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How PEGA Pool strives to make Bitcoin greener

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 How PEGA Pool strives to make Bitcoin greener


Massive quantities of energy are used by bitcoin miners to protect the network and execute transactions. While the network has numerous advantages, including the ability to bank the unbanked, some people are concerned about how much energy Bitcoin uses. To lessen the negative effects of Bitcoin mining on the environment, innovative alternatives are however being developed. 

The current annual energy consumption of the Bitcoin network is estimated by the Cambridge Center for Alternative Finance to be around 109.34 terawatt-hours (TWh). This power is used by bitcoin miners to create hash keys. They are rewarded with BTC for their assistance in safeguarding the network when they correctly guess the key.

There is a recent inflow of miners, and the current electrical demand is at record levels. But many miners continue to use fossil fuels, which increases the network's reliance on unclean energy sources.

Environmental concerns

The majority of the population is working toward a green transition that involves minimizing the use of fossil fuels. As a result of Bitcoin's reliance on the proof-of-work (PoW) system, the network is criticized by groups like Greenpeace because it conflicts with their goal of making the world's industries more sustainable. The reputation of Bitcoin is also under jeopardy as countries consider stringent rules for the mining sector and companies like Tesla stop accepting BTC as a form of payment.

In other words, the community of Bitcoin miners can benefit from this step toward sustainability. Although switching to renewable energy sources sounds sensible, doing so isn't always simple. Fossil fuels are frequently the cheapest alternative available, which is why miners choose to use them. 

Bitcoin is currently being pushed in a greener path by a number of different projects. For instance, miners can reduce the harm that methane causes to the environment by turning flared methane and vented landfill wastes into power. Additionally, by joining mining pools like PEGA Pool, smaller miners may now contribute to the green effort as well.


Green Bitcoin's future is being accelerated

One of the most recent mining pools in the market is the UK-based PEGA Pool platform. It is nothing new, of course, to mine in a network, collaborate with other miners, and earn BTC collectively. Yet, PEGA Pool gives miners a means of enhancing the sustainability of their operations. 

There are various ways in which this mining pool increases the sustainability of the labor done by participating miners. First, the PEGA mining pool gives clean energy sources an advantage over other participants by reducing pool fees for miners that use sustainable energy sources by 50%.

Also invited to join are miners who use "dirtier" energy sources. To counteract the environmental impact of these miners, PEGA Pool retains a portion of the fees they pay. The idea uses the fees more specifically to plant new trees, which absorb the carbon these miners release while mining Bitcoin. 

Even though PEGA Pool is a relatively new platform, its commitment to sustainability has already drawn a lot of miners. The pool currently holds the 11th slot on the list of largest mining pools, according to blockchain explorer BTC.com. At the moment, it narrowly trails Poolin with a hash rate of 2875.62 peta hashes per second. By mining 121 blocks, the pool has already produced 771 Bitcoin with no harm to the environment.

Although if it is unlikely that Bitcoin would follow Ethereum in switching to a proof-of-stake (PoS) system, green projects like PEGA Pool may have a positive impact on the future of the cryptocurrency. By concentrating on renewable energy, mining can, however, develop into a more sustainable industry. The need for renewable energy may rise as a result, perhaps helping people than only the miners. On its official website, PEGA Pool provides extra information for miners wishing to green their operations.

Article Credit: Cointelegraph

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