Texas provides Riot $31.7m to halt Bitcoin mining amidst energy crisis
Texas Bitcoin miners have cut back 90% of their operations during the energy crisis after the state offered $31.7 million in energy credits. Amid an escalating power crisis driven by extreme weather conditions, Texas has turned to an unlikely ally for energy conservation: Riot Platforms, a major Bitcoin (BTC) mining firm. The state’s power grid operator has awarded Riot Platforms $31.7 million in energy credits for reducing electricity consumption during the ongoing heat wave. The sum eclipses the $9.7 million worth of Bitcoin the company mined in the same period. The credits are commissioned by the Electric Reliability Council of Texas (ERCOT), and it will alleviate immediate stress on the grid while simultaneously lowering Riot’s operational costs. Riot Produces 333 Bitcoin While Realizing Expanded Benefits of Power Strategy. “August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” said @JasonLes_ , CEO of Riot. ...