Crypto industry leaders debunk recent claims by American comedian and political commentator Bill Maher on crypto and Bitcoin mining.
Bill Maher, known for his controversial takes, stirred the waters again during a recent episode of Real Time with Bill Maher on HBO.
Maher Takes a Dig at Bitcoin Mining
In a segment focusing on the environment, Maher made claims about the environmental toll of cryptocurrency, particularly Bitcoin, sparking immediate reactions from industry experts and fact checkers.
During his show, Maher pointed out what he called the “big secret” of cryptocurrency, emphasizing its environmental impact. He argued that while the world pushes toward greener energy solutions, cryptocurrency mining is draining those efforts.
He further claimed that cryptocurrency consumes 8% of the world’s electricity. According to Maher, this energy consumption equates to adding over 15 million gas-powered vehicles to the roads, undermining global environmental progress.
The American writer and television host concluded his rant by describing the whole process of mining Bitcoin as “ridiculous.”
Maher’s guest, journalist Stephanie Ruhle, linked cryptocurrency to former President Donald Trump, stating that it represents the ultimate business venture for him, calling it a “grifter’s paradise.”
Trump, the GOP presidential candidate, has been very vocal about his support for the crypto industry. He previously promised to fire SEC Chair Gary Gensler, who been rather aggressive in his regulation of the crypto industry.
Rebuttal from Crypto Industry Leaders
Following the episode, Maher posted the clip on social media, where his comments received a wave of pushback. Fact-checkers from Community Notes quickly addressed his claims, particularly the statement that Bitcoin mining consumes 8% of the world’s electricity.
According to Community Notes, the figure is significantly inflated. Bitcoin’s actual energy usage is about 145 terawatt-hours (TWh) annually, which translates to only 0.49% of the world’s electricity consumption.
Moreover, they highlighted that many cryptocurrencies, including Ethereum, have shifted to Proof of Stake, a more energy-efficient model that does not rely on the energy-intensive hardware mining that Bitcoin does.
Daniel Batten, a well-known Bitcoin advocate and Growth Capital Investor, also made a rebuttal to Maher’s statements. Batten noted that Maher’s comments seemed outdated, comparing his take on cryptocurrency’s energy usage to beliefs from 2021.
Wow, what a throwback. Did you wake up this morning and think it was 2021?
Bill, in case you didn’t notice, the media has largely stopped reporting on this misinformation
source: https://t.co/umwpm6Y0V7
Why? Largely because 10 of the last 11 peer review journals show Bitcoin… pic.twitter.com/YPhps92HLh— Daniel Batten (@DSBatten) September 24, 2024
Batten highlighted that the media has largely stopped perpetuating such claims due to more recent research. He pointed out that 10 of the last 11 peer-reviewed studies demonstrate that Bitcoin contributes positively to the environment.
Bitcoin Mining now Mostly from Renewable Sources
Batten further revealed that Bitcoin now sources more than half—around 56.72%—of its energy from sustainable sources. Citing updated data, Batten argued that Maher’s portrayal of Bitcoin as an environmental disaster was not only misleading but also harmful to public understanding of the issue.
He recommended Maher consult more reliable information before making similar claims in the future.
Bob Burnett, founder and CEO of Barefoot Mining, also joined the conversation, presenting a more technical critique of Maher’s statements.
@billmaher
Your figures on Bitcoin mining and its electricity consumption and its impact on green energy are grossly wrong. I’m happy to talk privately or publicly with you or your staff to review the facts.FYI, I am not a crypto bro just spewing bullshit. I am formerly the…
— Bob Burnett (@boomer_btc) September 25, 2024
Burnett, who previously served as the Chief Technical Officer of Gateway, a Fortune 200 PC company, refuted Maher’s figures on Bitcoin’s electricity consumption and its impact on green energy.
He emphasized that the information Maher had shared was “grossly wrong” and offered to speak with Maher or his staff to clarify the facts.
Burnett clarified that he is not just another “crypto bro” spreading misinformation but someone with deep technical expertise and years of experience in the Bitcoin mining industry.
He strongly urged Maher to review the data more carefully, stressing that the figures presented on the show were not even close to accurate.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/09/25/industry-leaders-fact-check-bill-mahers-claims-on-dangers-of-bitcoin-mining/?utm_source=rss&utm_medium=rss&utm_campaign=industry-leaders-fact-check-bill-mahers-claims-on-dangers-of-bitcoin-mining