The concept of Bitcoin mining has faced tremendous scrutiny over the past years. It is deemed wasteful and a terrible allocation of electricity. However, several mining pools, including PEGA Pool, focus on sustainable energy and minimizing environmental impact.
No industry can avoid its Environmental, Social, and Governance (ESG) pillars. Bitcoin mining is no exception. The industry has been associated with wasteful electricity consumption. Moreover, there has been a strong focus on using fossil fuels in crypto mining and how it creates a potential cataclysm for the environment. Simultaneously, there is a growing movement within the Bitcoin mining sector to push for broader adoption of renewable energy.
Surprisingly, that movement has gained support from Shell, the global oil company. The company aims to introduce a new cooling solution to improve the Bitcoin mining industry. Carbon reduction alternatives are the primary selling points, as they lead to less environmental impact and reduce mining’s electricity costs. In addition, Shell’s data centers use the same immersion cooling technique.
Finding renewable solutions for the Bitcoin mining industry is a top priority for many companies. For example, Duke Energy Corporation explores new alternatives, as do Exxon Mobil, Equinor, and others. Significant changes are coming on the hardware front, but it remains essential for mining pools to pursue similar opportunities.
One approach for mining pool operators is to go all-in on renewable energy sources. That may seem tricky, yet significant progress has been made. One notable pool advocating this approach is PEGA Pool, which represents over 2.25 EH/s in Bitcoin mining power. Moreover, it has over 76MW of renewable energy, enabling miners to do their part and highlight the use of “green” energy sources.
As Bitcoin mining remains a growing industry – evolving from 54 EH/s in 2018 to over 250 EH/s in 2022 – fossil fuel reliance must be eradicated. Bitcoin has an extensive footprint at just under 200 million tonnes of CO2 per year, over 14 times the amount of gold mining.
If fossil fuel usage remains high, corporate entities will stop accepting BTC – as Tesla did earlier – due to the currency’s environmental impact. Therefore, mining pools must do their part to ensure the future mass adoption of BTC.
Furthermore, using fossil fuels has resulted in China banning crypto mining altogether. Other regions will likely follow this example if everything stays the same. That would be detrimental to the long-term success of the world’s leading cryptocurrency.
Once PEGA Pool goes live in Q1 2023, the eco-friendly focus will benefit the broader Bitcoin industry. In addition, those who join the early access waiting list can achieve a permanent 50% pool fee discount to maximize profitability. Furthermore, PEGA Pool team has planted over 35,000 trees to help offset nearly 1,000 tonnes of CO2 per year.
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