also verifies the power sources of applicants.

“Today, Terra Pool has been extensively tested to work at scale and has become the backbone of DMG's mining operations. The opportunity to further scale Terra Pool provides the market with a readily available supply of ‘green’, clean-mined bitcoin that can be made available to the market," said DMG CEO, Sheldon Bennett.

Argo CEO Peter Wall recently said that the company was re-evaluating its relationship with the Terra Pool.

Wall said that Argo mined about 20 BTC less in May than in the month before because of "essentially luck" from the Terra Pool.

Unlike other pools, where miners are paid based on hash rate, in this case, Argo is paid based on the number of blocks produced. The company now wants to ensure "consistent bitcoin rewards" from whatever pool it is using.

The Terra Pool Hashrate currently stands at 673.89 petahash per second, according to real-time data posted on its website.