In other words, the state's largest power supplier, which accounts for roughly 90 percent of the state's electrical load, effectively paid a crypto outfit to stop mining Bitcoin.this week. ERCOT recently issued the first emergency declaration since 2021, following soaring temperatures and power demand, with millions of people relying on air conditioning to survive the blistering heat.
Meanwhile, Riot only managed to mine 333 Bitcoin, the equivalent of around $8.9 million at the end of August, something that has primarily benefited the company.In light of brutal power surges, fluctuating energy prices, and blackouts, Texas lawmakers recently passed two bills incentivizing the mining industry to curtail their operations by essentially paying them more than the crypto they could've mined.
Despite the boasting, Riot's operations are a mere shadow of what they once were. While 2021 was a massive year for the company, with revenues soaring almost 8,000 percent per, the ensuing crypto crash in 2022 was a rude awakening, causing the company to lose half a billion dollars last year.