{"id":476794,"date":"2021-11-19T04:09:37","date_gmt":"2021-11-19T04:09:37","guid":{"rendered":"https:\/\/wncen.com\/?p=476794"},"modified":"2024-06-11T11:24:17","modified_gmt":"2024-06-11T11:24:17","slug":"lessons-from-reasons-the-fake-environmentalist-attack-on-bitcoin-mini-doc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/lessons-from-reasons-the-fake-environmentalist-attack-on-bitcoin-mini-doc\/","title":{"rendered":"Lessons From Reason\u2019s \u201cThe Fake Environmentalist Attack on Bitcoin\u201d Mini-Doc"},"content":{"rendered":"

Phenomenal piece by Reason Magazine. We at NewsBTC have been countering the Bitcoin-is-bad-for-the-environment narrative for a while now. Now, we have a new tool. A short and sweet documentary that rests on a devastating premise. \u201cSuch environmentalist attacks on bitcoin are best understood as a strategy by economic, media, and political elites to undermine a powerful new form of money that they can’t control.\u201d Boom! That\u2019s exactly what\u2019s happening.<\/span><\/p>\n

Related Reading | Bitcoin Mining Vs. The World: BTC Leads Sustainable Energy<\/a><\/strong><\/em><\/p>\n

Let\u2019s explore the idea further, but first, let\u2019s let Reason Magazine define who they are and what they stand for:<\/span><\/p>\n

\u201cReason is the planet’s leading source of news, politics, and culture from a libertarian perspective. Go to reason.com for a point of view you won’t get from legacy media and old left-right opinion magazines.\u201d<\/span><\/p><\/blockquote>\n

You\u2019ve been warned. This is the perspective you\u2019ll get from this article and from \u201cThe Fake Environmentalist Attack on Bitcoin\u201d Mini-Doc:<\/span><\/p>\n

<\/iframe><\/div>\n

The mini-documentary starts with the filthy propaganda the state usually serves:<\/span><\/p>\n

\u201cCryptocurrencies like bitcoin are terrible for the environment,” declares Sen. Elizabeth Warren (D-Mass.). “It’s an extremely inefficient way of conducting transactions,” pronounces former Federal Reserve Chair and current Treasury Secretary Janet Yellen. “It’s a way to both hide dirty money and destroy the environment at the same time,” says Daily Show host Trevor Noah.<\/span><\/p><\/blockquote>\n

Reason Magazine Summarizes The Government\u2019s Perspective<\/span><\/h2>\n

Then, Elizabeth Warren brings up the most ridiculously flamboyant stat ever uttered. According to the Senator, a single Bitcoin transaction uses the same amount of energy that an average house uses in 53 days. WHAT? Couldn\u2019t these government people control themselves and provide a more plausible number? Do people actually believe these made-up stats? Apparently, <\/span>they do<\/span><\/a>, as the Discord story proves.\u00a0<\/span><\/p>\n

\u201cDiscord\u2019s founder and CEO Jason Citron hinted at possible integration with the Ethereum ecosystem, with NFTs, and with the incoming Web3. And all hell broke loose. <\/span>
\n<\/span>Discord fanatics spammed Citron\u2019s replies and canceled their subscriptions to their Nitro premium service. Discord\u2019s own employees took to social media to express their discomfort. Video game culture influencers rallied the masses and gathered hundreds of Likes and Retweets. What were their reasons? Environmental concerns.\u201d<\/span><\/p><\/blockquote>\n

Back to Reason\u2019s documentary, Bitcoin spokesperson Nic Carter dismantles the government\u2019s techniques. They establish an exaggerated per transaction cost, and then \u201cextrapolate Bitcoin\u2019s transactional load to hundreds of billions per year.\u201d They\u2019re not dumb, they know that \u201cThe electricity consumed by mining isn\u2019t used to power individual transactions.\u201d However, the average citizen doesn\u2019t. Nic Carter closes with, \u201cBitcoin\u2019s transactions and Bitcoin\u2019s energy use are not really correlated.\u201d<\/span><\/p>\n

