Argo Blockchain and DMG Blockchain Solutions Sign Crypto Climate Accord
Argo Blockchain Plc (LSE: ARB) (OTCQX US: ARBKF), a UK-based global cryptocurrency mining company, and DMG Blockchain Solutions Inc. (OTCQB US: DMGGF), a vertically integrated blockchain and cryptocurrency technology company, today announced their partnership with the Crypto Climate Accord (CCA) to promote the decarbonization of the cryptocurrency industry. Alongside the CCA, Argo and DMG are developing a new working group to more clearly outline the accord’s objectives while deploying new technologies that increase the transparency of the renewable energy sourcing of crypto mining.
Argo and DMG, both industry leaders in the development of clean mining, have worked with the CCA to ensure the accord's objectives promote meaningful impact in reducing overall emissions for the crypto industry. The companies worked to align their goals and objectives with the CCA while enhancing current protocols, demonstrating a commitment to environmental stewardship.
Bitcoin miners around the world currently account for up to an estimated 0.5% of global power usage. There is a crucial opportunity to decarbonize that growing power usage. In April of this year, founding members of the Crypto Climate Accord, a private sector-led initiative, committed to powering the cryptocurrency industry with 100% renewable energy.
“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,” said Peter Wall, CEO of Argo Blockchain.
“Since our inception, DMG has been committed to transparency and good governance,” said Sheldon Bennett, CEO of DMG Blockchain Solutions. “Partnering with the Crypto Climate Accord alongside Argo allows us to apply those values to put us on a path to become a more sustainable industry. Together, we can put the wheels in motion to transition the cryptocurrency industry into one that focuses on renewable energy.”
In an effort to decarbonize the global crypto industry by prioritizing climate stewardship and creating the opportunity for the entire crypto industry’s transition to net-zero greenhouse gas emissions by 2040, the CCA has outlined the following objectives:
- Achieve net-zero emissions from electricity consumption for CCA Signatories by 2030.
- Develop standards, tools, and technologies with CCA Supporters to accelerate the adoption of and verification of progress toward 100% renewably-powered blockchains by the 2025 UNFCCC COP30 conference.
“We are ready to roll up our sleeves and begin developing new solutions in support of the CCA,” said Jesse Morris, Chief Commercial Officer at Energy Web. “Based on early industry feedback about the CCA, we know that this green hash rate solution is critical to help individual mining facilities prove their use of renewables and the industry as a whole to set an example for other industries to follow. We look forward to working closely with Argo Blockchain, DMG, and other CCA Supporters to develop this solution and introduce it to the market as quickly as possible.”
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