😞 Business Insider Misinterprets Bitcoin Mining's Real Impact

The Business Insider article on Bitcoin mining presents a sensationalized and misleading view, primarily relying on outdated and debunked soundbites. Here are seven major flaws in their coverage:

1. Misleading Energy Consumption Narrative: The article suggests that Chinese-owned mining operations are a burden on the U.S. energy grid, a view that oversimplifies the issue. Evidence shows that flexible Bitcoin mining actually helps stabilize and decarbonize grids. For example, studies have demonstrated that Bitcoin miners' flexible consumption patterns can contribute positively to grid stability and renewable energy integration.

2. Reliance on Activist Opinions: Instead of consulting experts in energy and mining, the article quotes a Sierra Club activist, who provides a one-sided perspective. This omission ignores substantial evidence, such as statements from ERCOT’s CEO, who has highlighted Bitcoin mining's role in stabilizing the grid.

3. Incorrect Claims on Renewable Energy: The article argues that Bitcoin mining is detrimental to the transition to renewable energy. In reality, Bitcoin mining has been shown to reduce the need for fossil-fuel peaker plants by using excess energy and supporting renewable energy projects during peak production times.

4. Faulty Analysis References: The article cites the NY Times' flawed analysis without acknowledging the many rebuttals and criticisms that challenge its validity. Peer-reviewed research and independent whitepapers offer a more accurate picture of Bitcoin mining’s environmental impact.

5. Outdated Libertarian Narrative: The claim that Bitcoin is primarily a libertarian tool is outdated. Current data shows that Bitcoin has broad political support, with a significant portion of its user base identifying as very liberal, not just libertarian.

6. Misrepresentation of Centralization: The article erroneously states that Bitcoin mining is increasingly centralized. The mining industry remains highly decentralized compared to other sectors, with the top ten mining companies controlling only about 35% of the global hashrate.

7. Baseless Climate Dystopia Claims: The article concludes with speculative fears about Bitcoin mining exacerbating climate issues. This overlooks extensive peer-reviewed research that supports Bitcoin mining’s benefits, including its role in stabilizing grids and advancing renewable energy adoption.

Overall, Business Insider’s coverage fails to engage with the full range of evidence and expert opinions, presenting a skewed and alarmist view of Bitcoin mining. For a more accurate understanding, one must consider the substantial body of research and practical evidence showing Bitcoin mining’s positive impact on energy infrastructure and the environment.

🇯🇵 Japan’s Largest Power Company TEPCO Is Mining Bitcoin

• TEPCO, Japan's largest power company, is mining Bitcoin through its subsidiary Agile Energy X.

• They are using excess renewable energy, primarily from solar and wind farms, that would otherwise go to waste.

• Agile Energy X set up Bitcoin mining rigs near solar farms in Gunma and Tochigi prefectures.

• The initiative helps reduce energy curtailment in Japan’s grid by diverting surplus power to mining.

• Agile Energy's president noted Bitcoin can provide a new revenue stream for green energy producers.

• The project could incentivize further investment in renewable energy to power Bitcoin mining.

⛏️ In the News

• CleanSpark is set to acquire seven Bitcoin mining facilities in Knoxville, Tennessee, for $27.5m, which will add 5 EH/s to its hashrate and boost its 2024 guidance to 37 EH/s by year-end.

• Bitfarms has signed a hosting agreement with Stronghold Digital Mining to deploy 10,000 Bitmain T21 miners at Stronghold's Panther Creek site in Pennsylvania

• Bitcoin mining difficulty hit a record high of 92.67 trillion on September 11, reflecting increased competition and enhanced network security due to rising computing power.

• According to Bernstein, Bitcoin could reach $90,000 by year-end if Donald Trump wins the U.S. election, while a Kamala Harris victory could see it drop to as low as $30,000.

• A solo Bitcoin miner won a $181,000 block reward after successfully mining block 860749.