Argo and DMG Join Group Working to Lower Bitcoin Miners' Carbon Emissions

The group's goal is net-zero greenhouse gas emissions from crypto miners by 2040.

AccessTimeIconMay 14, 2021 at 1:37 p.m. UTC
Updated May 9, 2023 at 3:19 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Argo Blockchain and DMG Blockchain, cryptocurrency mining firms that are publicly traded in the U.K. and Canada, respectively, have joined the Crypto Climate Accord (CCA), an advocacy group that pushes for lower carbon emissions in the crypto-mining industry. 

The two firms said Friday they are now working with the CCA to develop a new working group to promote the accord’s objectives, while also working to increase transparency around energy sourcing by crypto mining operations.

  • 80% of Meme Coin Performance Occurs During Asia Trading Hours: 10x Research Founder
    00:55
    80% of Meme Coin Performance Occurs During Asia Trading Hours: 10x Research Founder
  • Standard Chartered Bullish on Bitcoin; SOL Crosses $200 Amid Meme Coin Frenzy
    02:16
    Standard Chartered Bullish on Bitcoin; SOL Crosses $200 Amid Meme Coin Frenzy
  • What's Driving the Rally in Reddit Community Token MOON?
    01:06
    What's Driving the Rally in Reddit Community Token MOON?
  • Tokenization and Stablecoins Continue to Be TradFi's Top Interest in Crypto: Expert
    00:53
    Tokenization and Stablecoins Continue to Be TradFi's Top Interest in Crypto: Expert
  • The CCA is a private sector-led initiative that sets out to reduce overall emissions in cryptocurrency mining, which has become a cause for concern for some high-profile investors such as Elon Musk. The organization is encouraging the industry to achieve net-zero greenhouse gas emissions by 2040.

    “The Crypto Climate Accord helps lay the groundwork for real, tangible action to address Bitcoin mining’s impact on the environment, and we are both eager and determined to ensure that Supporters and Signatories remain committed to the group’s goals,” Argo Blockchain CEO Peter Wall said.

    Argo and DMG said it’s estimated that crypto mining worldwide accounts for up to 0.5% of global power usage, though they did not provide a source for the data.

    The two firms are already working on environmental initiatives, having signed an agreement in March to launch a bitcoin mining pool that would be completely powered by clean energy. On Thursday, Argo Blockchain announced the purchase of two data centers in Canada that are largely powered by hydroelectricity.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.