Crypto mining firm Argo Blockchain has become the first official company of its kind to release a climate plan to carry it through the future.
Argo Blockchain Is Looking to Be More Environmentally Friendly
The idea of crypto mining is necessary to ensure digital blockchains are consistently supplied with new tokens. However, the process has been quite controversial over the past few months given that it is allegedly causing irreversible damage to the planet according to many environmentalists. There are several people out there who would like to see the world of crypto come crashing down given that it allegedly hurts the planet.
This attitude is backed by several leading members of the crypto space, Elon Musk being a big one. The CEO of both Tesla and SpaceX announced several months ago that he was willing to permit bitcoin and crypto payments for vehicles through his former company. However, this decision was later rescinded when Musk claimed that the mining process was harmful to Earth’s atmosphere. He said he wanted to see few emissions and less reckless strategies amongst mining companies before he could say “yes” to crypto payments for either of his companies.
Kevin O’Leary of “Shark Tank” fame also stated that he was not going to be buying anymore crypto mined in China, given that the country had a reputation for ignoring environmental concerns. He even referred to digital money mined in China as “blood money.”
It sounds like Argo Blockchain is taking these concerns (and others) quite seriously. The firm has announced that it will be reporting on all harmful emissions stemming from its operations. It is also invoking a plan to become carbon neutral over the next few years and says it will support energy-sustainable projects outside the Argo spectrum.
Peter Wall – chief executive of the firm – stated in a recent interview:
We are proud to be the first publicly traded cryptocurrency mining company to reach the Climate Positive milestone and remain laser-focused on encouraging other companies to join us – both inside and outside of the industry. Furthermore, we wanted to publicly issue our Climate Strategy in hopes of encouraging collaboration, input, and dialogue among all companies on ways to create climate-positive environments.
He later added:
Argo believes in preserving our planet – not only because it makes business sense, but because it just makes sense to protect it. We understand the only way to create a sustainable infrastructure and mining operation is to be best-in-class long-term and look forward to continuing to lead the charge and push industrywide sustainability practices for years to come.
Taking the Climate Fight Further
Miguel Naranjo – program officer at the UNFCCC secretariat – also put his two cents in, saying:
We are pleased to welcome Argo Blockchain as the first cryptocurrency miner to join Climate Neutral Now, and welcome their support, with other participants, in achieving a climate neutral world by 2050.