Top Highlights

• In a letter to The Economist, Kennedy took issue with the publication’s characterization of the environmental impact of Bitcoin mining, writing that an energy system inclusive of miners is “far less carbon-intensive than a system with less renewable generation and ‘peaker’ plants.”
• “You perpetuated common myths about Bitcoin mining while neglecting the real story: Bitcoin mining is a powerful new tool for supporting renewable-intensive grids,” wrote RFK Jr. in the published letter.
• Kennedy referred to an article from late last month that highlighted the increasing presence of power-hungry Bitcoin miners in Texas, combined with the strain on the state’s electricity grid in recent years. He countered that miners simply curtail their electricity consumption “in a matter of seconds” whenever prices rise too high, or the grid is ...
• “The grid-stabilizing behavior of Bitcoin miners puts them in direct competition with natural-gas ‘peaker’ plants, which run only during peak demand,” said Kennedy. “It is no surprise, then, that the industry lobbying Texas for more peaker-plant construction has also lobbied against its grid-balancing competition.” Kennedy’s pro-miner argument has...
• Furthermore, a September 2023 study by Bloomberg Intelligence showed that 52.6% of Bitcoin mining globally is powered by sustainable energy—and rising.

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