The New York Occasions has as soon as once more printed an inflammatory article about Bitcoin mining stuffed with misinformation. Though main Bitcoin researchers have been fast to debunk the data and knowledge as biased and false, the article stays on-line to push BTC into the local weather sinner nook.
One of many main Bitcoin environmentalists and researchers, Daniel Batten, has distinguished New York Occasions piece and knowledge to the purpose revealing that the article lacks any journalistic integrity. As Batten mentioned at size on Twitter, the mainstream publication solely chosen knowledge that match his “Bitcoin is unhealthy” leitmotif.
It must be famous that this isn’t the primary time that Bitcoin and the cryptocurrency group have been outraged by The New York Occasions. The publication was closely criticized late final yr for publishing a “breathless love letter” to Sam Bankman-Fried, despite the fact that his billion-dollar fraud had lengthy been uncovered.
Bitcoin activist hits report
To the house owners of the Bitcoin mining trade, it’s apparent at first look that the NY Occasions article can’t be trusted. The NY Occasions desk of prime BTC miners is very inaccurate, as reported by Batten after amassing precise knowledge over 8 months.
In keeping with Batten, the NY Occasions article overestimates emissions from mining corporations Riot, Atlas, Cipher Mining, US Bitcoin Corp., Rhodium and Bitdeer by a mean of 81.7%. Additionally, there may be ample proof that the NY Occasions has collected quite a lot of knowledge to assist its thesis.
For instance, there are at present 26 mining corporations within the US and Canada that use greater than 90% sustainable power. Of those, the NY Occasions included solely two (Cleanspark and Terawulf) in its knowledge. In these two, the reporters targeted on the least renewable power websites and ignored essentially the most renewable ones.
“It is like the start: cherry-picking together with cherry-picking,” mentioned Batten, who additionally says “the article is filled with these violations of true goal reporting.”
As well as, Batten accuses the publication of not saying something optimistic in regards to the “demand response program”, during which Bitcoin miners play a vital function for community operators, as a result of they will shortly cut back power consumption within the occasion of community instability. Batten says:
The NY Occasions article tries to present the impression that Bitcoin miners are costing residents cash by decreasing demand response income. Whatever the context, their angle is designed to create ethical outrage about what is critical for the soundness of the community.
However that is not all. In keeping with Batten, there are a complete of 9 indicators of alleged analysis bias. Amongst them is the truth that accountable individuals within the power trade don’t say their phrase. Previously, they’ve repeatedly acknowledged that BTC Mining promotes the event of renewable power and stabilizes the grid.
GOVERNOR OF TEXAS: “#Bitcoin mining is nice for the community. pic.twitter.com/WgFQPg6Xtj
— Dennis Porter (@Dennis_Porter_) in 2022 November 27
“There isn’t a goal profit to the buyer and the renewable power operator of a minimal worth for all variable renewables to permit for a quicker enlargement of renewables (as ERCOT > 4% p.a. from 2021).” added.
Additionally, there isn’t any goal reference to earlier reviews (together with CNBC) about how BTC mining stabilized networks throughout winter storms. No knowledge from the operators of the Lancium and ERCOT networks confirming this has been discovered anyplace.
Nor can goal proof be discovered that BTC mining has an financial incentive to be a non-competing shopper of electrical energy.
The CEO of mining firm Riot Platforms echoed Batten’s criticism. Vice President Pierre Rochard challenged the New York Occasions to determine misinformation about his firm in an article.
In keeping with the NY Occasions, Riot’s mining operation in Rockdale, Texas makes use of about the identical quantity of electrical energy as one other 300,000 properties, “making it essentially the most electricity-intensive Bitcoin mining operation in America.”
Rochard known as on the NY Occasions to launch the methodology and modeling to disclose how the information was calculated.
The NYTimes did not hassle to fact-check its first sentence #Bitcoin mining article.
They do not care about their credibility, they simply wish to trick their readers into believing a lie. https://t.co/06lpNjRiGg
— Pierre Rochard (@BitcoinPierre) in 2023 April 10
As reported by , Daniel Batten lately printed a brand new research that claims that the principle power supply for BTC mining is hydropower, which accounts for 23% of the overall power. From 2020 month of January. fossil fuels decreased by a complete of 6.2% per yr. General, Bitcoin is essentially the most sustainable trade on this planet.
At press time, Bitcoin was buying and selling at $28,282 with consolidation nonetheless under the important thing resistance zone at $28,600.
Theme picture from iStock, chart from TradingView.com
