{"id":486953,"date":"2022-03-26T12:01:32","date_gmt":"2022-03-26T12:01:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=486953"},"modified":"2024-06-11T11:54:52","modified_gmt":"2024-06-11T11:54:52","slug":"malice-or-ignorance-the-new-york-times-keeps-printing-lies-about-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/malice-or-ignorance-the-new-york-times-keeps-printing-lies-about-bitcoin-mining\/","title":{"rendered":"Malice Or Ignorance? The New York Times Keeps Printing Lies About Bitcoin Mining"},"content":{"rendered":"

The New York Times\u2019 campaign against bitcoin rages on. Even though this time they had the perfect opportunity to write a balanced article, they didn\u2019t. The author reports one positive bitcoin mining story after another, while keeping a snooty attitude and suggesting it\u2019s all a PR move. The title summarizes the New York Times\u2019 stance, \u201c<\/span>Bitcoin Miners Want to Recast Themselves as Eco-Friendly<\/span><\/a>.\u201d<\/span><\/p>\n

Related Reading | Valkyrie Bitcoin Mining ETF \u201cWGMI\u201d Approved For Nasdaq Listing<\/a><\/strong><\/em><\/p>\n

Before we get into it, a quick story. The foremost expert in bitcoin\u2019s energy consumption, Nic Carter, published <\/span>an exhaustive report on mining<\/span><\/a>. Among other things, it contained hard data that showed to what extent China was mining using hydropower energy. Mainstream media largely ignored it. The party line was that we couldn\u2019t trust China\u2019s statistics. And, that China was probably burning cole.\u00a0<\/span><\/p>\n

Fast forward to last month. China banned bitcoin mining a while ago and bitcoin\u2019s hashrate relocated, recovered, while the network functioned perfectly throughout. Most of China\u2019s mining industry relocated to green energy-abundant countries. What did the New York Times post? An article called \u201c<\/span>China Banished Cryptocurrencies<\/span><\/a>. Now, \u2018Mining\u2019 Is Even Dirtier,\u201d that claims that Chinese miners were using hydropower energy and thus used cleaner energy.<\/span><\/p>\n

That\u2019s the level of propaganda we\u2019re dealing with.<\/span><\/p>\n

What Did The New York Times Say About Bitcoin Mining This Time?<\/span><\/h2>\n

The article starts by featuring Argo Blockchain, the company is building a new facility that \u201cwould be fueled mostly by wind and solar energy.\u201d They even quote Peter Wall, Argo CEO, saying. \u201cThis is Bitcoin mining nirvana. You look off into the distance and you\u2019ve got your renewable power.\u201d What could be wrong with that?<\/span><\/p>\n

Two paragraphs later, the New York Times starts pushing lies and embarrassing numbers:\u00a0<\/span><\/p>\n

\u201cA single Bitcoin transaction now requires more than 2,000 kilowatt-hours of electricity, or enough energy to power the average American household for 73 days, researchers estimate.\u201d<\/span><\/p><\/blockquote>\n

Of course, those ridiculous claims come from Digiconomist, a widely debunked researcher who happens to be an employee of the Dutch Central Bank. And then, they blatantly quote the malicious study mentioned in the intro.\u00a0<\/span><\/p>\n

\u201cThe Bitcoin network\u2019s use of green energy sources also dropped to an average of 25 percent in August 2021 from 42 percent in 2020. (The industry has argued that its average renewable use is closer to 60 percent.) That\u2019s partly a result of China\u2019s crackdown, which cut off a source of cheap hydropower.\u201d<\/span><\/p><\/blockquote>\n

And quote Alex de Vries, one of the study\u2019s authors, being completely off the mark. \u201cWhat a miner is going to do if they want to maximize the profit is put their machine wherever it can run the entire day.\u201d WHAT? To maximize profit, a miner is going to find the cheapest source of energy possible. Energy is their biggest cost. The cheapest source possible is energy that\u2019s currently being wasted. That\u2019s the situation.<\/span><\/p>\n

