The crypto-mining ecosystem requires functional energy for operations to go on seamlessly. PEGA Pool is fully aware of the necessary demands and is doing just enough to ensure miners get an eco-friendly Bitcoin mining experience.
Energy is required for Bitcoin Mining
Crypto mining costs cover more than 90 percent of electricity usage. Seeing that generating electricity power comes from fossil fuels, crypto mining is hazardous to the environment. It’s also evident from the Washington Post that using crypto-mining equipment is also a source of noise pollution. This also harms local communities, thereby affecting the quality of life.
In terms of energy efficiency and climate change, Bitcoin mining remains the number one user of electricity resources. The reason is that computational processes are necessary for miners to solve Bitcoin puzzles and earn prizes in Bitcoin.
Although the process is fair enough, it demands large-scale operations that involve many computers and equipment for cooling the systems. Moreover, the proof-of-work consensus system of Bitcoin regenerates this need in a loop.
Miners have a role in achieving a positive change regarding the current challenge. They can balance the many conditions and costs required for several operations. These include electricity for powering and cooling the systems in use, mining time compared to its reward, etc.
PEGA Pool to Create an Eco-Friendly Bitcoin Mining Pool
PEGA Pool commits to providing an eco-friendly Bitcoin mining process by first reducing the adverse effects caused by fossil fuels. Carrying necessary carbon offset projects like reforestation and improving electricity efficiency etc.
PEGA Pool recommends the following actions to change the negative impact of the Bitcoin mining process.
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Using Fossil Fuels Alternatives
One of the strategies employed to change the current operation is solar or hydropower. This is achievable by installing mining machines and systems at hydropower plants.
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Offsetting Emissions
Offsetting emissions is possible through conducting some necessary carbon offset projects such as reforestation by mining with PEGA Pool.
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Improving the Electricity Usage and Efficiency
One way to mitigate the environmental impact of Bitcoin mining is by improving electricity usage and efficiency. This is achievable through improved ASICs. This move is intended to improve the speed of computation while lowering the amount of required energy.
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Regulatory Requirements
Regulatory requirements refer to transparency about the impact of mining equipment on the environment. This will be done through more transparency in carbon taxes, energy sources and usage, and other related efforts.