Malice Or Ignorance? The New York Occasions Retains Printing Lies About Bitcoin Mining


The New York Occasions’ marketing campaign towards bitcoin rages on. Though this time they’d the proper alternative to write down a balanced article, they didn’t. The writer experiences one optimistic bitcoin mining story after one other, whereas conserving a snooty angle and suggesting it’s all a PR transfer. The title summarizes the New York Occasions’ 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 skilled in bitcoin’s vitality consumption, Nic Carter, printed an exhaustive report on mining. Amongst different issues, it contained onerous information that confirmed to what extent China was mining utilizing hydropower vitality. Mainstream media largely ignored it. The celebration line was that we couldn’t belief China’s statistics. And, that China was most likely 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 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 vitality and thus used cleaner vitality.

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

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 “can be fueled principally by wind and photo voltaic vitality.” They even quote Peter Wall, Argo CEO, saying. “That is Bitcoin mining nirvana. You look off into the gap and also you’ve obtained your renewable energy.” What could possibly be flawed with that?

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

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

In fact, 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 vitality sources additionally dropped to a median 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 need to maximize the revenue is put their machine wherever it might run your complete day.” WHAT? To maximise revenue, a miner goes to seek out the most affordable supply of vitality doable. Vitality is their greatest price. The most affordable supply doable is vitality that’s presently being wasted. That’s the scenario.

BTCUSD price chart for 03/26/2022 - TradingView

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 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 p.c zero-carbon vitality. 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 offered as PR stunts. Then, it´s time for Sangha Techniques, who “repurposed an previous 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 vitality. 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 may discover. An individual who “based the corporate to advertise clear vitality” however needed to make a compromise to begin his enterprise. To shut the article, the writer brings us again to Argo Blockchain and tries to tug one thing related. Apparently, the CEO “can’t assure that Argo’s new heart can have no carbon footprint. That might require bypassing the grid and shopping for vitality straight from a renewable energy firm.”

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

So, Argo is basically attempting but it surely’s not doable in the intervening time for comprehensible causes. And the entire business is shifting to a greener path as a result of the incentives are aligned that manner. Received it, New York Occasions. Received it.

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