Getting paid to power down more profitable than actually mining crypto
Cryptoming firm Riot Blockchain made more money in July from credits given to it in exchange for powering down operations during times of high load, than it did from actually mining cryptocurrency.
In July 2022, Riot produced 318 BTC. However, it earned an estimated $9.5 million (approximately 439 BTC in July prices) in power credits as a result of curtailment activity.
“We are pleased to report that Riot has demonstrated the effectiveness of its power strategy during the month of July. The Company has consistently and proactively pursued low-cost, large-scale access to power under its long-term fixed rate power contracts, providing it with a unique ability to support ERCOT and release capacity back into the grid when power demand in Texas is high,” said Jason Les, CEO of Riot.
As with a number of cryptomining companies, Riot says it can and will reduce its power draw during times of high demand or strain on the...
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