A mining pool with a green focus on the sustainable Bitcoin mining sector.
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Miners consume huge amounts of energy to maintain the network and process transactions. While the network offers many benefits, such as in banking, the consumption of Bitcoin energy is a critical topic of controversy. However, new solutions are emerging to reduce the environmental impact of Bitcoin mining.
The Cambridge Center for Alternative Finance estimates that the Bitcoin network currently consumes approximately 109.34 terawatt-hours (TWh) per year. Bitcoin miners use this technology to generate hash keys. When they guess the correct key, they receive BTC as a reward for their contribution to securing the network.
The current demand for electricity is heavy, and there is a new influx of miners. However, many miners still rely on fossil fuels, which contributes to the grid’s dependence on dirty energy sources.
Environmental care
Most of the world is moving towards a green transition, away from fossil fuels. Because Bitcoin relies on its proof-of-work (PoW) protocol, the network has been targeted by critics like Greenpeace for not aligning with the organization’s mission to make the world’s industries more sustainable. In addition, Bitcoin’s reputation is under threat, with governments considering stricter regulations on the mining industry and brands like Tesla rejecting the BTC payment method.
In other words, this level of sustainability also applies to the Bitcoin mining community. Switching to sustainable energy sources seems like a logical step to take, but it’s not the easiest. In many countries, fossil fuels are simply the cheapest option, making them the first choice of miners.
Currently, many other projects are pushing Bitcoin in a greener direction. For example, methane miners can reduce their environmental impact by converting methane and landfill gases into electricity. What’s more, smaller miners can now also contribute to the green effort by joining mining pools like Pega pools.
Accelerating Bitcoin’s Green Future
PEGA Pool, the UK-based platform, is one of the newest funding pools in the industry. Of course, network mining, joining forces with other miners and earning BTC at the same time is nothing new. The PEGA Pool, however, offers miners a way to make their operations more sustainable.
There are several ways in which this mining pool makes the work of participating miners more sustainable. For the first time, miners using sustainable energy resources receive a 50% reduction in pool fees, giving clean energy sources an advantage over other participating PEG mining pools.
Second, miners using “more expensive” energy sources are also welcome to join. However, PEGA Pool reserves a portion of the fees these miners pay for their environmental impact. More specifically, the project uses the payments to plant new trees, which these miners capture while mining Bitcoin.
PEGA Pool may be a relatively new platform, but its green mission has already attracted many miners. According to blockchain explorer BTC.com, the pool already ranks among the largest mining pools in the industry, holding the eleventh place in the list. Currently, it is producing a hash rate of 2875.62 pethashes per second, just behind Poolin. The pool has already mined 771 Bitcoins for mining 121 blocks, all of which are the smallest in the environment.
Green projects like PEGA Pool can have a positive impact on Bitcoin, even if it is unlikely that Bitcoin will join Ethereum in its transition to the Protocol at Stake (PoS). However, mining can become a more sustainable industry by focusing on renewable energy sources. In turn, this will increase the demand for renewable energy, which may benefit more than the miners themselves. Miners who want to make their operations greener can find more information about PEGA Pool on its website.
