With the increasing use of fossil fuels in Bitcoin mining, Bitcoin mining pool has made it its mission to reduce the carbon footprint of the industry.
About the New Mining Pega Pool
The Pega Pool Bitcoin mining pool, which will be launched in 2023, has emerged as an environmentally friendly alternative to carbon footprint, which is a bad image of the mining industry. The new mining pool is designed to reduce the environmental impact of using carbon offsets and reward miners who use renewable energy.
About Pega Pool
The UK-based Pega Pool, which will be launched in the first quarter of 2023, is opening its offer to Bitcoin mining customers, regardless of the use of renewable energy. However, it will reward its customers who mine using renewable energy with a 50% discount on Pega pool fees, from 2% to 1%. It will use some of the Pega pool fees from customers using non-renewable energy in plans to plant trees for carbon offset purposes to reduce the environmental impact of mining operations.
The Fossil Fuel Problem of Bitcoin Mining
Reviews about the fossil fuel use of the Bitcoin mining industry are increasing every day. According to a study conducted by the Cambridge Centre of Alternative Finance in September 2022, fossil fuels account for almost two-thirds (62.4%) of the electricity mix of Bitcoin miners.
Between 2020 and 2021, Bitcoin’s average emissions intensity increased from 491.24 gCO2e/kWh to 531.81 gCO2e/kWh, suggesting that the sustainability of the electricity mix is deteriorating, according to the study’s authors.
The energy consumption and environmental impact of Bitcoin have always prevented its adoption by countries and companies in the past. For example, in May 2021, EV company Tesla abandoned its plans to accept payments in Bitcoin for its products, after CEO Elon Musk highlighted his concern about “the rapidly increasing use of fossil fuels for Bitcoin mining.” A month after this incident, China took drastic measures against Bitcoin mining at the 2020 United Nations General Assembly on the grounds of “carbon neutrality “.
These developments that will take place will absolutely serve to make a serious contribution to the awareness and adoption of Bitcoin mining.
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