Argo Blockchain, the Cryptocurrency mining company announced this Tuesday that it has successfully reached a breakthrough in its climate strategy. Argo Blockchain has sent a very strong signal that for the company, environmental sustainability remains one of the company’s top priorities. Furthermore, it claimed in the announcement that its cryptocurrency operations have become “climate positive” for Scope 1, 2, and 3 greenhouse gas emissions. Carbon Trust is a global advocacy group for environmental sustainability.
According to it, Scope 1 emissions are the emissions directly from a company’s owned or controlled sources. Scope 2 includes indirect emissions from electricity purchases and lastly, Scope 3 includes all other indirect emissions that occur in the company’s value chain. At present, Argo Blockchain is planning to become carbon neutral. Besides, the company also said it has been planning to go even further “by mitigating emissions through the support of projects outside of Argo”. Also, Argo became a signatory to the Crypto Climate Accord and the United Nations Framework Convention on Climate Change. This was as a part of the firm’s Climate Positive Strategy.
Media asked Argo Blockchain about what it is like to be a “climate positive” miner. To this question, Argo’s spokesperson said that the company controls its emissions and then takes various measures to reduce them. This further includes buying additional verified emission reductions or VERs. They were for Argo’s forestry project in Tennessee and energy efficiency projects in China.
More From Argo’s Spokesperson
Currently, for these and other projects, the company has purchased more than 30,000 tonnes of carbon dioxide-equivalent VERs. When they talked about the company’s future plans, the spokesperson later said:
“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.”
Now, for businesses and other stakeholders, balancing and neutralizing the crypto industry’s carbon footprint has become a priority. This has happened since Elon Musk; the Tesla CEO said they will no longer be accepting payments in Bitcoin due to environmental concerns. Michael Saylor is the CEO of MicroStrategy. He later assembled an industry group and called the Bitcoin Mining Council. He wanted to talk about and address sustainability issues when it comes to mining.
Bitcoin proponents argue that digital currency accounts for a small fraction of global greenhouse gas emissions and is negligible compared to the entire financial system. They also argued that bitcoin miners are significantly using sustainable technologies in their operations. An increase in conscious investment in ESG which is an acronym for environmental, social, and governance practices means that all the bitcoin miners face a heightened sense of urgency to prove that they have their green mining capabilities.
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