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

 

https://www.cnbc.com/2023/09/06/texas-paid-bitcoin-miner-riot-31point7-million-to-shut-down-in-august.html?__source=sharebar|twitter&par=sharebar

PUBLISHED WED, SEP 6 20235:08 PM EDT

MacKenzie Sigalos@KENZIESIGALOS

Jordan Smith@JORDANCNBC

During the crypto boom of 2021, Riot Platforms was raking in cash from bitcoin mining. Now the company 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.

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.

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