Following the same philosophy which we used in building our mine-management platform, we built the pool we wished our vendors had provided for us,” said Adrian Glover, DMG’s chief technology officer. Our team will continue to work hard on adding all of the revenue, cost tracking and projection information that miners look for. For DMG, the launch of the pool is only the beginning. In the near-term future, we will be providing audit-ready reports and irrefutable proof of our customers’ mining revenue, directly from our user interface. “We built the pool on the technology platform that drives our mine management platform, thus creating a unified user experience for our customers, and enabling us to quickly add features to both products. The Blockseer pool is focused on meeting these set standards so users can be assured that there’s a proper governance model in place to ensure reliable data reporting in a transparent way with third-party independent verification. Right now there are absolutely no requirements for private pools to meet any data or reporting standards, and DMG has worked over the past few years with accounting and legal firms as technical experts to investigate and test data from various mining pools. Miners contribute their hash rate to the pools and get Bitcoin rewards commensurate with the amount they contribute. Bitcoin mining pools generate revenue through mining fees, which are usually around one to three percent of the total Bitcoin mined.
MINE MONEY DMG SOFTWARE
To reiterate, crypto-mining pools are the software that allows miners their connection to the various blockchains. Ten years later it’s a multi-billion dollar industry and people definitely give a shit. That’s back when it was worth less than a quarter, and nobody gave a shit. There were no need for governance models and transparency was the equivalent of going over to see what was happening on Tommy’s screen. It was entirely possible to spend a weekend mining bitcoin, bring in a few hundred, and go back to school on Monday to brag to your friends about the cool nerdy thing you did on Saturday night. Each computer would contribute their computing power and take home an amount of Bitcoins relative to the amount of power they pumped into the mix. In Bitcoin’s early years, bitcoin mining was done by tech adept kids in their mother’s basements over a LAN network. In this case, it’s through the launch of their North American based Bitcoin mining pool launched earlier this week. They’re still involved in Bitcoin mining, but instead of footing the entire bill themselves, they’ve decided to get involved in another aspect of the Bitcoin mining ecosystem through their subsidiary, Blockseer. But they’ve decided to up their game some. Wall said in a statement commenting on their latest partnership.Mostly, when we write about DMG Blockchain Solutions (DMGI.V), it’s in their capacity as a Bitcoin miner and occasional electricity reseller. “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,” Mr. Peter Wall, the CEO of Argo, noted at the time that moving towards “green” Bitcoin would help address the issue of climate change. In March, Argo and DMG signed an agreement that allowed them to launch a Bitcoin mining pool powered entirely by clean energy.
While critics still point to the huge energy demands for Bitcoin mining and its carbon footprint, proponents point to the fact that BTC mining is already relying on increased renewable energy. As the company’s CEO Elon Musk pointed out, the decision arose out of environmental concerns due to the use of fossil fuel. This week, Bitcoin price fell nearly 20% (on Wednesday 12 May) after Tesla announced it had suspended the use of BTC as a payment method for its electric cars. The partnership between the two CCA signatories comes at a time when there’s renewed debate on energy use and the impact of Bitcoin mining on the environment. “Together, we can finally put the wheels in motion to transition the cryptocurrency industry into one that focuses on renewable energy,” he added.
According to a press release published today, DMG and Argo are founding members of the CCA, which provides them with an opportunity to steer the market to energy targets by 2030.Ĭommenting on the partnership with DMG Blockchain Solutions, CEO Sheldon Bennett noted the company’s commitment to “transparency and good governance.” According to him, collaborating with Argo allows it to apply the above values towards a sustainable crypto industry.
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