As the world increasingly focuses its thoughts on climate change, how we come about and use energy is a topic that everyone has a say on. Bitcoin mining, as an industry that depends on cheap energy, sometimes comes into the media cross hairs for its role in energy costs and consumption. While it’s a valid concern, the media has a tendency to take information out of context, and ignore the positive role Bitcoin mining plays in promoting clean, renewable energy.
For a certain segment of the public, stories that discuss how energy is produced and consumed are hot
topics, and sure to get plenty of attention. For the media, this is a huge opportunity to produce content,
and drive up their ad revenues.
It’s not surprising then to see media outlets publish misleading stories about the Bitcoin mining industry. As the public is unlikely to go research the topic themselves, the media can spin handpicked data from reports, and make it seem like Bitcoin mining consumes a ridiculous amount of power, while the world struggles to reduce consumption and costs for their own energy.
Take for example a recent study by the University of Cambridge, from which the media singled out the single data point that Bitcoin Mining consumes as much energy as the entire country of Switzerland. It chose to ignore data from the same study that shows the industry is als responsible for producing nearly the same amount of power it consumes, and that there are far bigger energy wasters in the world.
Furthermore, Bitcoin miners are keenly focused on pursuing clean and renewable sources of energy. The industry helps create new sources of renewable energy, and provides an incentive for the energy sector to develop more. Squire, a publically listed company, maintains a significant portion of its mining fleet in Canada, where it uses renewable energy sources to help power its operations.
So keep that in mind when thinking about Bitcoin mining. If you’re just surveying the industry, or interested in getting involved yourself, it’s a force for good in the world, no matter what the media wants to say about it.