\"BTCUSD<\/p>\n

BTC price chart for 03\/26\/2022 on Forex.com | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
More Feel-Good Stories Framed As Bad News<\/span><\/h2>\n
The New York Times even quotes Paul Prager, TeraWulf CEO, saying \u201cEveryone I talk to now is talking about carbon neutrality. The language has absolutely changed.\u201d And then, the newspaper spreads the good news.<\/span><\/p>\n
\u201cTeraWulf, has pledged to run cryptocurrency mines using more than 90 percent zero-carbon energy. It has two projects in the works \u2014 a retired coal plant in upstate New York fueled by hydropower, and a nuclear-powered facility in Pennsylvania.\u201d<\/span><\/p><\/blockquote>\n
None of these stories are celebrated. Remember the article\u2019s title, they are cynically presented as PR stunts. Then, it\u00b4s time for Sangha Systems, who \u201crepurposed an old steel mill in the town of Hennepin. Sangha is run by a former lawyer, Spencer Marr, who says he founded the company to promote clean energy. But about half the Hennepin operation\u2019s power comes from fossil fuels.\u201d<\/span><\/p>\n
The New York Times Closes The Loop<\/h2>\n
That\u2019s the worst example that the New York Times could find. A person who \u201cfounded the company to promote clean energy\u201d but had to make a compromise to start his business. To close the article, the author brings us back to Argo Blockchain and tries to pull something similar. Apparently, the CEO \u201ccan\u2019t guarantee that Argo\u2019s new center will have no carbon footprint. That would require bypassing the grid and buying energy directly from a renewable power company.\u201d<\/span><\/p>\n
Related Reading | Biden Loves Intel\u2019s Plan To Produce Semiconductors. What About Bitcoin Mining?<\/a><\/strong><\/em><\/p>\n
And then, they quote him again. \u201cA lot of those renewable energy producers are still a little bit skeptical of cryptocurrency. The crypto miners don\u2019t have the credit profiles to sign 10- or 15-year deals.\u201d<\/span><\/p>\n
So, Argo is really trying but it\u2019s not possible at the moment for understandable reasons. And the whole industry is moving to a greener path because the incentives are aligned that way. Got it, New York Times. Got it.<\/span><\/p>\n
Featured Image by tacskooo<\/a> on Pixabay | Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
The New York Times\u2019 campaign against bitcoin rages on. Even though this time they had the perfect opportunity to write a balanced article, they didn\u2019t. The author reports one positive bitcoin mining story after another, while keeping a snooty attitude and suggesting it\u2019s all a PR move. The title summarizes the New York Times\u2019 stance, \u201cBitcoin Miners Want to Recast Themselves as Eco-Friendly.\u201d Related Reading | Valkyrie Bitcoin Mining ETF \u201cWGMI\u201d Approved For Nasdaq Listing Before we get into it, a quick story. The foremost expert in bitcoin\u2019s energy consumption, Nic Carter, published an exhaustive report on mining. Among other things, it contained hard data that showed to what extent China was mining using hydropower energy. Mainstream media largely ignored it. The party line was that we couldn\u2019t trust China\u2019s statistics. And, that China was probably burning cole.\u00a0 Fast forward to last month. China banned bitcoin mining a while ago and bitcoin\u2019s hashrate relocated, recovered, while the network functioned perfectly throughout. Most of China\u2019s mining industry relocated to green energy-abundant countries. What did the New York Times post? An article called \u201cChina Banished Cryptocurrencies. Now, \u2018Mining\u2019 Is Even Dirtier,\u201d that claims that Chinese miners were using hydropower energy and thus used cleaner energy. That\u2019s the level of propaganda we\u2019re dealing with. What Did The New York Times Say About Bitcoin Mining This Time? The article starts by featuring Argo Blockchain, the company is building a new facility that \u201cwould be fueled mostly by wind and solar energy.\u201d They even quote Peter Wall, Argo CEO, saying. \u201cThis is Bitcoin mining nirvana. You look off into the distance and you\u2019ve got your renewable power.