They aren\u2019t. Bitcoin produces one block full of transactions every ten minutes on average. If we reduced the mining to only one machine, Bitcoin would still produce the same amount of blocks in the same amount of minutes.\u00a0<\/span><\/p>\n

\"BTCUSD<\/p>\n

BTC price chart for 11\/19\/2021 on Capital.com | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
The Media Claims Are Outlandish, To Say The Least<\/span><\/h2>\n
The mini-documentary\u2019s host is Nick Gillespie, Reason\u2019s Editor At Large. He admits \u201cThe energy used by Bitcoin mining has increased significantly and it will continue to grow, but the media claims are outlandish.\u201d As an example, he offers this ridiculous 2017 Newsweek article titled \u201c<\/span>Bitcoin Mining on Track to Consume All of the World’s Energy by 2020<\/span><\/a>.\u201d As you might suspect, Newsweek\u2019s prediction didn\u2019t come true.<\/span><\/p>\n
Then, it\u2019s time for some real stats. According to the Cambridge Center for Alternative Finance, Bitcoin consumes \u201cjust over a hundred terawatt-hours per year.\u201d That\u2019s 117.02, to be exact. That\u2019s on the high end of the spectrum of <\/span>Nick Hansen\u2019s estimations<\/span><\/a>. According to him, \u201cmost likely, the Bitcoin network is between 4.2 and 14.2 Gigawatts\u201d per hour. If the network consumed the full 14.2 Gigawatts per hour, that would amount to 124 terawatt-hours per year. However, it’s probably considerably less if Hansen\u2019s stats are right.<\/span><\/p>\n
Pick the number you trust the most, it\u2019s still a worthy investment considering everything Bitcoin offers the world.<\/span><\/p>\n
Critics Tend To Ignore These Facts<\/span><\/h2>\n
Reason defines mining as “the process through which a global network of computers maintains the bitcoin network through computation. Though energy-intensive, this process is what makes bitcoin a truly decentralized monetary system.\u201d And that\u2019s a fact. Proof-Of-Work is essential to decentralization. There is no alternative. A little later, Reason\u2019s Nick Gillespie hits us with another home run, \u201cthe work being carried out by this global computer network is what allows Bitcoin to be controlled by mathematical rules instead of human actors vulnerable to government or corporate control.\u201d<\/span><\/p>\n
Then, the documentary presents another crucial fact, \u201cMiners are incentivized to use energy that would otherwise go to waste.\u201d The Human Rights Foundation\u2019s Alex Gladstein puts it in another way, \u201cBitcoin miners need energy that nobody else wants.\u201d Why? Because it\u2019s cheaper. The incentives are clear as day. <\/span><\/p>\n
After that, Reason brings out the ace under Bitcoin\u2019s sleeve, \u201cIn the Western United States, mobile Bitcoin miners are already running on electricity derived from unused natural gas from oil wells that can\u2019t be captured because there are no pipelines to carry it.\u201d Luckily for the government, Reason doesn\u2019t bring up everything <\/span>Bitcoin mining is doing for the Navajo<\/span><\/a> Nation.<\/span><\/p>\n
Reason Closes It Off With Even More Stats\u00a0<\/span><\/h2>\n
In a questionable move, Reason quotes the Bitcoin Mining Council controversial report. That one puts Bitcoin\u2019s sustainable energy use at around 56%. Let\u2019s quote <\/span>NewsBTC\u2019s report<\/span><\/a> on that number.<\/span><\/p>\n
\u201cThe good news is, there\u2019s data to show that Bitcoin\u2019s \u201cmining electricity mix increased to 56% sustainable in Q2 2021.\u201d Is that data valid? That\u2019s another question altogether. The Bitcoin Mining Council elaborates on the results:<\/span><\/p>\n
The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 67% sustainable power mix.\u201d<\/span><\/p><\/blockquote>\n
Related Reading | Power Ledger Blockchain Firm Signs Deal with Japanese Green Energy Supplier<\/a><\/strong><\/em><\/p>\n
We can say that because, here at NewsBTC, we\u2019re partial to Bitcoin. Was it a good idea for Reason to use it? Maybe not, but notice that they used the conservative 56% figure and not the aspirational 67% one. The magazine knows what it\u2019s doing. That\u2019s why they brought back Nic Carter to close the documentary, \u201cBitcoin is a vote of no confidence in the monetary and financial system that exists today.\u201d<\/span><\/p>\n
