Riot Platforms Mines Millions in Bitcoin While Earning More By Selling Electricity Back to Texas Grid

Riot Platforms mined $8.9M in bitcoin in August but made much more by cutting power use in Texas
Riot reduced electricity use by 95% during peak demand, earning money from selling power back to the grid
The energy credits significantly lowered Riot's costs, per the CEO
This is a strategic change after Riot lost over $500M when crypto market crashed in 2021
ERCOT pays bitcoin miners to buy excess power and cut use during peak times to stabilize the grid

newser.com

Relevant topic timeline:

9/7/2023

Texas grid paid firm to stop mining crypto during heatwave

Texas-based mining firm Riot Platforms received $31.7 million in energy credits from the state's grid operator for ceasing operations during a heatwave, which is worth three times more than the Bitcoin it actually mined in August.

10/5/2023

Bitcoin Miners See Mixed Production amid Industry Expansion and Outages

Bitcoin mining firms Marathon Digital, Riot Platforms, and CleanSpark experienced significant increases in Bitcoin production in September, leading to a rise in share prices. Marathon Digital saw a 245% increase in BTC production, while Riot Platforms increased production by 9% and CleanSpark recorded its best quarter and fiscal year ever. Bit Digital, however, experienced a 7% decrease in Bitcoin production due to a power outage.