BTC Expert Larry Cermak And Others Criticize BMC’s Study

Only recently, the Bitcoin Mining Council that was formed following Elon Musk’s criticism on the mining industry’s energy consumption revealed a report in which it claimed that more than 56 percent of the energy used in the US for mining is sustainable.

But it seems that one of blockchain’s experts Larry Cermak did not agree with the findings. He took to Twitter and questioned the objectivity of the BMC’s study. He wrote,

This is really laughable. No methodology disclosed, very dubious result and super small sample of like 5% of the total hashrate. No one knows what the energy mix will look like until the hashrate from China relocates and a new proper study is conducted. Why do people trust this?

Not only that but when a Twitter user claimed that 50 percent of the BTC hash rate was offline, arguing that China had the dirtiest mining. In response, Cermak called the study a “joke” and said it would eliminate serious people about the growing problem.

Zack Vowel And Nick Carter Joined The Debate

One of crypto circle’s famous columnists, Zack Vowel, joined the online feud and described the results that correspond with Musk’s requirements as mere coincidence. Last month, Tesla announced its U-turn on accepting the BTC in exchange for its products, following the study that claimed more than 50 percent of sustainable electricity was used. 

Meanwhile, Coin Metrics founder Nick Carter agreed that the results were impressive but pointed out these can not be applied to the entire industry, given that the survey was conducted in uncertainty. On the other hand, Zack highlighted how the BMC could put forward this conclusion when nearly 50 percent of the hash rate in China was offline.

Yet, Carter argued to consider the findings in global recalculation, which will eventually give a stable figure of 46 percent. Carter wrote,

This whole exercise is an attempt to piece together a patchwork quilt from disparate sources. Obviously, more data is better than nothing.

Coin Metrics founder advised the BMC not to wait for the remaining hash rate to return as it could take more than a year. Finally, in discussion with Carter, Nick took the opportunity to highlight another problem, the lack of public information on the selection criteria of the survey participants.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts