To ease load on aging grid, state program offers energy credits to bitcoin miners to curtail their power consumption.
As a bitcoin mining enterprise, Riot Platforms runs thousands of computers in the energy-guzzling pursuit of minting digital currency. Recently, however, the company got big bucks from Texas to lower the mining operation's electricity usage.
"The effects of these credits significantly lower Riot's cost to mine bitcoin and are a key element in making Riot one of the lowest cost producers of bitcoin in the industry," CEO Jason Les said in aRiot, which is publicly traded, in 2022 reported a loss of more than $500 million on revenue of $259.2 million. In its most recent quarter, it had a loss of roughly $27 million on revenue of $76.7 million.
Bitcoin mining, in which virtual transactions are verified on a computer network in exchange for a certain amount of bitcoin, is highly energy-intensive. Bitcoin consumes roughly 110 Terawatt Hours per year, or 0.55% of global electricity production — roughly equivalent to that consumed by Sweden,Riot did not immediately respond to a request for comment.
, which has amassed nearly 1,200 signatures."We do NOT want this enormous burden on our already fragile infrastructure."
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.
Texas border: Judge orders Texas to remove floating barrier from waters of US-Mexico borderA judge has ordered the state of Texas to move floating barrier from the waters of the US-Mexico border and onto a riverbank.
Read more »
Today's deals: $199 AirPods Pro 2, $6 Kasa smart plugs, $31 FHD camera drone, Shark vacuums, moreWednesday's top deals include Apple AirPods Pro 2 on sale, Kasa smart plugs, a Full HD foldable camera drone, and more.
Read more »
Texas land commissioner authorizes law enforcement to patrol cartel hot spot island in the Rio GrandeThe Texas land commissioner has authorized Texas law enforcement to patrol a small island in the Rio Grande River after determining that it belongs to Texas.
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 »