Texas Pays Bitcoin Mining Company Millions to Curtail Energy Use During Peak Demand
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ERCOT paid bitcoin mining company Riot Platforms $13.3 million from June to September to curtail energy use during peak demand.
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Riot earned $41.6 million in power credits from July to September by selling prepurchased energy back to TXU.
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Riot says curtailing operations allowed it to effectively double September revenue from Bitcoin mining.
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Riot's deals with ERCOT and TXU put it in an advantageous position to pay electric bills.
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Riot plans major Bitcoin mining expansions in Corsicana and recently upgraded its Rockdale facility.