Green Mining PEGA Pool Climbs the Bitcoin Hashrate Charts Within Weeks of Launch
There’s a new Bitcoin mining pool in town and it comes bearing impeccable environmental credentials. PEGA Pool, which has rapidly risen to become a top 12 BTC mining pool by hashrate, is growing fast as more miners connect their ASICs and start crunching numbers. At this rate, PEGA Pool is on course to become a top ten pool within weeks, ushering in a new era for green Bitcoin mining.
Cleaning Up Crypto Mining
The environmental charges laid against Bitcoin have been stacking up for years and this pressure has intensified since the second largest crypto network, Ethereum, switched from Proof of Work last year. The Merge, the event which saw Ethereum transition to Proof of Stake, has left Bitcoin and a slew of other first-generation blockchains such as Monero in the targets of the environmental lobby.
While much of the energy that powers the Bitcoin network comes from renewables, the majority is still supplied by fossil fuels such as oil, coal, and gas. That’s unlikely to change significantly any time soon since miners are limited by the energy sources available in their region. To mitigate this, PEGA Pool has devised a carbon reduction program that counters the environmental footprint caused by its miners.
All PEGA Pool miners using non-renewables will have their energy consumption offset through a tree planting program. They pay a 2% fee for participating in PEGA Pool, while ASIC miners using renewables pay just 1%. It seems a fair way of incentivizing clean energy while countering the deleterious effects of mining for clients who are stuck with non-renewables for now.
From Britain to the World
PEGA Pool is a UK-based operation, even if many of its miners hail from further afield. Cryptocurrency mining is a global operation, after all, with a power base that’s concentrated in China and, to a lesser extent, North America. While its primary directive is to provide mining pool services, PEGA Pool has also developed a small but growing educational portal. It covers such topics as the Bitcoin Halving and How to Protect Your Mining Hardware.
116 blocks have been found by PEGA Pool miners already, rewarding them a share of over 738 BTC including the network fees that come bundled with each block. PEGA Pool’s open beta program, which commenced in early January, is ongoing, giving environmentally-conscious miners a chance to contribute to the Bitcoin network without expanding its carbon footprint.