Crypto Space Hit Back at New York Times for Attack on Bitcoin Mining

BTC Mining Allegedly Cost Miners $3,226 Losses on Average
  1. Many crypto supporters criticized the New York Times for its article against bitcoin mining.
  2. Riot Platforms replied to the post, saying that it has zero carbon emissions.
  3. The largest bitcoin mining operations are in US followed by Russia.

The New York Times (NYT) is quickly becoming a villain in the sight of crypto fans due to its latest critique on bitcoin mining. The article, they believe, is biased at best, and malicious at worst.

In fact, some are now questioning the popular media’s journalistic integrity.

Riot Platforms was specifically mentioned in the article, and is dubbed the one behind the “most power-intensive Bitcoin mining operation in America.” This only took into account the bitcoin mining firm’s operations in Rockdale, TX.

To this, Riot responded with a video saying that it has zero carbon emissions.

By and large, many people claimed that the main issue with the article lies in NYT weaponizing contracts to halt their operations and get paid millions’ worth of dollars by power grids for doing so.

The article wrote:

“[Bitcoin mining firms] can avoid fees charged during peak demand, resell their electricity at a premium when prices spike, and even be paid for offering to turn off. Other major energy users, like factories and hospitals, cannot reduce their power use as routinely or dramatically without severe consequences.”

The largest bitcoin mining firms are based in the US, followed by Russia. 

Recently, Greenpeace USA launched a campaign to change Bitcoin’s protocol from power-hungry Proof of Work (PoW) to Proof of Stake (PoS). However, the campaign has little chance of success because Bitcoin supporters prefer to keep the protocol the way it is.

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.