Dennis Porter Throws Shots at NYT Over Bitcoin Mining Report

Dennis Porter Calls Out New York Times For Fake Bitcoin Mining Statistics

CEO of the Satoshi Act Fund Dennis Porter has criticized a recent New York Times (NYT) report on Bitcoin mining. He is one of the many Bitcoin proponents that see this article as overemphasizing the industry’s carbon emissions. According to most Bitcoin advocates, the article neglects important facts about mining. The most important information that the NYT article failed to include is the statistics on renewable energy usage. The article, “The Real-World Costs of the Digital Race for Bitcoin,” sparked debate on Twitter. Some users, including Porter, accused the publication of hand-picking the data.

Following Porter’s tweet, Daniel Batten, a Bitcoin ESG analyst, tweeted his take on the situation. He identified two instances where the article allegedly hand-picked the data. In these two instances, Batten claims that NYT overlooked the growing use of renewable energy in Bitcoin mining. Batten claimed the NYT article tampered with the statistics they provided in the article. As such, NYT allegedly inflated the actual fossil fuel consumption of Bitcoin miners by an average of 81.7%. He believes that the report was based on incomplete datasets, hence the incorrect conclusion.

Additionally, the Bitcoin ESG analyst highlighted some statistics he believes NYT could use. He stated that 26 major Bitcoin miners in North America use 90% sustainable energy to power their mining farms. Nevertheless, the NYT article focused on just two mining sites. Moreover, both of these sites have the lowest renewable energy backing. This portrays an inaccurate image of Bitcoin mining and its energy source.

Several other Bitcoin advocates raised their voices to defend Bitcoin. Troy Cross and Pierre Rochard are among them. Rochard also accused NYT of fabricating the data, stating that NYT was “cooking the books to fabricate emissions” so that they could target Bitcoin.

Bitcoin Mining Council’s Report On Bitcoin’s Sustainable Energy Usage

The amount of energy the Bitcoin network consumes is no secret. It is an established fact that the energy used by the Bitcoin network is equivalent to the amount of energy some small countries spend. However, this does not mean that the Bitcoin network is harming the environment. As this topic is still being debated, the Bitcoin Mining Council released a report last year that shocked everyone. According to the Bitcoin Mining Council report for Q4 2022, over 58% of the energy the Bitcoin network uses comes from renewable sources. This makes the Bitcoin network a leader in sustainable energy usage.

Next time when major news agencies such as the New York Times releases a report on Bitcoin, they should take into consideration many other factors as well. The magazine did not take into account the amount of “green,” sustainable energy the network uses, leading to a misleading conclusion. Of course, the Bitcoin community raised its voice and corrected the magazine using facts and statistics.

Global BTC Sustainable Energy Usage Versus Countries

Global BTC Mining vs. Countries Sustainable Energy Usage. Source: Bitcoin Mining Council