Pega Pool, a new Bitcoin mining pool, which is set to launch in 2023, will provide an eco-friendly alternative to the industry’s notoriously high carbon footprint. Pega Pool aims to use carbon offsets to reduce its environmental impact. Moreover, the new upcoming mining pool will also reward miners who use renewable energy.
Pega Pool, a British-owned Bitcoin mining pool, will launch in the first quarter of 2023. It will open its offering to Bitcoin mining clients regardless of their renewable energy usage. According to Pega Pool, it will reward clients that mine utilizing renewables with a 50% decrease in their pool fees, from 2% to 1%. According to the new upcoming mining pool, the portion of the pool fees from clients using non-renewable energy will be allocated to carbon offset schemes, such as planting trees to reduce the environmental impact of mining actions.
Currently, the mining industry is facing increased scrutiny over its use of fossil fuels, which has been affecting the environment. According to a 27th of September study by the Cambridge Centre for Alternative Finance, fossil fuels account for almost two-thirds, more than 62%, of Bitcoin miners’ electricity mix. Moreover, only between 2020 and 2021, the average emission intensity of Bitcoin, the largest cryptocurrency in the market, increased from 491.24 gCO2e/kWh to 531.81 gCO2e/kWh.
According to the authors of the study, this high average emission intensity suggests that the sustainability of the electricity mix has deteriorated. Energy consumption and environmental effects of Bitcoin have resulted in a global pushback from countries and firms. Due to these effects, in May 2021, Tesla abandoned plans to accept payment for its products in Bitcoin. At that time, Elon Musk, the CEO of Tesla, was concerned over the rapidly increasing use of fossil fuels for Bitcoin mining.
And now, this new upcoming Bitcoin mining pool, Pega Pool, which aims to provide an eco-friendly alternative to the industry’s notoriously high carbon footprint, will bring some changes to the mining industry with the use of carbon offsets.