London-based crypto mining company Argo Blockchain’s (OTCMKTS:ARBKF) stock is getting a boost today from a couple of business moves. A new mining facility in Canada and the company’s signing onto the Crypto Climate Accord is a signifier of a coming shift in crypto.
Yesterday, Argo shared that it is buying hydro-powered crypto mining facilities in Quebec. In the aftermath of Elon Musk’s reneging on allowing Bitcoin (CCC:BTC-USD) payments for Tesla (NASDAQ:TSLA) vehicles, the announcement is newsworthy. Blockchain mining operations are waking up to the environmental toll of the industry, and many are working immediately to lower their carbon footprints.
Even more notable is the company’s signing onto the Crypto Climate Accord, an announcement made by Argo this morning. The CCA is an exciting new crypto climate initiative that seeks to undo the toll on the environment from mass mining.
Crypto Climate Accord: The Initiative Boosting ARBKF Stock
The CCA news has brought Argo’s stock value up today already as investors’ interest is piqued. But, what exactly is the Crypto Climate Accord, and what does it mean for the future of crypto mining?
The CCA takes inspiration from the Paris Climate Agreement, and aims to achieve two main goals. The first goal is to achieve net-zero carbon emissions by CCA signatories by 2030; the second is to have a set of standards and tools by 2025 that will allow the first goal to be reached in time.
The accord substantiates itself with six core principles. Working quickly, recognizing the scope of the work, and building on existing progress are the first half. The second half emphasizes doing the work on a voluntary basis and contributing to a decentralized and community-driven set of technologies.
Argo is signing onto the CCA alongside DMG Blockchain Solutions (OTCMKTS:DMGGF). The two companies are the first signatories of the agreement, a major step toward getting other operations on board. The CCA has support from a variety of other crypto and blockchain companies. Ripple (CCC:XRP-USD), ConsenSys and Coin Shares have all offered up support, among 42 others.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.