Riot Platforms has responded to claims from The New York Occasions relating to its crypto mining practices, as seen in an announcement on April 10.
Riot contests vitality use claims
On April 9, the New York Occasions revealed an article titled “The Actual-World Price of the Digital Race for Bitcoin,” which described the actions of 34 U.S. Bitcoin mining corporations.
In that piece, Riot was named the most important of these operations. The NYT alleged that Riot used 450 MW of energy, 96% of which got here from fossil fuels, and mentioned that the agency 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 depends on 24% wind vitality, 10% nuclear vitality, and 4% photo voltaic vitality. Moreover, Riot mentioned that it operates in rural areas the place wind and photo voltaic are “plentiful and in any other case wasted” throughout off-peak occasions and takes benefit of that out there vitality.
Riot asserted that its Bitcoin mining operations “don’t generate any greenhouse gasoline emissions” and as a substitute use vitality identical to different information facilities.
Moreover, Riot confronted claims that Bitcoin mining can have an effect on the general vitality market and its costs. Riot alleged that electrical energy costs are growing for causes that aren’t associated to Bitcoin mining, akin to financial coverage, the Russia-Ukraine battle, and restrictive vitality insurance policies — a time period typically utilized to the Biden administration.
Riot went on to contest claims in regards to the quantity of financial savings that Riot has obtained by collaborating in energy-saving applications, assertions that these applications do hurt to vitality availability and costs, and claims in regards to the infrequency of these applications.
Broader mining business additionally mentioned
General, Riot mentioned that the NYT article contained a “false and distorted view” of each its personal firm and the crypto-mining business extra typically.
The corporate steered that The New York Occasions ignored information supplied by Riot and as a substitute selected to make politically motivated claims. It warned that selectively granting electrical entry to events primarily based on their actions is a “harmful path.”
Varied different members of the crypto group have additionally criticized the article by The New York Occasions.
NYT’s claims are a part of long-standing criticisms about Bitcoin and its vitality use. Round 2017, information emerged suggesting that Bitcoin mining makes use of as a lot vitality as sure nations. Although Bitcoin nonetheless makes use of a considerable amount of vitality, about half of all Bitcoin mining depends on renewable vitality, in response to some estimates.
Criticism round vitality use was prolonged to NFTs when these property grew to become in style in 2021. Nonetheless, Ethereum, which serves as the premise for many NFTs, has discontinued crypto mining. It now not depends on aggressive vitality use to verify transactions.