One of the major criticisms of Bitcoin, aside from price volatility, has been the environmental effect of mining the cryptocurrency. Many analysts within and outside the cryptocurrency space have condemned the high-energy activity surrounding the digital asset. A report which surfaced last year compared the energy usage of Bitcoin to the total energy consumption of South American nation- Chile. However, popular Blockchain technologies and Bitcoin mining firms- DMG Blockchain Solution and Argo Blockchain, are set to change the status quo. They have now announced that they will launch a mining pool that will utilize green energy.
Terra Pool will use hydroelectric power
Both Blockchain technologies’ announcement to launch a green energy-powered mining pool- Terra Pool, has been met with much applause, especially within the Blockchain space. The new mining pool, which will be the inaugural one, is a welcome development by everyone, considering the harsh impact of Bitcoin mining on the environment. However, the firms have announced that they hope to achieve this innovation using hydroelectric resources. According to their official report, the harsh carbon footprints of the aftermath effect of Bitcoin mining is a reason why both Blockchain technology firms have resorted to hydroelectric power.
Speaking to the press about the innovation, CEO of DMG, Dan Reitzik, is excited that his firm had partnered with Argo to launch such a very environmentally friendly pool, which he believes will change the perceptions of Bitcoin mining in society. Reitzik confirmed that it is the first of its kind and believes that the miners will be delighted to carry out their operations using green energy. Before now, Bitcoin miners have resorted to different forms of energy sources without proper regulations and guidelines. However, Reitzik has confirmed that Terra Pool is a regulated mining pool that will ensure that miners stick to the regulated and available energy source.
Advocacy for clean energy continues to be high
While Terra Pool’s launching is said to change the face of cryptocurrency mining globally, advocacy for cleaner energy sources continues to be high. The majority of the world’s mining pool, which miners use to carry out their businesses, is situated in China. The country’s government has continued to criticize the actions and the activities of these pools as restriction looms. However, if the emergence of mining pools like Terra continues to arise, many criticisms against these activities will change. The demand for cleaner mining energy has forced payment giant- Square to offer a $10 million investment support to firms like DMG Solution and Argo, who plan to build clean energy-powered mining pools. Terra Pool is expected to bolster many cryptocurrency miners’ fortunes, much to their delight and that of the general public, who will be delighted that the high-energy activity is shifting its stance.