Argo Blockchain share price jumps up on announcement
Argo Blockchain (LON:ARB), confirmed on Friday that it has signed a crypto climate accord (CCA), alongside DMG Blockchain, in an effort to push forward decarbonisation of the crypto industry.
The bitcoin mining firm announced that, in partnership with DMG Blockchain, it will develop a group set on outlining the goals of the accord, while implementing new technologies aimed at fostering transparency over the renewable energy sourcing of mining procedures.
The CCA, a private sector-led initiative with 40 signatories including 20 prominent cryptocurrency companies, has outlined its objectives as part of its effort to decarbonise the global cryptocurrency industry and transition the sector to net-zero greenhouse gas emissions by 2040.
Firstly, to achieve net-zero emissions from electricity consumption for CCA Signatories by 2030.
And also to “develop standards, tools, and technologies with CCA Supporters to accelerate the adoption of and verification of progress towards 100% renewably powered blockchains by the 2025 UNFCCC COP30 conference”.
Peter Wall, CEO of Argo Blockchain, commented on the announcement: “As more data continues to surface regarding Bitcoin and Bitcoin mining’s impact on the environment, it’s imperative that the industry takes real, tangible action. The Crypto Climate Accord helps lay the groundwork for that action and we are both eager and determined to ensure that Supporters and Signatories remain committed to the group’s goals.”
Argo Blockchain’s share price is up by over 15% during the morning session to 155.40p.
The news comes a day after Elon Musk’s announcement that Tesla will not be taking payments via bitcoin over environmental concerns. Following the announcement by Musk, the price of bitcoin, along with Argo Blockchain shares, plummeted.
Sheldon Bennett, CEO of DMG Blockchain Solutions, said: “Since our inception, DMG has been committed to transparency and good governance. Partnering with the Crypto Climate Accord alongside Argo allows us to apply those values to put us on a path to become a more sustainable industry. Together, we can finally put the wheels in motion to transition the cryptocurrency industry into one that focuses on renewable energy.”