Coin Metrics co-founder Nic Carter has produced a well-researched rebuttal to some of the key claims suggesting power-hungry Bitcoin mining is causing an environmental disaster.
In an in-depth article called Noahbjectivity on Bitcoin mining penned on March 30, the Castle Island Ventures Partner responds to claims by Bloomberg columnist Noah Smith in a March 24 article titled Bitcoin miners are on a path to self-destruction.
The first claim Carter took aim at was that Bitcoin is unique among assets in that a rising price entails a greater energy draw. Carter stated that gold has the exact same trait in that higher prices result in increased mining and energy consumption.
Secondly, there was a claim by Smith that Bitcoin mining hogs local power resources depriving regular customers of electricity. However, according to figures produced by Carter, mining is concentrated in areas where there is actually an excess of unused energy.
Within China, the vast majority of mining occurs in four provinces: Xinjiang, Sichuan, Inner