The Colorado company’s deals with ERCOT and TXU led to millions of dollars in payments for cutting energy consumption during the heatwave.The latest credits mean the Electric Reliability Council of Texas’ paid the Castle Rock, Colo.-based company $13.3 million from June to September to curtail its energy use during peak summer demand for electricity.The company also earned $11 million in power credits in September for selling prepurchased energy to TXU. Riot received $41.
Riot mined 362 Bitcoin last month, but the money it earned from its deals with ERCOT and TXU equates to approximately 511 Bitcoin, the company said. At mid-day Thursday, Bitcoin was trading at $27,521.The company’s agreement with TXU runs through April 30, 2030. However, its deal with ERCOT is different, said Pierre Rochard, vice president of research for Riot.to manage uncertainty and variability on the grid.