Did you know that the crypto mining industry is accountable for 4% - 7% of greenhouse gas emissions worldwide? Or that Bitcoin mining consumes over 120 Terawatt Hours (Twh) annually? Power like that is more than Sweden, Argentina, and Malaysia consume – combined. For a virtual, intangible asset, crypto creates the perfect storm for environmental devastation. In fact, Bloomberg describes Bitcoin as an “Incredibly Dirty Business.”
As Bitcoin rises in value, environmentalists condemn the havoc it wreaks on the environment – which all boils down to the fact that crypto is built on decentralized networks that must be mined using Bitcoin mining software to function. In order to generate new coins, computers are needed to solve complex “puzzles” and mathematical formulas. The process takes about 10 minutes to solve one programme, process one block, or validate one transaction, consuming an incredible amount of electricity along the way – and this electricity is produced from fossil fuels.
Cryptocurrencies like Bitcoin are only on the rise, meaning the more the value increases, so too does the energy used. More and more miners are clambering to join the Bitcoin network every day, meaning that finding a way to control the energy consumption isn’t optional. It’s essential
That’s where PEGA Mining comes in. Since our birth in 2020, we are moving closer to a greener crypto future every single day, constantly exploring new, renewable crypto mining solutions that usher in a cleaner, greener, and brighter future for the generations of tomorrow.
We brainstormed. We conceptualized. We found the answer whispering in the wind of nature’s remarkable geography and geology, providing the hydro and geothermal resources the crypto world needs to function in a more carbon-efficient manner.
Today – with miners based in the ideal freezing climates of Iceland and Norway – PEGA Mining is cooling down the heat on the crypto industry at its dedicated green data centres that drastically lower running costs and energy consumption. As we write this, we have signed three colocations to date – with, hopefully, more to come.
We are proud to facilitate our energy supply entirely through clean, green, and renewable power. We chose to invest in Iceland and Norway for both nations’ remarkable geography and geology, delivering a constant source of hydro and geothermal energy sources – forces of nature with a centuries’ old history.
A renewable energy source that produces power using a diversion structure or dam to modify the natural flow of water.
A renewable source of energy that harnesses the natural heat from the Earth’s core – which is as hot as the sun – to generate electricity through geothermal heat pumps.
A renewable power cost-effective source of energy in which turbines convert the kinetic energy of wind into mechanical or electrical energy that can be used for power.
Energy from the sun that is converted into thermal or electrical energy. Solar energy is the cleanest and most abundant renewable energy source available.
In Iceland, for example, hydro- and geothermal energy have long been harnessed as sources of energy. In fact, most of Iceland’s electricity generation today is produced through hydropower – while geothermal energy is used more as a primary heating resource. And in Norway – hailed as a sustainable northern powerhouse – enjoys an almost nationwide source of hydropower. With Europe’s lowest carbon emissions, Norway boasts nearly 1,700 hydropower plants.
Antminer packs in a world of power for such a small innovation. Fully equipped with a custom-built, next-gen Bitmain chip, the Antminer S19 series was PEGA Mining’s first choice for Bitcoin mining – with power efficiency of as low as 23J/TH, impressive circuit architecture, and drastically reduced power consumption. With a hash rate of 95TH/s and power consumption below 3250w, Antminer’s S19 series is undoubtedly the most powerful and efficient way to mine Bitcoin in 2021 and beyond.
If you believe in the future of carbon-efficient crypto mining as much as we do, contact our team to learn more today – and help us spread the word of PEGA Mining far and wide. With every social share, we move one step closer to our goal of supporting the widespread implementation of greener crypto mining.