Bitcoin Miner Gets Paid Nearly $32 Million To Reduce Mining Rate This August

ERCOT, the Texan energy grid operator, has long had an informal relationship with crypto mining companies in the state.

One of the ways this relationship unfolds is through the offering of energy credits in return for a reduction in power consumption during crucial moments.As the northern hemisphere dealt with one of the hottest summers in recent memory, the Texan energy grid was at risk of being overwhelmed due to a marked increase in air conditioning equipment being used.Riot Platforms and other crypto miners to reduce their energy consumption.

“All you have to do is pay the miners slightly more than what they would have made mining for bitcoin that hour. It’s a win-win.”Riot’s deal with ERCOT is a simple, if rather unorthodox, way of turning a profit during a downturn in the crypto industry. The mining platform’s attrition rate has since slowed – last quarter, only $27.7 million were lost. Still, assuming the mining company invested its stellar 2021 profits wisely, the firm should be able to weather the storm until confidence in the market recovers.

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