According to Senator Elizabeth Warren, Bitcoin mining is to be blamed for the rising energy costs in America as households continue to bear the burden. However, Crypto Twitter debunked the lawmaker’s claim saying that Bitcoin mining does not increase energy prices.
The Rising Electricity Costs Narrative
Senator Warren reportedly cited an article from the New York Times (NYT) detailing how Bitcoin mining activities benefit electricity companies as they sell more power to Bitcoin miners at inflated costs and reduce domestic consumption. The narrative from the New York Times report suits Warren’s sentiment about the digital asset industry.
The Congresswoman was quoted to have said she has been airing her concern about the risks Bitcoin poses to the country’s power grid and climate. She suggests that the US Environmental Protection Agency and the Department of Energy should use their powers to force crypto miners to reveal their energy use and carbon emission levels.
However, several players in the digital asset sector have disclosed their opinions about Warren’s misconception of Bitcoin mining. Stephen Livera, a Bitcoin podcaster, dismissed the New York Times report by stating that the report is filled with misinformation.
Michael Saylor, CEO of MicroStrategy, also disputed the lawmaker’s statement by explaining the workings of Bitcoin mining. Saylor added that Bitcoin mining does not add to the increasing environmental pollution but helps reduce energy use.
In a Twitter post, the CEO noted that Bitcoin miners do not contribute to the piling up of energy bills for millions of American families, nor do such activities result in environmental pollution. Saylor added that several data centers use massive amounts of electricity that otherwise would have been wasted because they power the most secure computing system in the world.
Elon Musk Speaks Out Against NYT Report
Before acquiring Twitter, Tesla owner Elon Musk has been a vocal opponent of disinformation from crypto industry critics. The Dogecoin supporter has been actively using Twitter to fight false claims after his recent takeover of the social microblogging site.
It is worth noting that the NYT was one of the first news platforms to have been hit with Musk’s campaign against misinformation and propaganda targeted at the crypto industry. As a result, Twitter recently stripped NYT of its blue tick status from its official Twitter account after the news platform failed to comply with the monthly subscription requirement.
In a recent interview, the billionaire revealed that his team is working towards developing an artificial intelligence (AI) platform, TruthGPT, to rival ChatGPT. The tech entrepreneur noted that TruthGPT has more language models than its rival and that the software will be trained to explore the universe’s secrets.
Musk further told the interviewer that left-wing developers program ChatGPT to churn out false statements about issues. According to him, TruthGPT will be a fact-seeking AI trained to understand the nature of the universe and provide readily verifiable answers to questions.
It is worth noting that Musk was one of the investors that financed the development of ChatGPT before the billionaire opted out, citing a conflict of interest. After its release in November 2022, ChatGPT attracted over one million users in a single day.
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