Riot Platforms Executive Criticizes The New York Times for Misinformation on Bitcoin Mining
Pierre Rochard, VP of mining company Riot Platforms, criticized The New York Times for publishing an article containing misinformation about the environmental impact of Bitcoin mining, arguing that the research methodology was flawed and unfairly characterized the industry.
On April 10, Pierre Rochard, the Vice President of mining company Riot Platforms, criticized The New York Times for publishing an article containing misinformation about the environmental impact of Bitcoin mining. Other industry figures have also expressed their concerns over the media outlet's coverage.
The New York Times article in question discussed the environmental costs associated with Bitcoin mining and provided an estimate of the carbon emissions resulting from this process. However, Rochard took issue with the research methodology employed by the publication, accusing it of using "lots of fictitious fractional-reserve carbon accounting" and "cooking the books to fabricate emissions." He also called for the release of the methodology and simulation data used in the article.
According to the New York Times piece, the publication conducted a "market-based simulation" and identified 34 large-scale mining operations using both public and confidential records, as well as commissioned studies. The article claimed to provide "the most comprehensive estimates to date on the largest operations' power use and the ripple effects of their voracious demand."
Riot Platforms was mentioned in the article, with the New York Times stating that the company's mining operation in Rockdale, Texas, consumed roughly the same amount of electricity as the nearest 300,000 homes. This made it "the most power-intensive Bitcoin mining operation in America."
The information cited in the article came from WattTime, a non-profit tech company. However, the New York Times acknowledged that the companies mentioned in the article, including Riot Platforms, objected to the method used for calculating emissions. The companies argued that the methodology applied an unfair standard to their operations.
The timing of the New York Times article is noteworthy, as the United States has been steadily increasing its presence in the mining industry. Following China's ban on cryptocurrency mining, many mining operations have relocated to the US, with Texas emerging as a particularly popular destination due to favorable state-level legislation.
