During the crypto crash of 2021, the riot platforms were scraping cash from Bitcoin mining. Now companies have started to lose so much money that they are counting on the emergency credits from all their selling powers back to the Texas grid for keeping their cost under control.
According to the Riot’s statement, they have earned $31.7 million of energy credits in the last month from ERCOT.
This company generates the credits by voluntarily curtains its energy consumption in their record-breaking heat waves. The total value of the credits dominated near about 333 bitcoins from the August mined. That mine amount is $8.9 million dollars.
Jason Les, CEO of Rio said in a company press release
“August was a landmark month for Riot in showcasing the benefits of our unique power strategy,”
“The effects of these credits significantly lower Riot’s cost to mine Bitcoin and are a key element in making Riot one of the lowest cost producers of Bitcoin in the industry.”
This is a dramatic strategy shift; their revenue soared by almost 8,000% according to the record of 2021. The crypto market reversed in 2022 leading to the loss of over $500 million for a year.
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