That\u2019s exactly what it is. Among other things.<\/span><\/p>\n
Featured Image: Screenshot from the documentary | Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
Phenomenal piece by Reason Magazine. We at NewsBTC have been countering the Bitcoin-is-bad-for-the-environment narrative for a while now. Now, we have a new tool. A short and sweet documentary that rests on a devastating premise. \u201cSuch environmentalist attacks on bitcoin are best understood as a strategy by economic, media, and political elites to undermine a powerful new form of money that they can’t control.\u201d Boom! That\u2019s exactly what\u2019s happening. Related Reading | Bitcoin Mining Vs. The World: BTC Leads Sustainable Energy Let\u2019s explore the idea further, but first, let\u2019s let Reason Magazine define who they are and what they stand for: \u201cReason is the planet’s leading source of news, politics, and culture from a libertarian perspective. Go to reason.com for a point of view you won’t get from legacy media and old left-right opinion magazines.\u201d You\u2019ve been warned. This is the perspective you\u2019ll get from this article and from \u201cThe Fake Environmentalist Attack on Bitcoin\u201d Mini-Doc: The mini-documentary starts with the filthy propaganda the state usually serves: \u201cCryptocurrencies like bitcoin are terrible for the environment,” declares Sen. Elizabeth Warren (D-Mass.). “It’s an extremely inefficient way of conducting transactions,” pronounces former Federal Reserve Chair and current Treasury Secretary Janet Yellen. “It’s a way to both hide dirty money and destroy the environment at the same time,” says Daily Show host Trevor Noah. Reason Magazine Summarizes The Government\u2019s Perspective Then, Elizabeth Warren brings up the most ridiculously flamboyant stat ever uttered. According to the Senator, a single Bitcoin transaction uses the same amount of energy that an average house uses in 53 days. WHAT? Couldn\u2019t these government people control themselves and provide a more plausible number? Do people actually believe these made-up stats? Apparently, they do, as the Discord story proves.\u00a0 \u201cDiscord\u2019s founder and CEO Jason Citron hinted at possible integration with the Ethereum ecosystem, with NFTs, and with the incoming Web3. And all hell broke loose. Discord fanatics spammed Citron\u2019s replies and canceled their subscriptions to their Nitro premium service. Discord\u2019s own employees took to social media to express their discomfort. Video game culture influencers rallied the masses and gathered hundreds of Likes and Retweets. What were their reasons? Environmental concerns.\u201d Back to Reason\u2019s documentary, Bitcoin spokesperson Nic Carter dismantles the government\u2019s techniques. They establish an exaggerated per transaction cost, and then \u201cextrapolate Bitcoin\u2019s transactional load to hundreds of billions per year.\u201d They\u2019re not dumb, they know that \u201cThe electricity consumed by mining isn\u2019t used to power individual transactions.\u201d However, the average citizen doesn\u2019t. Nic Carter closes with, \u201cBitcoin\u2019s transactions and Bitcoin\u2019s energy use are not really correlated.\u201d They aren\u2019t. Bitcoin produces one block full of transactions every ten minutes on average. If we reduced the mining to only one machine, Bitcoin would still produce the same amount of blocks in the same amount of minutes.\u00a0 BTC price chart for 11\/19\/2021 on Capital.com | Source: BTC\/USD on TradingView.com The Media Claims Are Outlandish, To Say The Least The mini-documentary\u2019s host is Nick Gillespie, Reason\u2019s Editor At Large. He admits \u201cThe energy used by Bitcoin mining has increased significantly and it will continue to grow, but the media claims are outlandish.\u201d As an example, he offers this ridiculous 2017 Newsweek article titled \u201cBitcoin Mining on Track to Consume All of the World’s Energy by 2020.\u201d As you might suspect, Newsweek\u2019s prediction didn\u2019t come true. Then, it\u2019s time for some real stats. According to the Cambridge Center for Alternative Finance, Bitcoin consumes \u201cjust over a hundred terawatt-hours per year.