As the debate surrounding Bitcoin’s environmental impact continues to evolve, a crucial aspect has come to light – the origin of the misinformation that sparked widespread criticism. In an X thread on Dec. 12, climate tech venture capitalist Daniel Batten revealed that a single commentary by Alex de Vries, founder of Digiconomist, in 2018 was the catalyst for "all junk science on Bitcoin’s environmental impact" since then.
The Commentary: ‘Bitcoin’s Growing Energy Problem’
According to Batten, the commentary in question is de Vries’ report titled ‘Bitcoin’s Growing Energy Problem.’ This report, published by Digiconomist, a platform dedicated to exposing the unintended consequences of digital trends, marked the beginning of widespread criticism against Bitcoin’s energy consumption.
The Ripple Effect: How de Vries’ Metric Spread
Batten explained that data from litmaps revealed that energy-related news reporting and other academic commentaries on Bitcoin frequently referred back to de Vries’ metric. This led to a phenomenon known as "Bitcoin gaslighting in the mainstream media." The widespread dissemination of misinformation has had far-reaching consequences, with many investment committees, regulators, and policymakers still unaware of the correct information.
The Misinformation: 40.97 Kilotonnes of Electronic Waste
Digiconomist’s ‘Bitcoin Electronic Waste Monitor’ claims that Bitcoin has produced 40.97 kilotonnes of electronic waste over the last 12 months, reaching a staggering 230.1 grams per transaction. However, Batten disputed this figure, stating that the energy use per transaction metric is "fundamentally flawed." He explained that Bitcoin’s energy consumption does not come from its transactions, allowing for exponential scaling without increasing emissions.
The Methodology: Debunked by Multiple Academic Journals
Batten pointed out that de Vries’ method has been debunked in several academic journals, including ResearchGate, ScienceDirect, and Nature. This has led to a significant shift in the way mainstream media outlets cover Bitcoin’s environmental impact. As Batten noted, "96% of mainstream media outlets […] are no longer gaslighting Bitcoin’s environmental impact."
The Progress: Mainstream Adoption of Bitcoin Mining as Part of Climate Action
Many prominent news outlets have started covering the environmental benefits of Bitcoin mining, including Reuters, Yahoo Finance, Forbes, and the Financial Times. Despite this progress, Batten emphasized that there is still "much re-education work to do" before there can be mainstream adoption of Bitcoin mining as a climate action.
The Call for Action: Addressing the Remaining FUD
Cointelegraph contacted de Vries for comment but did not receive an immediate response. The revelation about the origin of Bitcoin’s environmental impact FUD highlights the need for continued education and awareness-raising efforts. As Batten stated, "54.5% of Bitcoin mining activities come from sustainable resources, according to the Bitcoin ESG Forecast." This data underscores the importance of accurate information in promoting a more nuanced understanding of Bitcoin’s environmental impact.
The Future: A Shift Towards Mainstream Adoption
As the debate surrounding Bitcoin’s environmental impact continues to evolve, it is essential to address the remaining misinformation and promote accurate information. By doing so, we can foster a more informed discussion about the role of Bitcoin in climate action and its potential as a sustainable solution.
Related Reading: Why Tech Giants Like Amazon May Hesitate to Adopt Bitcoin
The widespread criticism against Bitcoin’s energy consumption has been a significant obstacle for mainstream adoption. As Batten noted, many tech giants may hesitate to adopt Bitcoin due to concerns about its environmental impact. However, by addressing the misinformation and promoting accurate information, we can create a more favorable environment for mainstream adoption.
Mainstream Media: A Shift in Coverage
The criticism of Bitcoin’s energy consumption began around the time Digiconomist started reporting on Bitcoin in 2018. For example, the Washington Post referred to Bitcoin as an "energy glutton" that could harm Earth’s climate in an October 2018 report. The report cited "new research" without disclosing the source.
Magazine: AI May Already Use More Power Than Bitcoin — and It Threatens Bitcoin Mining
The debate surrounding Bitcoin’s environmental impact is complex, with multiple factors contributing to its energy consumption. However, it is essential to address the misinformation and promote accurate information to foster a more informed discussion about the role of Bitcoin in climate action.
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