Argo Blockchain to Pursue Renewable Energy-Based Mining Pool as Bitcoin Value Increases

Argo Blockchain to Pursue Renewable Energy-Based Mining Pool as Bitcoin Value Increases

Argo Blockchain has announced its plans to construct the world’s first clean energy Bitcoin (BTC) mining pool. The London-based company revealed that it was partnering with DMG Blockchain Solutions to carry out the pioneering task.

The environmental concerns of Bitcoin mining activities have always been a concern for many critics, given the hefty electrical requirement of the activity. These concerns have risen once again following the recent spike in Bitcoin price. The increase in the value of BTC makes mining more profitable, meaning that many mining pools will expand their operations.

According to the University of Cambridge’s Bitcoin Electricity Consumption Index, Bitcoin mining currently accounts for 138.7 terawatts in electrical consumption, about 0.5% of the global power usage.

As governments and regulatory bodies scramble to tighten cryptocurrency regulations, it is expected that talks on the impact of Bitcoin mining on the environment will not go under the radar.

That said, Argo Blockchain, in conjunction with DMG Blockchain Solutions, will go into hydroelectric energy power usage, which is a more environmentally-friendly alternative power source.

In the press release, the CEO of Argo, Peter Wall, expressed his optimism for the mining industry to come together and tackle the energy issue, stating that “we are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness.”

The CEO also noted that:

“Addressing climate change is a priority for Argo and partnering with DMG to create the first “green” bitcoin mining pool is an important step towards protecting our planet now and for generations to come.”

Key BTC Levels to Watch — March 28
Bitcoin bulls have shown immense strength over the past 48+ hours, driving the price of BTC up by more than 12% since last week’s crash. That said, the benchmark cryptocurrency is currently trading within a descending channel and is at a critical position on this channel.

BTCUSD – 4-Hour Chart

Unsurprisingly, the top end of our descending channel currently coincides with the crucial $56,700 resistance making it a difficult level to break for BTC.

Nonetheless, a break above this level could refresh Bitcoin’s bull run towards the $60k round figure. On the flip side, failure to clear this level could send Bitcoin towards the $50k support, once again, over the coming days.

Meanwhile, our resistance levels are at $56,700, $58,000, and $59,000, and our key support levels are at $55,000, $54,000, and $53,000

Total Market Capitalization: $1.76 trillion

Bitcoin Market Capitalization: $1.04 trillion

Bitcoin Dominance: 59.5%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.