Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August

Texas paid bitcoin miner Riot Blockchain $31.7 million in August to shut down during heatwaves and ease strain on the power grid.

The payout was more profitable for Riot than actually mining bitcoin, as mining revenue totaled $8.9 million in August.

The strategy shift shows how bitcoin miners are diversifying revenue amid crypto winter, turning to energy credits.

Texas benefits from having bitcoin miners as flexible power buyers to stabilize the grid managed by ERCOT.

But proposed state legislation earlier this year threatened to cut miners off from energy credits before bills passed cementing incentives.