Bitcoin miner Riot Platforms Inc. revealed its windfall from ERCOT just before the grid operator entered Level 2 Emergency Operations for the first time since Winter Storm Uri.
The Electric Reliability Council of Texas paid a bitcoin mining operation nearly $32 million last month to cut its energy consumption as the state's power grid struggled to keep up with demand driven by record heat.
"Riot continued to execute its power strategy by curtailing its power usage by more than 95% during periods of peak demand, forgoing revenue from its Bitcoin mining operations to instead provide energy resources to ERCOT," company officials said in the news release."The company's curtailment of operations meaningfully contributed to reducing overall power demand in ERCOT, helping to ensure that consumers did not experience interruptions in service.
Indeed, Riot racked up more in August revenue by selling energy back to ERCOT than it did mining bitcoin, according to its press release. The company posted $8.9 million in mining revenue last month, or just a third of the amount it reaped in credits from the grid operator.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Miner Gets Paid Nearly $32 Million To Reduce Mining Rate This AugustRiot Platforms was paid $31.7 million in energy credits by the Texas power grid operator ERCOT.
Read more »
ERCOT paid Bitcoin miner Riot $31.7M to limit energy consumption during heat wave in AugustRiot Platforms 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, reports said.
Read more »
Kim Mulkey, LSU reportedly agree to new 10-year, $32 million dealKim Mulkey led LSU to a national championship in April, in her second season at LSU.
Read more »
Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in AugustBitcoin miner Riot Platforms raked in $31.7 million in energy credits from Texas power grid operator ERCOT in August.
Read more »
Riot compensated $30 million to shut off Texas bitcoin miners in AugustBitcoin miner Riot received a monthly record $31.7 million of energy credits in August, aiding the Texas grid during the summer heatwave.
Read more »
Eco-Friendly Green Crypto Alternative To Bitcoin Launches Presale - Unveiling Bitcoin BSC (BTCBSC)Eco-Friendly Green Crypto Alternative To Bitcoin Launches Presale - Unveiling Bitcoin BSC (BTCBSC)
Read more »