Eco-friendly Bitcoin mining pool PEGA Pool set for public launch in Q1 2023
PEGA Pool, a Bitcoin mining pool that will allow ASIC miners to connect and cooperate in mining bitcoin, is set for public launch in Q1 2023. The mining pool is currently in the pre-launch phase.
PEGA Pool is a Bitcoin mining pool.
ASIC miners will be able to connect to the pool and cooperate in Bitcoin mining.
PEGA Pool is currently in the pre-launch phase and will be open to public launch in Q1 2023.
Those interested in mining bitcoin using the pool can join the early access waiting list. At the moment, the only clients mining bitcoin with PEGA Pool are a few beta testers and PEGA Mining, which is a sister company to PEGA Pool.
PEGA Pool features
PEGA Pool stands out since it is British-owned and operated in an era when most mining pools are Chinese. This makes PEGA Pool more attractive for clients from western countries who do not prefer to use Chinese pools were it not for the limited choices that have been in the market.
PEGA Pool’s main objective is to reduce Bitcoin mining’s carbon footprint to create a more sustainable and eco-friendly industry.
To that effect, the pool is open to all Bitcoin mining clients regardless of their energy sources. Those using renewable energy will be rewarded with a 50% reduction in pool fees while those using non-renewable energy will have to pay more pool fees for use in planting trees to offset their mining carbon footprint.
The pool fees for non-renewable energy users will be 2% while renewable energy users will pay 1%. Clients that join the “Early Access” waiting list will however benefit from a permanent 50% reduction of pool fees. Those who participate in the Beta testing will benefit from 0% pool fees during the Beta stage and a permanent pool fee of o.5% post-launch.
The pool will use a competitive PPS+ revenue model in distributing the mining rewards to the clients.
Renewable energy in Bitcoin mining
Bitcoin mining has been hugely castigated in the media this year due to its effect on the climate going to the huge amount of fossil fuels that miners burn to obtain energy to run bitcoin mining rigs. Countries like China already banned Bitcoin mining due to its impact on climate change.
Companies like Tesla also stopped BTC payments shortly after announcing that Tesla was accepting Bitcoin payments. The move of stopping BTC payments came after Elon Musk became aware of the industry’s fossil fuel usage. A condition for resuming BTC payment for Tesla merchandise was for Bitcoin to shift to renewable energy sources.
PEGA Pool offers a good opportunity for miners since it aims at making the industry more eco-friendly and sustainable by promoting the use of renewable energy sources while punishing non-renewable energy users.
Bitcoin miners close to breakeven
Bitcoin mining difficulty keeps on increasing as the number of bitcoins that are yet to be mined out of the maximum 21 million bitcoins keeps on reducing. This in combination with the decreasing BTC price has created a squeeze for Bitcoin miners around the world.
PEGA Pool offers a way out for miners since it offers reduced pool fees compared to other Bitcoin mining pools around the world.