More than a decade after Satoshi Nakamoto combined proof of work and bitcoin mining together, fallacious comparisons of “energy cost per transaction” continue to be spread by seemingly intelligent and well-researched individuals.

We can trace much of the spread of this narrative back to Alex de Vries—a data scientist who goes by the handle “Digiconomist” and is cited in nearly every anti-bitcoin energy article and op-ed in the mainstream media. There’s just one problem. Neither he, nor most of the journalists that cite him, regularly disclose that his employer is De Nederlandsche Bank (DNB), the Dutch Central Bank, which is an undeniable opponent of bitcoin and open payment rails. It’s irresponsible for journalists to cite de Vries, or his work, without disclosing his conflict of interest. He is effectively a DNB lobbyist.



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