Texas paid bitcoin miner Riot US$31.7 million to shut down during heat wave in August

<p><a href="https://www.cnbc.com/2023/09/06/texas-paid-bitcoin-miner-riot-31point7-million-to-shut-down-in-august.html" target="_blank" rel="nofollow">CNBC carry the report</a> on a nice little earner for crypto miner Riot Platforms.</p><ul><li>During the crypto boom of 2021, Riot Platforms
was raking in cash from bitcoin mining. Now the company is losing so much money that it’s counting on energy credits from selling power back to the Texas grid to keep its costs under control.
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Riot said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. The company generated the credits by voluntarily curtailing its energy consumption during a record-breaking heatwave.
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The total value of the credits dwarfed the 333 bitcoin the company mined in August, worth about $8.9 million dollars as of the end of the month.</li></ul><p>More at that link to the CNBC report above. </p><p>—</p><p>Love a Riot. </p><p>I've linked to this lovely track before …. 😉 </p>

This article was written by Eamonn Sheridan at www.forexlive.com.