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Monday, February 4, 2019

The Hostile Media Narratives About Bitcoin’s Environmental Impact Are Total Garbage

By: Wes Messamore

If you’ve been following the news and social media discussion regarding Bitcoin for very long at all you’ve likely seen multiple articles castigating Bitcoin as a harbinger of environmental degradation and destruction.

Even startups in the crypto space fuel the narrative. People have spent hundreds of millions of dollars on more than one altcoin that specifically markets itself as a less electricity-intensive, more environmentally friendly alternative to Bitcoin.

(I won’t name any names, but in my opinion, some of these are incredibly risky investments. People buy tokens from their ICOs hoping to get rich quick after seeing what happened to early Bitcoin adopters, but their white papers are more marketing than technical problem solving, and most people in their right mind wouldn’t buy IPO shares in these companies if they weren’t marketed as cryptocurrency tokens.)

When Facts Are Lies

The way the mainstream media has painted Bitcoin, it’s like one of the four horsemen of the environmental apocalypse.

Did you know that Bitcoin mining uses more electricity than the entire countries of Portugal or Singapore(!)? Or that Bitcoin uses thousands of times more electricity per transaction than a VISA transaction?

If you’ve read very much about Bitcoin in the mainstream media news or cryptocurrency blogosphere, then more likely than not, you are familiar with these tropes.

But like so many other media smear campaigns these facts, while technically true, are presented in a misleading way while other facts that give context are omitted...

Read more at CCN.