Riot Platforms responds to NYT article on Bitcoin mining
Riot Platforms new york times for that matter crypto mining practice, as seen in the statement on April 10th.
Riots challenge claims of energy use
On April 9th, The New York Times published an article titled “Real World Costs of Bitcoin’s Digital Race”.
In that article, the riot was named the largest of those operations. The NYT said Riot uses 450 MW of his electricity, 96% of which he claims comes from fossil fuels, emitting 1.9 million tons of CO2 annually.
Riot responded that it uses electricity from the Texas grid, which relies on 24% wind energy, 10% nuclear energy, and 4% solar energy. Additionally, Riot said it is tapping into available energy by operating in rural areas where wind and solar are “abundant or otherwise wasted” during off-peak hours.
Riot claimed that its bitcoin mining operation “does not generate any greenhouse gas emissions” and instead uses energy like any other data center.
Additionally, Riot faced claims that Bitcoin mining could impact the entire energy market and its prices. The rioters claimed that electricity prices were rising for reasons unrelated to Bitcoin mining, including monetary policy, the Russia-Ukraine conflict, and restrictive energy policies. It’s a term often applied to the Biden administration.
Riot further disclaims allegations of savings derived from participation in energy-saving programs, allegations that those programs harm energy availability and prices, and allegations that such programs are infrequent. I objected.
Also discussed broader mining
Overall, Riot said the NYT article contained a “false and distorted view” of both the company and the crypto mining industry.
The company proposed new york times Ignored the data provided by Riot and instead opted for politically motivated claims. It warns that selectively granting electrical access to parties based on activity is a “dangerous path.”
Various other members of the crypto community have also criticized the article, saying: new york times.
The NYT’s allegations are part of a longstanding criticism of Bitcoin and its energy use. Around 2017, data emerged that suggested Bitcoin mining was using as much energy as certain countries. Bitcoin still uses a lot of energy, but by some estimates, about half of Bitcoin mining relies on renewable energy.
Criticism of energy use has also been extended to NFTs with these assets popularized in 2021. However, Ethereum, which serves as the foundation for most NFTs, has stopped mining cryptocurrencies. We no longer rely on competitive energy usage to confirm transactions.