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In this newsletter, we summarize some of the big events from this week and will continue doing this weekly. Subscribe to get it straight in your inbox.

The Bitcoin ecosystem responded with facts and figures to this misinformation with Troy Cross and Daniel Batten leading the effort with the following response:

Here's what happened in the world of mining this week:

• Riot wrote a public letter to NYT 📨 

• Cleanspark double their hash rate 📈 

• Iris finally installed the expected 5.5 EH/S ✔️ 

• Udi Wertheimer from Taproot Wizards spoke with Alex Thorn 🪄 

NYT Publish Their Anti-Mining Article

The NYT article we mentioned a couple of newsletters ago was published. The article was a master class on how to write a one-sided article, cherry-picking data and pushing a narrative. Thankfully people like Troy Cross and Daniel Batten spent many hours replying to the misinformation and the many people bought into the headline.

The Bitcoin ecosystem responded with facts and figures to this misinformation with Troy Cross and Daniel Batten leading the effort with the following response:

Riot Addressed 6 Points of NYT Distortion

In summary:

• NYT compared Bitcoin mining data center electricity usage to people's homes, which is an arbitrary and inflammatory comparison.

• NYT singled out Bitcoin mining for political reasons and did not compare it to other industries that use much more electricity and generate more pollution.

• NYT falsely claimed that Bitcoin mining causes higher electricity bills and enormous carbon pollution.

• Bitcoin mining does not emit pollutants and can actually decrease electricity bills by purchasing power at off-peak times and participating in demand response programs.

• NYT mischaracterized Bitcoin mining companies' participation in energy load management programs and how they earn money from them.

• NYT selectively reported on the job creation and economic benefits of Bitcoin mining and ignored examples like Riot, which employs hundreds of full-time employees, uses local contractors and is the largest taxpayer in its county and school district.

• NYT made baseless claims about Bitcoin mining's use of renewable energy and ignored the fact that miners make commitments to purchase renewable energy.

• NYT provided inaccurate information about potential fees for Bitcoin mining companies like Riot and did not acknowledge the company's explanation of the situation.

To read in full:

Cleanspark Bought 149 MUSD of ASICs 🌟 

• CLSK acquired 25k ASICS in August, and 20k units in September.

• The agreement is for 45k XP’s at $23/TH - which is a great price.

• 150MW expansion in Sanderville, Georgia

  • Substantial capacity is needed to energize the site.

  • They are currently hashing at the site but will need a chance to build out rack space.

• The company previously bought 20k machines in February.

  • These machines are fully paid for and headed to their WA site.

• Projected hash rate is 15 EH/s by the end of the year.

IRIS Installs 5.5 EH/s in Hash Rate

• Iris Energy recently announced that it had installed 5.5 EH/s of mining capacity across its facilities.

• Iris Energy is committed to using 100% renewable energy for its cryptocurrency mining operations by sating that they "actively contribute to the transition to renewable energy while creating a sustainable future for the cryptocurrency mining industry."

• The company entered into PPAs with renewable energy providers to ensure that its mining operations are powered by renewable sources and has developed its own solar power facilities with plans to expand its capacity in the future.

Alex Thorn Spoke with Udi Wertheimer about Taproot and Ordinals 🪄 

• Alex Thorn talks with Udi Wertheimer, longtime Bitcoin advocate, and critic about Taproot Wizards, the Bitcoin ordinal project that mined the largest block in Bitcoin history.

• Wertheimer has criticized the use of ordinals as being confusing and potentially harmful to the Bitcoin ecosystem.

  • He argues that the use of ordinals can create a false sense of authority or hierarchy within the Bitcoin development community, which goes against the decentralized nature of the network.

• However, it is worth noting that the use of ordinals has been a longstanding practice in Bitcoin's development process, and it has not caused any significant issues or controversies thus far.

• Ultimately, the Bitcoin community will need to weigh the potential benefits and drawbacks of using ordinals in its development process and make decisions accordingly.