The future of bitcoin mining is eco-friendly, says PEGA Pool CEO
Many industries, including cryptocurrency, are under pressure to reduce their carbon footprint and demonstrate their commitment to sustainability as the environmental impact of these toxic gases becomes clearer.
Bitcoin mining consumes around 127 terawatt-hours (TWh) per year (more than Sweden, Argentina, and Malaysia annually consume combined). Of this, about 40% comes from non-renewable sources like coal and fossil fuels which have a significant environmental impact. Bitcoin mining creates an estimated 40M pounds of carbon emissions in the US alone.
But is it possible to completely mine bitcoin using renewable energy like solar energy? According to David Bungay, the CEO of PEGA Pool, a newly launched bitcoin mining pool, the only way to avoid further damage is to shift to renewable bitcoin mining.
David believes a renewable energy mix of wind, solar, geothermal, and hydropower will not only improve bitcoin mining profitability but will combat climate change. This is what inspired him and other miners to build PEGA Pool, an eco-friendly bitcoin mining pool. The goal is to completely eliminate carbon emissions from the crypto industry and make the space sustainable. PEGA Pool also offers incentives to encourage bitcoin miners to use renewable sources of energy.
And for those who can prove they only use renewable energy for their mining, PEGA Pool rewards a lifetime 50% pool-fee discount. For miners that don’t use 100% renewable energy, PEGA Pool plants trees to offset their carbon emissions. So far, they have planted over 200,000 trees resulting in an estimated yearly CO2 offset of 5,506 tons. The company is looking to plant more trees in the coming years as they encourage miners that it is possible to use only renewable energy.
While traditional financial systems consume more energy than bitcoin mining, the popularity of digital currencies makes it a target for criticism. But it also makes it an easy target for improvement, and together, it is easier to build a sustainable cryptocurrency industry with low energy consumption and minimal carbon footprint. The top priority at PEGA Pool is to keep mining without wreaking havoc on the environment as they empower miners and provide an alternative to earning bigger shared payouts from their eco-friendly bitcoin mining efforts.