Trezor home
Trezor home

Argo Blockchain news: certified green BTC miner

Yellow argo blockchain
Trezor home

Cryptocurrency miners have been heavily criticised for their environmental impact due to high energy consumption. But the latest Argo Blockchain news could go some way to addressing that.

Following criticism from environmentalists and politicians, cryptocurrency miners, particularly Bitcoin (BTC) miners, are turning to renewable energy sources.

These include solar energy, wind, and hydroelectric power. Green Bitcoin mining now has a standard to abide by - non-profit organisation (NGO) Energy Web has launched a project called Green Proofs of Bitcoin (GP4BTC). This project will serve as a "certification layer", registering BTC miners as sustainable based on two metrics.

The latest Argo Blockchain news is promising - Argo Blockchain was one of five BTC miners certified as sustainable at the launch of GP4BTC in May 2023.

What is Argo Blockchain?

Argo Blockchain is one of the world's leading cryptocurrency miners, promoting the use of renewable energy sources. Argo Blockchain mines cryptocurrencies at state-of-the-art facilities in Texas and Quebec. Here is an overview of its crypto-mining facilities.

Baie Comeau

The Baie Comeau facility is spread over 40,000 square feet and operates around 15 MW of 100% hydroelectric power. The 100% renewable crypto miner is one of three crypto mining facilities operated by Argo Blockchain (Argo Blockchain owns only two facilities, more on this later).

Trezor home

Mirabel

The Mirabel facility was Argo Blockchain's first large-scale crypto mining centre. While the smallest of the three facilities at Argo Blockchain (30,000 square feet), Mirabel is home to several operations, including cleaning and repair and server hosting for Proof of Stake (PoS) mining.

The facility operates around 5 MW of 100% renewable hydroelectric power.

Helios

The Helios facility is spread over an enormous 125,000 square feet. The facility uses immersion-cooling technology to power a whopping 180 MW of energy.

It began mining operations in May 2022 and is still a part of the Argo Blockchain mining stack despite being sold to Galaxy Digital Holdings, Ltd. in December of that year for $65M.

While Galaxy Digital Holdings, Ltd. owns the Helios facility, Argo Blockchain remains the owner of all crypto mining machines and will continue to host machines at the centre. The sale was a strategic move to reduce debt by $41M and improve liquidity position.

Argo Blockchain's mining influence

To summarise the global mining influence of Argo Blockchain, here are some interesting statistics:

  • With an SHA-256 hashrate of 2.6 EH/s, the cryptocurrency miner is among the top tier of global crypto miners. To put it into perspective, this figure is equivalent to 0.7% of the world’s BTC mining network hashrate!
  • Equihash is the algorithm that is used to mine ZCash (ZEC). With an Equihash rate of 280 MS, the cryptocurrency miner produces approximately 5% of the world’s ZCash hash power!

Argo Blockchain news: Certified sustainable Bitcoin miner

Now that we have seen that the crypto miner's operation is based on renewable sources of power, in particular 100% renewable hydroelectric energy, it is of no surprise that GP4BTC certified Argo Blockchain as a sustainable Bitcoin miner.

The two metrics upon which this certification is based include participation in demand response programmes and acquisitions of renewable energy credits (RECs). This is just the beginning. The programme may be iterated soon to include the consumption of waste gas as a third metric for certification.

While registration is free currently, a fee may be introduced with time. This fee may be for miners seeking certification or users looking for sustainable energy consumption details for crypto mining.

According to Amy Westervelt, Senior Delivery Lead and Head of GP4BTC:

“As of today, we're just starting with something that's very aligned with how other corporations are allowed to make renewable energy purchase claims.”

Clearly, this project is a step forward in ensuring the consistent growth of the blockchain sphere. Follow the latest Argo blockchain news.

Trezor home
surajdeep singh

Author: Surajdeep Singh

Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!

This site uses cookies, please see ourCookie Policyfor more information.