Crypto, Pigs & Possibilities

Wind turbines next to Argo Blockchain’s new facility in Dickens County, Texas. The site would be fueled mostly by wind and solar energy. Carter Johnston for The New York Times

First thought upon seeing the headline of the story below: when pigs fly. There is plenty of evidence to the contrary. If you read to the end of the story, published in the New York Times (click through to read it in full there), you will understand that some at the cutting edge of crypto want to change the name of what they do to “validators” from the less environmentally-friendly sounding “miners.” So, second thought: lipstick on pigs. But, at least they are acknowledging the complaint. Plus, the author of this story has a remarkable track record of reporting on issues we care about. So let’s read their latest claims with an open mind:

Bitcoin Miners Want to Recast Themselves as Eco-Friendly

Facing intense criticism, the crypto mining industry is trying to change the view that its energy-guzzling computers are harmful to the climate.

Texas has become a hot spot for crypto mining, attracting more than two dozen companies, partly because of an unusual incentive structure with its power grid. Carter Johnston for The New York Times

Along a dirt-covered road deep in Texas farm country, the cryptocurrency company Argo Blockchain is building a power plant for the internet age: a crypto “mining” site stocked with computers that generate new Bitcoins.

But unlike other Bitcoin mining operations, which consume large quantities of fossil fuels and produce carbon emissions, Argo claims it’s trying to do something environmentally responsible. As Peter Wall, Argo’s chief executive, led a tour of the 126,000-square-foot construction site one morning this month, he pointed to a row of wind turbines a few miles down the road, their white spokes shining in the sunlight.

The new facility, an hour outside Lubbock, would be fueled mostly by wind and solar energy, he declared. “This is Bitcoin mining nirvana,” Mr. Wall said. “You look off into the distance and you’ve got your renewable power.”

Facing criticism from politicians and environmentalists, the cryptocurrency mining industry has embarked on a rebranding effort to challenge the prevailing view that its electricity-guzzling computers are harmful to the climate. All five of the largest publicly traded crypto mining companies say they are building or already operating plants powered by renewable energy, and industry executives have started arguing that demand from crypto miners will create opportunities for wind and solar companies to open facilities of their own…