Texas paid bitcoin miner more than $31 million to cut energy usage during heat wave
-
Texas' grid operator ERCOT paid bitcoin miner Riot Platforms over $31 million in August to cut energy usage during heatwave.
-
The credits incentivize companies like Riot to reduce energy consumption to prevent strain on Texas' overloaded power grid.
-
Bitcoin mining uses massive amounts of electricity, equivalent to over 0.5% of global production.
-
Some Texas residents oppose subsidies for bitcoin miners, citing impact on local infrastructure.
-
For now the credits are profitable for miners like Riot as cryptocurrency market downturn has hurt profits.