Former U.S. presidential candidate Robert F. Kennedy Jr. recently raised objections to a previous article published by the British news weekly "The Economist" because the article emphasized that "Bitcoin mining in Texas in the United States puts pressure on the environment." ”. Afterwards, Kennedy wrote back to The Economist and refuted it, while also conducting a series of intellectual education.

Mining only competes for cheap electricity and is not a waste of energy.

At the beginning of his letter, Kennedy Jr. mentioned that The Economist continued the fallacy that Bitcoin mining consumes energy, and joked that it "ignores the facts." The cause was an article published by The Economist in August 2024, which emphasized that "the power consumption of Bitcoin miners in Texas, USA, continues to increase, putting huge pressure on the local power grid and having a negative impact on the environment." This remark triggered a series of educational activities from Kennedy to The Economist.

Kennedy Jr. first agreed and said: "Yes, the power grid is currently facing more and more pressure due to the large amount of electricity required by processing and manufacturing plants, electric vehicles, and data centers. It is also easy for people to associate Bitcoin mining with large-scale Source of electricity. "But he said that data centers will purchase electricity regardless of the price, but "Bitcoin mining is different. They only operate when the price is cheap and the electricity is sufficient." "Whenever the electricity is insufficient or the electricity price soars. When it rises, it will reduce power consumption within a few seconds.”

Point out the reasons why the traditional energy industry opposes

The letter stated that severe weather conditions such as heat waves often occur in Texas, USA, which will cause electricity prices to soar, and Bitcoin miners will naturally shut down their machines. But when electricity is cheap, the machines come to life and provide steady revenue for local energy suppliers. Kennedy emphasized: "What's wrong with having a group of stable buyers who don't increase electricity consumption during peak electricity prices? This is ideal for promoting the construction of renewable energy while ensuring stable electricity consumption for local residents and public facilities such as hospitals! "

But the letter also stated that Bitcoin miners' use to "stabilize power grid supply" caused them to directly compete with "natural gas power plants that operate during peak power consumption periods." "It's really not surprising that those who are advocating for more 'peaker' power plants in Texas would oppose people like Bitcoin miners who can help stabilize the power grid," Kennedy Jr. said.

Daniel Batten, founder of environmental conservation company CH4 Capital, agreed with Kennedy’s argument in support of Bitcoin miners and said his statement was backed by relevant industry experts and existing research on the relationship between Bitcoin and the power grid.

This article, former U.S. presidential candidate Kennedy Jr. refutes the British "Economist" Bitcoin mining energy consumption fallacy, first appeared on Chain News ABMedia.