Bitcoin Miner Argo Buys Two Hydro-Powered Information Facilities



In short

  • Argo Blockchain has purchased two new Bitcoin mining farms.
  • They’re in Canada.
  • And virtually totally powered by hydroelectricity.

British Bitcoin mining agency Argo Blockchain announced Thursday the acquisition of two information facilities in Canada. Each websites are virtually totally powered by hydroelectricity. 

The acquisition of each websites is a part of the agency’s aim to mine Bitcoin in an environmentally pleasant method. Argo stated that is “a key a part of the corporate’s inexperienced mining imaginative and prescient.”

The agency additionally stated the information facilities have a mixed complete of 20 megawatts of energy capability, they usually presently home a “vital proportion” of Argo’s mining tools. Within the first quarter of 2021, the agency mined a total of 387 Bitcoin, producing a income of over £13 million.

“Argo’s buy of knowledge centres in Canada represents one other milestone for the Firm as we search to take better management over our mining manufacturing and value base,” stated Peter Wall, chief govt of Argo.

Decrypt has requested Argo how a lot of its mining tools is powered by renewable sources and can replace this text accordingly.  

Bitcoin’s inexperienced drawback

Earlier this week, Tesla CEO Elon Musk introduced the EV manufacturing firm has stopped accepting Bitcoin as cost as a result of issues over the cryptocurrency’s carbon footprint. 

“We’re involved about quickly growing use of fossil fuels for Bitcoin mining and transactions, particularly coal, which has the worst emissions of any gasoline,” Musk stated in a tweet. 

 

Musk is right. Decrypt discovered that Bitcoin’s power consumption is broadly equal to 61 million kilos of burned coal, 9 million properties’ common electrical energy consumption for a yr, or 138 billion miles pushed by a mean passenger automobile. If the Bitcoin community was a rustic, it could rank among the many prime 30 international locations on this planet by power consumption. 

With a carbon footprint like that, there was stress on the mining business to pivot to extra renewable power sources. In line with Cambridge University, solely 39% of the Bitcoin community is powered by renewable power sources.



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