18 Apr

Based on unsubstantiated mainstream reporting, United States Senator Elizabeth Warren blamed the Bitcoin mining business for the rising cost of energy for American consumers. Crypto Twitter, on the other hand, was unwilling to accept it and unanimously agreed to correct the misinformation.

Senator Warren has made a point of criticising the cryptocurrency industry, but the most recent attack against Bitcoin mining is based on a New York Times piece. According to the analysis, Bitcoin miners profit from electricity while obliquely making the general public pay for it. The story matched Warren's view of the cryptocurrency market, which she expressed as follows:

“I’ve been ringing the alarm about the risks that Bitcoin poses to our power grids and climate. U.S. Environmental Protection Agency and Department of Energy should use their authority to require cryptominers to disclose their energy use and emissions.”

Many businesspeople responded, attempting to correct the misunderstanding and aid Warren in rethinking and making an informed choice. The NYT piece was flatly refuted by bitcoin podcaster Stephan Livera, who claimed that it was "filled with misinformation."

Warren's claim was refuted by Michael Saylor, the founder and chairman of MicroStrategy. He described how mining bitcoins does not increase pollution but rather lowers energy costs.

Editor- Sarah Fathima Ahmed

April 2023, Cryptoniteuae

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