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Argo Blockchain remained climate positive in 2021, new report shows

Published: 03:42 18 Aug 2022 EDT

Although crypto mining is highly resource intensive, Argo Blockchain plc has a robust carbon-neutral business strategy
Although crypto mining is highly resource intensive, Argo has a robust carbon-neutral business strategy

Publicly listed cryptocurrency mining company Argo Blockchain has released its first annual sustainability report covering the 2021 calendar year.

The report shows that Argo remained climate positive in the year, all the while improving mining efficiency by 34%.

Argo saw a 59% decrease in emissions per dollar revenue and an 89% decrease in emissions per staff member from 2020 to 2021.

"We are pleased to provide this report that highlights the progress we've made in our commitment to sustainability and Argo's climate strategy, and plan to maintain our climate positive status," said chief executive officer Peter Wall.

"For our team, sustainability is integral to our business model. This report highlights Argo's focus on improving mining efficiencies, reducing our impact on the planet, and increasing our overall productivity."

The newly launched 200MW Helios facility in Texas uses high-efficiency immersion cooling technology, the report noted.

As a member of the UNFCCC Climate Neutral Now Initiative and the first climate-positive crypto miner, Argo intends to produce the sustainability report annually to keep stakeholders updated on the company’s progress.

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