Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August
CNBC 2023-09-06 21:08:09 • 5 mins
Key Points
- Bitcoin miner Riot Platforms raked in $31.7 million in energy credits from Texas power grid operator ERCOT in August.
- During a record-breaking heat wave in the state, Riot voluntarily curtailed its energy consumption to take advantage of credits available by limiting use.
- Riot is benefiting from an alternative source of income at a time when losses are mounting.
In this article
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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.
