Cryptocurrency mining company Argo Blockchain announced Tuesday that it has reached an important milestone in its climate strategy, sending a strong signal that environmental sustainability remains one of its primary focuses.
The company claimed that its crypto operations have become “climate positive” for Scope 1, 2 and 3 greenhouse gas emissions. According to Carbon Trust, a global advocacy group for environmental sustainability, Scope 1 emissions are direct emissions from a company’s owned or controlled sources; Scope 2 covers indirect emissions through the purchase of electricity; and Scope 3 includes all other indirect forms of emission that occur in a company’s value chain.
Argo intends to become carbon neutral and plans to go even further “by mitigating emissions through support of projects outside of Argo,” the company said. As part of its Climate Positive Strategy, Argo became a signatory to the Crypto Climate Accord and the United Nations Framework Convention on Climate Change.
When asked about what it means to be a “climate positive” miner, a spokesperson for Argo told Cointelegraph that the company monitors its emissions and then takes various steps to mitigate them. This includes purchasing additional verified emission reductions, or VERs, for its forestry project in Tennessee and energy efficiency project in China. The company has purchased over 30,000 metric tons of carbon dioxide-equivalent VERs for these and other projects.
Regarding the company’s future plans, the spokesperson said:
“Argo is in the process of developing its Helios site