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

CNBC carry the report on a nice little earner for crypto miner Riot Platforms.

  • During the crypto boom of 2021, Riot Platforms was raking in cash from bitcoin mining. Now the company is losing so much money that itโ€™s counting on energy credits from selling power back to the Texas grid to keep its costs under control.
  • 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.
  • 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.

More at that link to the CNBC report above.

Love a Riot.

I’ve linked to this lovely track before …. ๐Ÿ˜‰

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