Cryptocurrency Argo Blockchain towards green future on green gas emissions
Cryptocurrency Argo Blockchain is headed towards a green future on greenhouse gas emissions. The Mining company announced Tuesday that it has reached an important milestone in its climate strategy. This emphasizes that environmental sustainability remains a top priority.
According to research in the journal Nature Sustainability; between January 1, 2016, and June 30, 2018, the mining operations for four major cryptocurrencies released up to an estimated 13 million metric tons of carbon dioxide.
The growth of carbon emissions from cryptocurrency miners could have massive implications for the entire planet.
Debates regarding the amount of energy required to mine Bitcoin (BTC) have been ongoing. Some researchers have noted that mining BTC consumes more power than that of small countries
Cryptocurrency Argo Blockchain has said that its crypto operations have become “climate positive” for Scope 1, 2, and 3 greenhouse gas emissions.
Scope 1 emissions are direct emissions from a company’s owned or controlled sources; Scope 2 covers indirect emissions through the purchase of electricity; Scope 3 includes all other indirect forms of emission that occur in a company’s value chain.
Cryptocurrency Argo Blockchain intends to become carbon neutral and plans to go even further “by mitigating emissions through the support of projects outside of Argo,” the company said.
As part of its Climate Positive Strategy, the company became a signatory to the Crypto Climate Accord and the United Nations Framework Convention on Climate Change.
The company monitors its emissions and takes various steps to mitigate them. This includes purchasing additional verified emission reductions (VERs) for its forestry project in Tennessee and energy efficiency project in China.
The company has also purchased over 30,000 metric tons of carbon dioxide equivalent VERs for these and other projects.
“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.” The company’s spokesperson said on future plans.
Offsetting the cryptocurrency industry’s carbon footprint has become top of mind for businesses and other stakeholders. This is after Tesla CEO Elon Musk said his company would no longer accept Bitcoin payments due to environmental concerns.
MicroStrategy CEO Michael Saylor later convened an industry group called the Bitcoin Mining Council to address sustainability concerns when it comes to mining.
Proponents of Bitcoin claim that digital currency accounts for a tiny fraction of global greenhouse gas emissions; a level that is negligible compared with the broader financial system. They also claim that Bitcoin miners increasingly utilize sustainable technologies in their operations.