There’s a growing concern over the impact of Bitcoin mining. The token uses a Proof-of-Work mechanism which depends on the mining process for the security and stability of the network.
Bitcoin mining requires highly energy-consuming computational machines. The miners usually solve cryptographic puzzles, which, when successful, add a block to the blockchain. Due to the high electricity usage in mining, several miners and mining firms resorted to using fossil fuels as their power source.
The use of non-renewable energy sources in Bitcoin mining added massively to carbon emissions in the environment. The impact has raised more concerns, and some countries are taking strict measures to control it.
In 2021, China imposed a crackdown on Bitcoin mining in most regions. This decision created a decline in the crypto market, causing many mining firms to shut down. Other countries followed with either partial or full bans on crypto mining.
Also, Tesla, an electric car company, stopped Bitcoin payments due to environmental threats from its mining process.
Virtual currencies have received massive adoption in different countries. Some believe they are the hope for future financial stability. So, it will be quite impossible to trample on it entirely due to its energy inefficiency. The importance of crypto created the need for a greener Bitcoin mining process through renewable energy power sources.
The Emergence of PEGA Pool: An Eco-Friendly BTC Mining Pool
PEGA Pool has emerged to provide the right eco-friendly Bitcoin mining approach. The bitcoin mining pool targets to reduce the carbon footprint associated with BTC mining while ensuring a sustainable industry.
PEGA Pool is owned and operated within the United Kingdom as opposed to most mining pools typically being owned by Chinese companies. The mining pool is slated to go live in Q1 2023.
According to the ranking of BTC.com, PEGA Pool is ranked the 12th largest Bitcoin mining pool in the world at the time of writing this article. The company’s goal is to become the most trusted and well-respected mining pool in the world.
Motives and Benefits of PEGA Pool
- Eco-Friendly Focused – The pool is committed to maintaining an eco-friendly environment in the Bitcoin mining industry. It advocates for the use of renewable energy power sources in mining.
- Pre-launch Incentive – You can join the PEGA Pool early access waiting list to be among the first to join PEGA Pool when it launches. This allows you to enjoy a permanent 50% pool fee discount post-launch helping them cut costs long term.
- Private Beta Testing – PEGA Pool is currently undergoing private beta testing and its public launch will be in Q1 2023. Participants in the beta testing phase will have 0% pool fees during the beta stage. Also, they will get a 0.5% permanent pool fee post-launch.
- Rewards the Use of Green Bitcoin Mining Process – PEGA Pool rewards miners who use renewable power sources. They will receive a 50% reduction in pool fees on the platform.
- Helps offset non renewable energy users by planting trees – PEGA Pool helps miners using non renewable energy sources by using a portion of their mining pool fees to plant trees. This helps to offset their carbon footprint from mining.
More About PEGA Pool
More than 35,000 trees have already been planted by PEGA Pool for an estimated annual CO2 offset of 934T. PEGA Pool’s unique Global Pool Infrastructure ensures that it is highly resilient to outages or equipment issues, including those caused by natural disasters.
PEGA Pool was built by miners and is run by miners. This means that the team understands what it means to be successful in the business. More information about PEGA Pool and its services can be found on their website https://www.pega-pool.com.