Texas grid paid firm to stop mining crypto during heatwave

Texas grid operator ERCOT paid crypto mining firm Riot $31.7M in August to stop mining during heatwave
Riot only mined 333 bitcoins in August, worth around $8.9M, far less than ERCOT payment
Texas endured record heat in August, straining energy grid, causing blackouts
Some Texas leaders believe crypto mining can drive innovation and help solve energy issues
Critics argue adding mining strains grid; cutting back doesn't make it beneficial overall

gizmodo.com

Relevant topic timeline:

9/8/2023

Texas Power Prices Skyrocket to $5,000 per Megawatt-Hour Amid Heatwave, Forcing Grid Operator to Issue Emergency Alert

Texas power prices surged by 20,000% during a heatwave, reaching over $5,000 per megawatt-hour, leading to an emergency alert by the state's grid operator, ERCOT, before conditions returned to normal, with the Biden administration declaring a power emergency in the state, as record-breaking high temperatures are forecasted for the following days.

9/8/2023

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

Riot Platforms mined $8.9 million in bitcoin in August, but their revenue was significantly boosted by selling excess power back to the Texas grid, reducing costs and making them one of the lowest cost producers of bitcoin in the industry.