Eco-friendly bitcoin mining pool named PEGA Pool heads to public launch in Q1 2023
PEGA Pool is set to open to the public in the first quarter of 2023. The UK-based mining pool aspires to become an industry game-changer, offering a green quality stamp for crypto mining worldwide, with its innovative methodology and approach
Bitcoin mining has a reputation for being energy-intensive in combination with high fossil fuel use.
After more than a year of research and development, PEGA Pool is uniquely positioned to capitalize on industry tailwinds with its new offering. Ranked the 12th largest Bitcoin mining pool in the world, PEGA Pool is currently in the pre-launch phase and clients can join the waiting list until the launch in the coming quarter. Early birds will enjoy a permanent 50% pool fee discount helping them cut their operational costs long-term. Additionally, beta testers are entitled to 0% pool fees during the early phases of the beta stage, and a 0.5% pool fee will be applied post-launch.
That said, PEGA Pool’s competitive revenue model also rewards miners who use renewable power sources with a 50% reduction in pool fees.
Bitcoin is infamous for wasting enough electricity
The crypto-mining activity takes up an enormous amount of energy as permissionless blockchains rely on proof of work to process transactions and ensure network security. Aside from its environmental impact, energy is the main operational cost for miners, and there is fierce competition to come across the cheapest sources of power.
But since these steps alone will not be enough to ensure Bitcoin mining is 100% renewable and carbon neutral, PEGA Pool will continue to accept clients who use non-renewable sources of energy. There is a catch, though. PEGA Pool will use a portion of its pool fees to help offset its clients’ mining carbon footprint by planting trees. More than 35,000 trees have already been planted by PEGA Pool for an estimated annual CO2 offset of 934T.
Mining sector is feeling the pain
PEGA Pool’s highly efficient and streamlined operation is built at scale, making its solution a more attractive option than self-mining.
PEGA Pool’s infrastructure is highly resilient to mitigate the risk of traditional equipment outages, including those caused by natural disasters. Their integrated performance monitoring and repair system is up and running 24/7, 365 days a year – and 366 in a leap year.
From a cost-benefit perspective, PEGA Pool has come up with a graceful solution that completely shifts the blockchain mining model.
That unique approach has become even more pressing as Bitcoin miners are seeing their profit margins dwindle while the wider crypto industry continues to struggle. With a prolonged crypto winter, it’s possible to tell how much trouble miners are facing right now. Specifically, Bitcoin mining revenue potential, defined as its hashprice, has fallen by more than two-thirds from its last year’s peak.
As Bitcoin mining profitability wanes, PEGA Pool emerges to enable miners to benefit from reduced pool fees that can make all the difference. In particular, the bear market could be less difficult for miners who are not overleveraged and those with lower operating costs in the form of higher energy or hosting.