Crypto miner Argo Blockchain goes ‘climate positive’ on greenhouse fuel emissions
Cryptocurrency mining firm Argo Blockchain introduced Tuesday that it has reached an vital milestone in its local weather technique, sending a powerful sign that environmental sustainability stays one among its major focuses.
The firm claims its crypto operations have grow to be “climate positive” for Scope 1, 2 and three greenhouse fuel emissions. According to Carbon Trust, a world advocacy group for environmental sustainability, Scope 1 emissions are direct emissions from an organization’s owned or managed sources; Scope 2 covers oblique emissions by the acquisition of electrical energy; Scope 3 consists of all different oblique types of emission that happen in an organization’s worth chain.
Argo intends to grow to be carbon impartial and plans to go even additional “by mitigating emissions through support of projects outside of Argo,” the corporate stated. As a part of its Climate Positive Strategy, Argo turned a signatory to the Crypto Climate Accord and the United Nations Framework Convention on Climate Change.
When requested about what it means to be a “climate positive” miner, a spokesperson for Argo instructed Cointelegraph that the corporate displays its emissions after which takes varied steps to mitigate them. This consists of buying extra verified emission reductions, or VERs, for its forestry challenge in Tennessee and vitality effectivity challenge in China. The firm has bought over 30,000 metric tons of carbon dioxide equal VERs for these and different tasks.
Regarding the corporate’s future plans, the spokesperson stated:
“Argo is in the process of developing its Helios site in West Texas, planned to commence operation in 2022. It will include 200 MW of electricity consumption coming mostly from renewable power.”
Related: Measuring success: Offsetting crypto carbon emissions mandatory for adoption?
Offsetting the cryptocurrency trade’s carbon footprint has grow to be high of thoughts for companies and different stakeholders after Tesla CEO Elon Musk stated his firm would not settle for Bitcoin (BTC) funds resulting from environmental considerations. MicroStrategy CEO Michael Saylor later convened an trade group referred to as the Bitcoin Mining Council to deal with sustainability considerations with regards to mining.
Proponents of Bitcoin declare that the digital currency accounts for a tiny fraction of world greenhouse fuel emissions — and a stage that’s negligible in contrast with the broader monetary system. They additionally declare that Bitcoin miners more and more make the most of sustainable applied sciences of their operations. Nevertheless, the rise of ESG-conscious investing — an acronym for environmental, social and governance practices — means Bitcoin miners are dealing with a better sense of urgency to display their inexperienced mining capability.
Related: Elon Musk lays out when Tesla will start accepting Bitcoin funds