Riot Platforms has responded to complaints from The New York Occasions relating to its crypto-mining practices, as famous in an April 10 assertion.
Riot disputes energy consumption claims
On April 9, the New York Occasions printed an article titled “The True Value of the Digital Race for Bitcoin,” which describes the actions of 34 US Bitcoin mining corporations.
On this article, Riot was named the largest of those operations. The NYT alleged that Riot used 450MW of electrical energy, 96% of which got here from fossil fuels, and stated the corporate produced 1.9 million tons of CO2 emissions per yr.
Riot responded by stating that it makes use of energy from the Texas electrical grid, which is predicated on 24% wind energy, 10% nuclear energy and 4% solar energy. Moreover, Riot stated it operates in rural areas the place wind and photo voltaic are “plentiful and in any other case wasted” throughout off-peak hours and takes benefit of this accessible vitality.
Riot claimed that its Bitcoin mining operations “generate no greenhouse gasoline emissions” and as an alternative use vitality like different knowledge facilities.
Moreover, Riot has confronted claims that Bitcoin mining can have an effect on the general vitality market and its costs. Riot alleged that electrical energy costs are rising for causes unrelated to Bitcoin mining, akin to financial coverage, the Russian-Ukrainian battle, and restrictive vitality insurance policies — a time period typically utilized to mining. Biden administration.
Riot then took problem with claims concerning the quantity of financial savings Riot has achieved by collaborating in power-saving packages, claims that such packages hurt vitality availability and costs, and claims concerning the shortage of those packages.
The broader mining business was additionally mentioned
General, Riot stated the NYT article contained a “false and distorted view” of each its personal firm and the crypto mining business typically.
The corporate steered that The New York Occasions ignored the info supplied by Riot and as an alternative opted to make politically motivated statements. He warned that selectively granting electrical entry to events primarily based on their actions is a “harmful path”.
Numerous different members of the crypto group additionally criticized the article by The New York Occasions.
The NYT claims are a part of longstanding criticism of Bitcoin and its vitality consumption. Round 2017, knowledge emerged suggesting that Bitcoin mining makes use of as a lot vitality as some international locations. Though Bitcoin nonetheless makes use of a considerable amount of vitality, round half of Bitcoin mining depends on renewable vitality, in response to some estimates.
Critics relating to energy consumption had been prolonged to NFTs when these belongings turned in style in 2021. Nonetheless, Ethereum, which serves as the premise for many NFTs, halted crypto mining. It not will depend on aggressive vitality utilization to substantiate transactions.
