Bitcoin Mining Wins on Twitter Despite Persistent Energy FUD

A social media snapshot of the Bitcoin Mining space in the past week.

Insights

July 10-16, 2023

The peak number of activity happened last Tuesday (July 11th) and is linked to tweets by Bitcoin Magazine about Vanguard owning $560 million worth of mining stocks [1] and Block announcing their launch of mining hardware and software launching "early next year. [2]

Several mentions by Forbes [3], [4], [5], [6], [7] about the strong performance of Bitcoin miners may have contributed to the increased publicity and interest in Bitcoin mining.

But the surge in negative sentiments in the latter half of the week may be related to the Twitter influencer Documenting BTC tweeting about the “DirtyCoin” documentary, which might have stirred up debates around the energy use of the Bitcoin mining industry. [8] (now deleted)

Coinbureau’s tweet [9] about the potential of Bitcoin mining supporting clean energy indicate a possible counter-narrative within the Bitcoin community responding to negative sentiments tied to energy consumption.

Trends

Comparison of recent week to previous one

1. Mining saw a notable increase in total social media mentions by 31% (6.09k to 7.98k) and in positive mentions by 29% (1.41k to 1.82k) this week compared to the previous week. The reach and Advertising Value Equivalent (AVE) also increased by 49% (30.85M to 45.91M) and 33% (2.06M to 2.73M), respectively.

2. A significant concentration of these mentions happened on Tuesday (23.7% of the total mentions were made on this day).

3. But there is a steady increase in negative sentiments about Bitcoin mining, and it went up by 124% (182 to 408) this week compared to the previous week.

4. The Advertising Value Equivalent soared by roughly 33% (from 2.06M to 2.73M), reflecting improved media exposure.

Follow @BTCPerception on Twitter for daily snapshots.