\u201d What could be wrong with that? Two paragraphs later, the New York Times starts pushing lies and embarrassing numbers:\u00a0 \u201cA single Bitcoin transaction now requires more than 2,000 kilowatt-hours of electricity, or enough energy to power the average American household for 73 days, researchers estimate.\u201d Of course, those ridiculous claims come from Digiconomist, a widely debunked researcher who happens to be an employee of the Dutch Central Bank. And then, they blatantly quote the malicious study mentioned in the intro.\u00a0 \u201cThe Bitcoin network\u2019s use of green energy sources also dropped to an average of 25 percent in August 2021 from 42 percent in 2020. (The industry has argued that its average renewable use is closer to 60 percent.) That\u2019s partly a result of China\u2019s crackdown, which cut off a source of cheap hydropower.\u201d And quote Alex de Vries, one of the study\u2019s authors, being completely off the mark. \u201cWhat a miner is going to do if they want to maximize the profit is put their machine wherever it can run the entire day.\u201d WHAT? To maximize profit, a miner is going to find the cheapest source of energy possible. Energy is their biggest cost. The cheapest source possible is energy that\u2019s currently being wasted. That\u2019s the situation. BTC price chart for 03\/26\/2022 on Forex.com | Source: BTC\/USD on TradingView.com More Feel-Good Stories Framed As Bad News The New York Times even quotes Paul Prager, TeraWulf CEO, saying \u201cEveryone I talk to now is talking about carbon neutrality. The language has absolutely changed.\u201d And then, the newspaper spreads the good news. \u201cTeraWulf, has pledged to run cryptocurrency mines using more than 90 percent zero-carbon energy. It has two projects in the works \u2014 a retired coal plant in upstate New York fueled by hydropower, and a nuclear-powered facility in Pennsylvania.\u201d None of these stories are celebrated. Remember the article\u2019s title, they are cynically presented as PR stunts. Then, it\u00b4s time for Sangha Systems, who \u201crepurposed an old steel mill in the town of Hennepin. Sangha is run by a former lawyer, Spencer Marr, who says he founded the company to promote clean energy. But about half the Hennepin operation\u2019s power comes from fossil fuels.\u201d The New York Times Closes The Loop That\u2019s the worst example that the New York Times could find. A person who \u201cfounded the company to promote clean energy\u201d but had to make a compromise to start his business. To close the article, the author brings us back to Argo Blockchain and tries to pull something similar. Apparently, the CEO \u201ccan\u2019t guarantee that Argo\u2019s new center will have no carbon footprint. That would require bypassing the grid and buying energy directly from a renewable power company.\u201d Related Reading | Biden Loves Intel\u2019s Plan To Produce Semiconductors. What About Bitcoin Mining? And then, they quote him again. \u201cA lot of those renewable energy producers are still a little bit skeptical of cryptocurrency. The crypto miners don\u2019t have the credit profiles to sign 10- or 15-year deals.\u201d So, Argo is really trying but it\u2019s not possible at the moment for understandable reasons. And the whole industry is moving to a greener path because the incentives are aligned that way. Got it, New York Times. Got it. Featured Image by tacskooo on Pixabay | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":486954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,85619],"tags":[14434,14920,85728,640,85724,1310,84247,85165,85720,7897,85727,2990,14985,41635,85722,85721,3538,85156,85725,85726,85723],"class_list":["post-486953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-global-news","tag-alex-de-vries","tag-argo-blockchain","tag-attacks-on-bitcoin","tag-bitcoin-mining","tag-carbon-neutrality","tag-china","tag-china-mining-ban","tag-digiconomist","tag-hydropower-energy","tag-mainstream-media","tag-mainstream-media-attacks-on-bitcoin","tag-mining","tag-new-york-times","tag-nic-carter","tag-paul-prager","tag-peter-wall","tag-proof-of-work","tag-proof-of-work-mining-is-a-net-positive-for-the-planet","tag-sangha-systems","tag-spencer-marr","tag-terawulf"],"acf":[],"yoast_head":"\nMalice Or Ignorance? 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