Riot Inc Disputes New York Times’ Claims on Bitcoin Mining

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Jeff Horseman
Jeff Horseman
Jeff Horseman got into journalism because he liked to write and stunk at math. He grew up in Vermont and he honed his interviewing skills as a supermarket cashier by asking Bernie Sanders “Paper or plastic?” After graduating from Syracuse University in 1999, Jeff began his journalistic odyssey at The Watertown Daily Times in upstate New York, where he impressed then-U.S. Senate candidate Hillary Clinton so much she called him “John” at the end of an interview. From there, he went to Annapolis, Maryland, where he covered city, county and state government at The Capital newspaper. Today, Jeff writes about anything and everything. Along the way, Jeff has covered wildfires, a tropical storm, 9/11 and the Dec. 2 terror attack in San Bernardino. If you have a question or story idea about politics or the inner workings of government, please let Jeff know. He’ll do his best to answer, even if it involves a little math.
  • Riot Platform denies Bitcoin mining contributes to environmental pollution.
  • New York Times claimed Riot Inc uses as much electricity as 300,000 households.
  • Over 50% of Bitcoin mining uses environmentally friendly energy.

Riot Platform, a significant player in the Bitcoin (BTC) mining industry, has recently refuted claims that BTC mining contributes significantly to environmental pollution and exploits power grids to generate profits.

Consequently, these reports come after the New York Times article claimed that Riot Inc uses a large amount of electricity in mining cryptocurrency. According to the data in the article, the Texas-based platform uses as much electricity as 300,000 households use in the city.

The New York Times Article reported that Riot Inc ranks as the top electricity consumer among 30 crypto-mining industries. Specifically, Riot utilizes approximately 450 megawatts, releasing around 1.9 million tons of carbon emissions.

Riot Company’s reports assert that Bitcoin mining has no adverse environmental effects. Also, Riot claims that its data centre draws power from the Texas power grid, which they consider the cleanest and most renewable energy-sourced grid in the US.

As per the research conducted independently on renewable energy production, the percentage of Texas’s energy consumption that comes from renewable sources is merely 26%. Additionally, this is because Texas also produces significant energy from fossil fuels. South Dakota is the state that creates most of its own green power, accounting for 83% of the total.

In response to the aforementioned news, Riot Company denied the report’s validity, stating it was not genuine. Furthermore, the company claims to release reports that were politically motivated, intending to serve particular interests.

The price of Bitcoin has surged recently, causing Riot Inc shares to experience a significant increase of approximately 4%. Correspondingly, this rise in the value of Bitcoin has had a direct impact on the share prices of Riot Inc.

The Reality of Bitcoin Mining and Energy Usage

In 2017, the academicians at Cambridge University established Cambridge Bitcoin Power Consumption Index (CBECI). This index analyzed the amount of power consumed for Bitcoin mining in each country. However, the proportion of energy from renewable sources doesn’t require for the calculation.

Since it requires a lot of energy, Bitcoin has been criticized for many years. Moreover, the research conducted by ESG expert and investor Daniel Batten, more than 50% of the Bitcoin mining process are using environmentally friendly energy.

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