The eco-friendly Bitcoin mining pool will launch in 2023

PEGA Pool is a Bitcoin mining pool where customers who own ASIC miners connect to the network to mine Bitcoin together.

Bitcoin mining is a fiercely competitive industry, but it is also difficult to maintain profitability. It cannot be denied that factors such as geography, weather, energy costs or political jurisdiction can all harm or benefit Bitcoin miners.

Since Bitcoin’s Proof-of-Work mechanism is based on the SHA-256 hash function and is random, miners can mine for long periods of time with no guarantee that they will find a block, making them rewarded.

Therefore, this makes it impossible for individual miners to predict when they will find a new block and produce income.

What is PEGA Pool all about?

Large mining companies can oversize their operations, thanks to their reserved capital that can compensate for unexpected drops in revenue.

However, it can be extremely difficult for small, independent Bitcoin miners to sustain operations with zero income for months before a new block is found.

The idea behind PEGA Pool is to help smaller miners even out their earnings. The network pools their resources and distributes the rewards they receive.

PEGA Pool is British owned and operated, making it a reliable, high quality service. Many mining pools are currently Chinese and some western customers prefer not to use Chinese pools but have limited choices.

With PEGA Pool you can achieve a much more stable income than mining alone. PEGA Pool is currently in the pre-launch phase. You can join the waiting list for early access until it is launched to the public in Q1 2023.

Currently, the only client mining with PEGA Pool is PEGA Mining, its sister company, and a few beta testers.

Proof-of-Work: The environmental impact

It is a well-known fact that Bitcoin’s energy consumption has drawn criticism from environmentalists. The design of proof-of-work mining encourages miners to increase operations as quickly as possible and regardless of the energy source.

This explosive growth puts a strain on energy grids. Not only do retail electricity prices increase, but so do total carbon emissions and local air pollution.

There are many reports that reveal the cost of an energy-guzzling cryptocurrency mining industry.

Bitcoin consumed an estimated 36 billion kilowatt-hours of electricity from 2021 to 2022, which was as much as all the electricity consumed in Maine, New Hampshire, Vermont, and Rhode Island combined during the same period.

In addition, the electricity consumption of cryptocurrency mining in the US is said to suggest that the industry was responsible for a surplus of 27.4 million tonnes of CO2 between mid-2021 and 2022. It is also three times the amount emitted by the largest coal. factory in the USA in 2021.

These numbers explain why state, local and federal policymakers are taking steps to reduce the harms of Bitcoin mining. As a whole, Bitcoin mining is under massive media scrutiny this year over the amount of fossil fuel miners burn.

In September 2022, the White House called for Crypto Mining Standards (CMS) to minimize environmental impact.

Countries like China banned crypto mining due to the use of fossil fuels. In addition, companies such as Tesla also stopped accepting Bitcoin when Elon Musk became aware of the industry’s use of fossil fuels.

However, there is still a lot of Bitcoin mining in China!

PEGA Pool is set to change the mining industry for the better

Critics argue that the Bitcoin mining industry is not a good steward of the environment. As said, they claim bitcoin mining is harmful to the environment.

Developed as an environmentally friendly-focused network, PEGA Pool opens to all bitcoin mining customers regardless of their renewable energy use. Non-renewable mining clients will use a portion of their pool fees to plant trees to offset the carbon footprint of mining.

A study indicates that carbon emissions from bitcoin mining increased by 126% in the six years ending in 2021, which is more than enough for industry observers to sound the alarm bells regarding environmental sustainability.

As well as getting critics off their backs, there is good reason for miners to reduce their carbon footprints.

Coal and natural gas are the primary power sources for bitcoin mining in the developed world, causing miners to consider as the prices of both commodities skyrocket this year due to shrinking supplies.

A renewable energy mix of solar, wind and hydropower is being considered that will improve the profitability of the Bitcoin mining industry while helping to combat climate change.

Various strategies, including load balancing, energy switching, hybrid systems and additional battery storage increase green energy adoption. PEGA Pool is on a mission to reduce bitcoin mining’s carbon footprint, creating a more sustainable and environmentally friendly industry.

In fact, solar mining and other viable hybrids provide excellent alternatives, which will be a green energy revolution with many benefits for Bitcoin mining.

More and more proof-of-work communities are aware of Bitcoin’s extraordinary energy consumption and fossil fuel habits, which are unattractive when much of the rest of the economy is striving to rapidly decarbonize.

For customers who mine with renewable energy, the mining pool will reward them with a 50% reduction in pool fees. In addition, pool fees are 2% for non-renewable customers and 1% for renewable customers.

What Affects Bitcoin Miners’ Profitability?

As you know, Bitcoin mining profitability is based on a wide variety of factors, including the price of Bitcoin, the mining difficulty, the energy cost, the type of mining hardware, and others.

Bitcoin miners are feeling the squeeze in their profit margins currently due to Bitcoin mining difficulties increasing and the price of Bitcoin falling in 2022.

Bitcoin mining difficulty has increased in 2022, constantly breaking new records. Bitcoin is programmed to adjust itself to maintain a target block time of 10 minutes, therefore Bitcoin’s mining difficulty adjustment occurs every 2,016 blocks or roughly every two weeks.

The Bitcoin hash rate is another basic metric for assessing the strength of the Bitcoin network.

A higher hash rate means that it will take more computing power to verify and add transactions to the blockchain. In addition, this also makes Bitcoin more secure as it will not only take more miners, but also more energy and time to take over the network.

Next is the price of electricity. Amid skyrocketing energy prices caused by recent supply problems, miners need to be especially aware of the possible implications when using non-renewable energy.

Another of the most important factors is the pool fee. Joining mining pools instead of working as individual miners is a way to combine miners’ computing power and increase the chances of getting a block and mining faster.

However, pool miners should be aware of another small expense incurred by pool administrators who configure the software for this type of mining. Bitcoin miners who join the PEGA Pool will receive reduced pool fees which can make all the difference.

Clients who join the “Early Access” waiting list will benefit from a permanent 50% reduction in pool fees. In addition, clients accepted for BETA testing will benefit from 0% pool fees during the beta phase and a permanent pool fee of 0.5% after launch.

PEGA Pool: The Takeaway

To reduce Bitcoin’s carbon footprint and better the Bitcoin mining community, PEGA Pool will be a force to be reckoned with in 2023. To learn more – click here!