New Bitcoin Mining Pool PEGA aims to offset carbon emissions
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How green is your bitcoin mining pool? 10 years ago, few people cared about Bitcoin’s energy footprint. But as the value of BTC and with the hash rate used to secure the network has increased, so have complaints about energy consumption.
Today’s miners are motivated to seek affordable renewable energy sources, primarily to ensure that they can mine profitably, but also to keep the environmental lobby off their backs. PEGA Pool, a new mining pool, has now launched in open beta, and it is making overtures with the green brigade. Through tree planting to offset carbon caused by mining, PEGA Pool claims to be one of the most environmentally friendly solutions of its kind.
Bitcoin: The Good, The Bad, and the Energy Hungry
Bitcoin mining, the process of verifying transactions on the Bitcoin network and adding them to the blockchain, requires large amounts of computational power and energy. This has both positive and negative consequences.
On the one hand, the mining process helps maintain the decentralization of the Bitcoin network, making it more resistant to censorship and manipulation. Miners are incentivized with newly minted bitcoins for their work, providing a financial incentive for people to participate in the network. But there are also disadvantages to this system.
Bitcoin mining is an energy-intensive process, consuming significant amounts of electricity and contributing to carbon emissions. To reduce the environmental impact, the industry has started to adopt carbon offsetting, where emissions from bitcoin mining are offset by investments in renewable energy or carbon capture technologies. This approach helps to reduce the environmental impact of mining while allowing the network to function.
Carbon offsetting, such as PEGA Pool offers, provides a potential solution to reduce the environmental impact of mining. Nevertheless, it is important for the industry to continue to seek ways to increase energy efficiency and reduce emissions. PEGA currently claims to have a pool hash rate of 1.9 EH per second and has mined a total of 116 blocks so far. Daily income is $0.073 per terahash based on current prices.
Mining is making a resurgence
Bitcoin miners struggled in 2022 as the falling price of the digital benchmark forced many to shut down their machines. The rise in energy prices, especially across Europe after the war between Russia and Ukraine, further exacerbated the problem. However, after BTC in 2023 has increased by around 40%, ASIC miners have finally been able to resume operations.
Much of the world’s bitcoin mining still originates in China, but there are also professional operations to be found anywhere in the world where power is cheap and plentiful. Based in the UK, PEGA Pool is focused on attracting European miners seeking a pool that combines trust and security with impeccable green credentials. Despite only launching this month, it is already the world’s 13th largest mining pool.
