Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August
Publishing timestamp: 2023-09-07 09:58:03
Summary
Riot Platforms, a bitcoin miner, earned $31.7 million in energy credits from Texas power grid operator ERCOT in August. The company voluntarily curtailed its energy consumption during a heatwave to take advantage of the credits. This alternative source of income is helping to offset the company's losses. However, Riot Platforms has been facing financial difficulties due to the decline in the crypto market, resulting in a net loss of over $500 million for the year. The article also mentions the struggles faced by bitcoin miners in general and the relationship between ERCOT and miners in Texas.
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Keywords: fintech, business news, cryptocurrency, technology, energy, breaking news: technology, jpmorgan drn, riot platforms inc, bitcoin,