Malice Or Ignorance? The New York Times Keeps Printing Lies About Bitcoin Mining

The New York Occasions’ marketing campaign towards bitcoin rages on. Regardless that this time they’d the proper alternative to write down a balanced article, they didn’t. The creator stories one optimistic bitcoin mining story after one other, whereas holding a snooty perspective and suggesting it’s all a PR transfer. The title summarizes the New York Occasions’ stance, “Bitcoin Miners Want to Recast Themselves as Eco-Friendly.”

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Earlier than we get into it, a fast story. The foremost professional in bitcoin’s power consumption, Nic Carter, printed an exhaustive report on mining. Amongst different issues, it contained arduous information that confirmed to what extent China was mining utilizing hydropower power. Mainstream media largely ignored it. The occasion line was that we couldn’t belief China’s statistics. And, that China was in all probability burning cole. 

Quick ahead to final month. China banned bitcoin mining some time in the past and bitcoin’s hashrate relocated, recovered, whereas the community functioned completely all through. Most of China’s mining trade relocated to inexperienced energy-abundant international locations. What did the New York Occasions submit? An article referred to as “China Banished Cryptocurrencies. Now, ‘Mining’ Is Even Dirtier,” that claims that Chinese language miners have been utilizing hydropower power and thus used cleaner power.

That’s the extent of propaganda we’re coping with.

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What Did The New York Occasions Say About Bitcoin Mining This Time?

The article begins by that includes Argo Blockchain, the corporate is constructing a brand new facility that “could be fueled principally by wind and photo voltaic power.” They even quote Peter Wall, Argo CEO, saying. “That is Bitcoin mining nirvana. You look off into the space and also you’ve received your renewable energy.” What may very well be flawed with that?

Two paragraphs later, the New York Occasions begins pushing lies and embarrassing numbers: 

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“A single Bitcoin transaction now requires greater than 2,000 kilowatt-hours of electrical energy, or sufficient power to energy the typical American family for 73 days, researchers estimate.”

In fact, these ridiculous claims come from Digiconomist, a extensively debunked researcher who occurs to be an worker of the Dutch Central Financial institution. After which, they blatantly quote the malicious research talked about within the intro. 

“The Bitcoin community’s use of inexperienced power sources additionally dropped to a mean of 25 % in August 2021 from 42 % in 2020. (The trade has argued that its common renewable use is nearer to 60 %.) That’s partly a results of China’s crackdown, which minimize off a supply of low cost hydropower.”

And quote Alex de Vries, one of many research’s authors, being utterly off the mark. “What a miner goes to do in the event that they need to maximize the revenue is put their machine wherever it might run your complete day.” WHAT? To maximise revenue, a miner goes to search out the most affordable supply of power potential. Power is their largest price. The most cost effective supply potential is power that’s presently being wasted. That’s the state of affairs.

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Extra Really feel-Good Tales Framed As Unhealthy Information

The New York Occasions even quotes Paul Prager, TeraWulf CEO, saying “Everybody I speak to now could be speaking about carbon neutrality. The language has completely modified.” After which, the newspaper spreads the excellent news.

“TeraWulf, has pledged to run cryptocurrency mines utilizing greater than 90 % zero-carbon power. It has two tasks within the works — a retired coal plant in upstate New York fueled by hydropower, and a nuclear-powered facility in Pennsylvania.”

None of those tales are celebrated. Keep in mind the article’s title, they’re cynically introduced as PR stunts. Then, it´s time for Sangha Programs, who “repurposed an outdated metal mill within the city of Hennepin. Sangha is run by a former lawyer, Spencer Marr, who says he based the corporate to advertise clear power. However about half the Hennepin operation’s energy comes from fossil fuels.”

The New York Occasions Closes The Loop

That’s the worst instance that the New York Occasions might discover. An individual who “based the corporate to advertise clear power” however needed to make a compromise to begin his enterprise. To shut the article, the creator brings us again to Argo Blockchain and tries to drag one thing related. Apparently, the CEO “can’t assure that Argo’s new heart may have no carbon footprint. That might require bypassing the grid and shopping for power straight from a renewable energy firm.”

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After which, they quote him once more. “A variety of these renewable power producers are nonetheless a bit bit skeptical of cryptocurrency. The crypto miners don’t have the credit score profiles to signal 10- or 15-year offers.”

So, Argo is actually attempting but it surely’s not potential in the meanwhile for comprehensible causes. And the entire trade is shifting to a greener path as a result of the incentives are aligned that means. Acquired it, New York Occasions. Acquired it.

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