Who Benefits From The New York Times’ Attacks On Bitcoin?

Carlos Slim Helú, a Mexican business magnate who provided the newspaper with a $250 million loan in 2009 and currently owns roughly 8% of it, is one of the people who may benefit from The New York Times’ attacks on Bitcoin.

Does one of the largest individual shareholders of The New York Times benefit from the publication’s recent hit piece on Bitcoin mining?

The article, “The Real-World Costs Of The Digital Race For Bitcoin,” attacked the role of Bitcoin miners who participate in sanctioned demand-response programs within the Electricity Reliability Council Of Texas (ERCOT), the state’s energy grid. These programs provide ancillary and demand-response services that enable variable renewable power to be profitable and readily available when consumer demand rises. They also allow for grids to remain reliable during extreme weather events, such as Winter Storm Uri in February 2021.

In its haste to attack Bitcoin mining, The New York Times appears to have reversed more than a decade of support for pro-renewable, demand-response programs and has potentially handed the Texas legislature fodder to limit competition on the Texas grid, in favor of policies that promote natural gas peaker plants and pipelines.

WHO IS CARLOS SLIM?

Carlos Slim Helú, a Mexican business magnate who provided the newspaper with a $250 million loan in 2009, currently owns roughly 8% of The New York Times Company’s class A shares. He is the eighth-richest person in the world with a net worth of $96 billion, making him the richest person in Latin America. Slim’s fortune largely derives from telecommunications networks, such as América Móvil — Latin America’s largest mobile phone company that dominates Mexico’s telecommunications industry. The company has kept the nation’s phone rates among the highest in the world and is thought to be a key factor restraining Mexico’s economic development.

Slim has investments in the Texas energy market, through oil and gas companies. His corporate conglomerate, Carso Grupo, owns Carso Energy, which transports and sells Texas natural gas to Mexico’s state-run power companies through pipelines. By attacking Bitcoin mining, The New York Times indirectly helps midstream companies such as Carso Energy, which increase its profits from transporting and selling natural gas to Mexico.

Carlos Slim’s second eldest son, Marco Antonio Slim Domit, manages the financial side of their family’s business empire and is a member of the board of directors of Grupo Carso and an independent director at BlackRock, in addition to being a member of its board of directors. BlackRock is the second-largest investor of the New York Times Company, holding 8.67% of class A shares.

A recent editorial attack on Bitcoin mining by The New York Times raises questions about its journalistic integrity and editorial process.
Source: Level39

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