What does the mold look like?
I grow my plants in a pot with 100% sphagnum. In some spots of the sphagnum 
that appear to be dying off, I eventually get what appears to be a green 
slime of some sort on the surface. It is quite hot here this summer and I 
think that is part of the reason. The slime, for lack of a better word, 
does not appear to be effecting my plants at all, although the heat does a 
little. I had the slime appear last year on the surface of my sphagnum 
during the hot part of the summer, but it didn't appear to effect my plants 
then either.
I use only distilled or rainwater, so that shouldn't be the problem. Some 
spots of the sphagnum grow like crazy and are a nice bright gree. Any 
suggestions?