UK-based cryptocurrency industry to clean up its act

Cryptocurrency companies have signed in an initiative that aims to decarbonise bitcoin mining

Pathway to COP26 report

Argo Blockchain, a UK-based cryptocurrency mining company and technology company DMG Blockchain Solutions have joined an initiative to decarbonise the industry.

The companies have joined Crypto Climate Accord (CCA), a private sector-led initiative, committed to powering the cryptocurrency industry with 100% renewable energy.

Peter Wall, Chief Executive Officer of Argo Blockchain said: “The CCA 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.”

Just a few days ago, electric vehicle maker Tesla, through its Founder and Chief Executive Officer Elon Musk announced it will stop accepting Bitcoin as payment because of the environmental impact of cryptocurrency mining.

A new report suggests by 2024, Chinese bitcoin mining could generate a carbon output that could exceed the total annual greenhouse gas emissions of the Czech Republic and Qatar.

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