Riot Platforms says Texas energy strategy reduced production costs by $31M
As Texas baked in the sun, Riot Platforms received two types of monetary credit for being attentive to the grid’s power needs. Bitcoin miner Riot Platforms mined fewer Bitcoin in August than July but received over $31 million in power credits. That is the equivalent of around 1,136 Bitcoin (BTC), CEO Jason Les pointed out in a statement. Riot received an estimated $24.2 million in power curtailment credits under its contract with Texas grid operator Electric Reliability Council of Texas (ERCOT) and $7.4 million from ERCOT’s demand response program. Those monthly credits are greater than the credits the company received for all of 2022, Les said. Riot Platforms mining statistics for August. Source: Riot Platforms According to a presentation released by Riot on Sept. 6, the company’s power strategy is based on three mechanisms, and all depend on its long-term ERCOT contract. Power credits are received when the company curtails operations and returns power to ERCOT when the price of el...