Bitcoin’s price recently reached an all-time low, forcing countless investors into bankruptcy while compromising faith in the cryptocurrency worldwide. Could a switch to renewable energy mining be the solution? One of the biggest hurdles faced by Bitcoin miners today is cost, making renewable energy an attractive BTC mining alternative – especially for miners on the verge of financial ruin.
Mining BTC using renewable energy is considerably cheaper than more common energy usage in the industry, like coal. According to the International Renewable Energy Agency, renewable energy is the cheapest form of power in many countries. And these low costs are only expected to get even lower in the coming months and years.
However, we still have a long way to go on the road toward a completely sustainable crypto industry and mining community. As of April 2022, 57% of the energy used for crypto mining stems from renewable sources like wind, solar, hydro, geothermal, and nuclear among others.
But renewable energy is still only used to produce around 1% of Bitcoin’s total hash rate. The number may seem low, but it’s already an impressive gravitation towards greener, cleaner, and more affordable energy sources that are better for miners, the environment, and the world.
The benefits of renewable energy Bitcoin mining go far beyond the financial, though. The environment will also be grateful, our atmosphere in particular. Crypto is already green, but the way it’s mined still has a long way to go. Traditional BTC mining relies on the burning of fossil fuels, which emits harmful greenhouse gases into the atmosphere that contribute to global warming.
We can offset this by trailblazing the transition towards a more sustainable and eco-friendly industry, using a mix of wind, solar, and hydropower. This won’t only play a role in combatting climate change, but it will improve Bitcoin mining profitability too.
The shift towards renewable energy mining – and a more ecological crypto industry overall – is the subject of much discussion in the global Bitcoin community. One company that’s brazenly lighting the path ahead is PEGA Pool, the world’s first eco-friendly Bitcoin mining pool.
Not only are they slashing pool fees for BTC miners who can prove they’re mining using renewable energy, but they’re also using a portion of their members’ fees to plant trees. This is in an endeavor to offset the CO2 being spewed into the ozone layer by the crypto industry daily.
PEGA Pool showcases live stats on their website for their miners’ peace of mind, along with regular updates on how many trees the eco-friendly Bitcoin mining pool has planted using their members’ fees so far. PEGA Pool is proudly British-owned and -operated while adhering to the strictest international standards.