Bitcoin mining companies Argo Blockchain and DMG Blockchain Solutions have partnered with the Crypto Climate Accord (CCA) to promote industry decarbonization.
Per a press release, in conjunction with CAA, both firms are developing a new working group to articulate the accord’s objectives, while looking to increase the transparency of the renewable energy sourcing of cryptocurrency mining operations using new technologies.
The CCA proposes several objectives to bring down the carbon emissions within the bitcoin mining industry, including reaching net-zero emissions from electricity consumption by 2030 and collaborating with supporters to develop technology, tools and strategies to accelerate the adoption and verification of 100% renewables-powered blockchains by 2025.
“The Crypto Climate Accord helps lay the groundwork for real, tangible action to address Bitcoin mining’s impact on the environment,” Peter Wall, CEO of Argo Blockchain, said in the statement.
Jesse Morris, the chief commercial officer at Energy Web, a low-carbon electricity system accelerator, said that this “green hash rate solution is critical,” and that it could help individual mining facilities highlight their use of renewables and set an example for other industries.
The CCA consortium consists of over 40 companies, including 20 organizations focused on the cryptocurrency space.
The debate around bitcoin mining’s energy consumption has long caused misunderstandings about the technology, but it has ramped up recently, as highlighted by Tesla CEO Elon Musk’s recent statements. In a recent tweet, he said that the electric vehicle manufacturer will be suspending all of its bitcoin purchases, citing climate change concerns.
However, while bitcoin mining is based on energy consumption, a large shift toward renewables is taking place through initiatives like this partnership and others. Furthermore, many argue that Bitcoin’s energy consumption is a highly-efficient transfer of energy to permissionless value.