\u201d That\u2019s 117.02, to be exact. That\u2019s on the high end of the spectrum of Nick Hansen\u2019s estimations. According to him, \u201cmost likely, the Bitcoin network is between 4.2 and 14.2 Gigawatts\u201d per hour. If the network consumed the full 14.2 Gigawatts per hour, that would amount to 124 terawatt-hours per year. However, it’s probably considerably less if Hansen\u2019s stats are right. Pick the number you trust the most, it\u2019s still a worthy investment considering everything Bitcoin offers the world. Critics Tend To Ignore These Facts Reason defines mining as “the process through which a global network of computers maintains the bitcoin network through computation. Though energy-intensive, this process is what makes bitcoin a truly decentralized monetary system.\u201d And that\u2019s a fact. Proof-Of-Work is essential to decentralization. There is no alternative. A little later, Reason\u2019s Nick Gillespie hits us with another home run, \u201cthe work being carried out by this global computer network is what allows Bitcoin to be controlled by mathematical rules instead of human actors vulnerable to government or corporate control.\u201d Then, the documentary presents another crucial fact, \u201cMiners are incentivized to use energy that would otherwise go to waste.\u201d The Human Rights Foundation\u2019s Alex Gladstein puts it in another way, \u201cBitcoin miners need energy that nobody else wants.\u201d Why? Because it\u2019s cheaper. The incentives are clear as day. After that, Reason brings out the ace under Bitcoin\u2019s sleeve, \u201cIn the Western United States, mobile Bitcoin miners are already running on electricity derived from unused natural gas from oil wells that can\u2019t be captured because there are no pipelines to carry it.\u201d Luckily for the government, Reason doesn\u2019t bring up everything Bitcoin mining is doing for the Navajo Nation. Reason Closes It Off With Even More Stats\u00a0 In a questionable move, Reason quotes the Bitcoin Mining Council controversial report. That one puts Bitcoin\u2019s sustainable energy use at around 56%. Let\u2019s quote NewsBTC\u2019s report on that number. \u201cThe good news is, there\u2019s data to show that Bitcoin\u2019s \u201cmining electricity mix increased to 56% sustainable in Q2 2021.\u201d Is that data valid? That\u2019s another question altogether. The Bitcoin Mining Council elaborates on the results: The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 67% sustainable power mix.\u201d Related Reading | Power Ledger Blockchain Firm Signs Deal with Japanese Green Energy Supplier We can say that because, here at NewsBTC, we\u2019re partial to Bitcoin. Was it a good idea for Reason to use it? Maybe not, but notice that they used the conservative 56% figure and not the aspirational 67% one. The magazine knows what it\u2019s doing. That\u2019s why they brought back Nic Carter to close the documentary, \u201cBitcoin is a vote of no confidence in the monetary and financial system that exists today.\u201d That\u2019s exactly what it is. Among other things. Featured Image: Screenshot from the documentary | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":476796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[84729,84174,83810,84616,640,84731,1693,84679,1782,12575,84680,41635,84726,84579,3538,84725,84724,5253,84730,84727,84728],"class_list":["post-476794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-a-new-form-of-money-that-they-cant-control","tag-alex-gladstein","tag-bitcoin-energy-consumption","tag-bitcoin-incentivizes-renewable-energy","tag-bitcoin-mining","tag-cambridge-center-for-alternative-finance","tag-decentralization","tag-discord","tag-documentary","tag-green-energy","tag-jason-citron","tag-nic-carter","tag-nick-gillespie","tag-nick-hansen","tag-proof-of-work","tag-reason","tag-reason-magaine","tag-renewable-energy","tag-the-fake-environmentalist-attack-on-bitcoin","tag-the-human-rights-foundation","tag-the-navajo-nation"],"acf":[],"yoast_head":"\nLessons From Reason\u2019s \u201cThe Fake Environmentalist Attack on Bitcoin\u201d Mini-Doc<\/title>\n<meta name=\"description\" content=\"Phenomenal piece by Reason Magazine. 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