The PEGA pool is scheduled to open to the public in the first quarter of 2023. The UK based mining pool aims to be a game changer in the industry, providing green quality stamps for cryptocurrency mining worldwide with its innovative methodology and approach.
Bitcoin mining has a reputation for being energy intensive coupled with heavy use of fossil fuels.
After more than a year of research and development, Pegapool is uniquely positioned to take advantage of industry tailwinds with new products. PEGA Pool, which ranks as the 12th largest Bitcoin mining pool in the world, is currently in the pre-launch stage and clients can join the waiting list until next quarter’s launch. Early birds can take advantage of a permanent 50% pool fee discount that helps reduce operating costs in the long run. Additionally, the beta tester is entitled to his 0% pool fee during the early stages of the beta phase, and a 0.5% pool fee will apply 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 notorious for wasting enough power
Since permissionless blockchains rely on proof of work to process transactions and ensure network security, crypto mining activity consumes an enormous amount of energy. Aside from environmental impact, energy is a major operating cost for miners, and there is fierce competition to find the cheapest power sources.
However, these steps alone are not sufficient to ensure Bitcoin mining is 100% renewable and carbon neutral, so the PEGA pool will continue to accept clients using non-renewable energy sources. increase. However, there are pitfalls. PEGA Pool uses a portion of the pool fee to offset the carbon footprint of client mining by planting trees. More than 35,000 trees have already been planted by PEGA Pool, with an estimated annual CO2 offset of 934T.
The 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 legacy equipment outages, including those due to natural disasters. The company’s integrated performance monitoring and remediation system operates 24 hours a day, 365 days a year, and 366 days a year during leap years.
From a cost-effectiveness perspective, PEGA Pool has come up with an elegant solution that completely changes the blockchain mining model.
This proprietary approach has become even more pressing as the crypto industry as a whole continues to struggle while the profit margins for Bitcoin miners are declining. Find out just how much trouble miners are currently facing as the crypto winter drags on. Specifically, Bitcoin mining earnings potential, defined as the hash price, has fallen by more than two-thirds from its peak last year.
With bitcoin mining becoming less profitable, PEGA pools are coming to help miners benefit from reduced pool fees, making all the difference. In particular, a bear market may not be too difficult for miners who are not overly leveraged or have lower operating costs in the form of higher energy or hosting.