A report has appeared in the New York Times that shows the high environmental costs of mining Bitcoin. The company “Riot Platforms” contradicts these statements and posts a video that is supposed to prove: Mining does not generate CO₂. Many observers shake their heads, but crypto fans are cheering, hoping for big profits.
This is the situation:
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The company accuses the newspaper of drawing a “wrong and twisted” picture
What is wrong with the company? The company “Riot Platforms” (market value: $2 billion) is bothered by an article in the New York Times from April 9: “The real-world costs of the digital race for Bitcoin.” (via nyt)
The company says: During a new banking crisis, Bitcoin is the much-needed alternative to store value. Mining would also bring jobs and taxes, especially in rural areas. That’s why one is so disappointed to see a “wrong and twisted” view of one’s own company and the industry (via riot).
“To be clear, our bitcoin mining operations do not generate greenhouse gases, nor do any other Facebook, Amazon or Google data centers – but we have been singled out. Our data centers use electricity directly from the Texas grid, which is the cleanest grid with the most renewable energy in the entire United States.”
Furthermore, the New York Times is accused of having a vested interest in denigrating cryptocurrencies. They would be against the “decentralization of authority.” The author is certainly politically motivated.
The Times wrote: Riot uses 96% fossil energy. The Texas power grid is about 24% wind, 10% nuclear, and 4% solar. In addition, they only operate in rural areas where there is an extreme amount of wind and water – otherwise the energy would be wasted.
Riot leaves out
Video aims to prove that Bitcoin does not produce greenhouse gases
What is the absurd result? In order to prove that Bitcoin mining does not cause any emissions, a video was actually published in which a man with a measuring device roams outdoors in Texas and measures the CO₂ value there. Everything is green there.
Then he goes into the server room, measures the CO₂ value there too and says: Everything is okay here too.
Clear proof that mining does not cause CO₂.
How are the reactions? On the PC Gamer page, the author repeatedly wonders if the company is serious about the video or is it 9 days late with the April 1st gag.
The CO₂ value would have to be measured at the plants that generate the electricity that drive this huge Bitcoin farm and not the values on site.
The man in the video seems to think that crypto mining is as practical as a car and you can measure the amount of pollutants that come out by looking at the exhaust pipe. If there’s nothing there, then the whole process has to be clean. But crypto mining is plugged into a power grid and doesn’t run on its own.
Under the video, many commented, apparently stunned:
How do crypto bros react? Cheers erupt under Riot’s tweet about how wrong they find the New York Times article. There are many active on Twitter who have invested in cryptocurrencies and expect to make a profit:
In fact, Riot Platforms stock is up 102% over the past month.
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