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

The New York Instances’ marketing campaign in opposition to bitcoin rages on. Despite the fact that this time they’d the right alternative to put in writing a balanced article, they didn’t. The writer studies one constructive bitcoin mining story after one other, whereas conserving a snooty perspective and suggesting it’s all a PR transfer. The title summarizes the New York Instances’ stance, “Bitcoin Miners Wish to Recast Themselves as Eco-Pleasant.”

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Earlier than we get into it, a fast story. The foremost knowledgeable in bitcoin’s power consumption, Nic Carter, revealed an exhaustive report on mining. Amongst different issues, it contained exhausting information that confirmed to what extent China was mining utilizing hydropower power. Mainstream media largely ignored it. The social gathering 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 business relocated to inexperienced energy-abundant international locations. What did the New York Instances submit? An article referred to as “China Banished Cryptocurrencies. Now, ‘Mining’ Is Even Dirtier,” that claims that Chinese language miners had been utilizing hydropower power and thus used cleaner power.

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

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

The article begins by that includes Argo Blockchain, the corporate is constructing a brand new facility that “can 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 acquired your renewable energy.” What could possibly be mistaken with that?

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

“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.”

After all, these ridiculous claims come from Digiconomist, a broadly 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 p.c in August 2021 from 42 p.c in 2020. (The business has argued that its common renewable use is nearer to 60 p.c.) 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 fully off the mark. “What a miner goes to do in the event that they wish to maximize the revenue is put their machine wherever it will probably run your entire day.” WHAT? To maximise revenue, a miner goes to seek out the most affordable supply of power attainable. Power is their greatest price. The most cost effective supply attainable is power that’s at present being wasted. That’s the state of affairs.

BTC value chart for 03/26/2022 on Foreign exchange.com | Supply: BTC/USD on TradingView.com

Extra Really feel-Good Tales Framed As Dangerous Information

The New York Instances even quotes Paul Prager, TeraWulf CEO, saying “Everybody I discuss to now’s 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 p.c zero-carbon power. It has two initiatives 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 offered as PR stunts. Then, it´s time for Sangha Techniques, 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 Instances Closes The Loop

That’s the worst instance that the New York Instances may discover. An individual who “based the corporate to advertise clear power” however needed to make a compromise to start out his enterprise. To shut the article, the writer 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 may require bypassing the grid and shopping for power instantly 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 slightly bit skeptical of cryptocurrency. The crypto miners don’t have the credit score profiles to signal 10- or 15-year offers.”

So, Argo is de facto making an attempt nevertheless it’s not attainable in the meanwhile for comprehensible causes. And the entire business is transferring to a greener path as a result of the incentives are aligned that method. Obtained it, New York Instances. Obtained it.

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