GHG Emissions  -  August 17, 2021

Argo Blockchain Achieves Climate Positive Crypto-Mining Operations

Argo Blockchain announced Aug. 17 that it is now the first publicly-traded cryptocurrency mining company to report becoming climate positive in its Scope 1, 2 and 3 emissions from its crypto-related operations.

Argo achieved climate positive operations by addressing its own greenhouse gas emissions and further mitigating emissions by supporting projects outside the company. To reduce its Scope 2 emissions from electricity use, the company purchased hydro and wind RECs to cover its 2020 and projected 2021 emissions and prioritized direct renewable energy power purchases from on-site projects or the local grid.

The company’s sustainability targets include initiatives in energy efficiency, carbon capture and use of waste heat in partnership with local municipalities. Argo purchased credits to cover its 2020 and projected 2021 Scope 3 emissions from its supply chain and additional credits that exceed the emissions associated with its Scope 1, 2 or 3 sources.

“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,” CEO Peter Wall said in a statement. “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.”

This milestone is part of Argo’s Climate Positive Strategy, which also includes signing the UNFCCC Climate Neutral Now Pledge and the Crypto Climate Accord. Argo is also working with REBA and other industry groups on developing sustainable solutions for the mining industry.