Bitcoin mining has always been a topic of concern among environmentalists. There is very little awareness regarding the subject, and it’s safe to say that most people think all it does is harm the environment. The mainstream media and popular channels take advantage of this, create propaganda and keep lying about Bitcoin mining. They don’t care about statistics or any other report presented by the community regarding the subject. All they do is speculate on what they want to write.
The Story of one popular media house
One of the most ignorant towards Bitcoin mining has been the New York Times. When the mining industry was active in China, and a report was published that the miner there used hydropower, it was rejected by the media house. The reason was China can’t be trusted, and they were probably using coal there. Fast forward a few months when China banned Bitcoin mining and miners moved to the US and other nations, the same media house claims that Bitcoin mining is even worse now. Reason? Because China used hydropower which isn’t the case now.
This clearly shows that the media house is not trying to educate its readers or even present a viewpoint because even their own messages contradict each other. Recently, they went on to bash Bitcoin mining without any apparent reason. They mentioned stats like 1 bitcoin transaction uses 2,000 KW-hr electricity, which can power an American household for 73 days which is not a right claim.
It was also mentioned that to make the most profits; miners need to keep their devices running all the time. And if needed, they could use non-renewable sources of energy. However, the fact that energy consumption is the significant cost of mining and non-renewable sources are more expensive than renewable ones was ignored.
What should you know?
It’s not just the New York Times; you can always find more media houses doing the same thing. The only way not to fall prey to such propaganda is to reconfirm every stat you read from multiple places. Also, if you want to know about a topic (let’s say BTC mining), do thorough research on it rather than reading a news article and making up your mind.
What are your thoughts as the media keep lying about Bitcoin mining? And when do you think this will stop? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bank of England is working on crypto regulations, says reports.
