Riot Platforms: Riot Blockchain generated more money from energy credits than mining cryptocurrency

Aug 16, 2022 | Posted by MadalineDunn

Riot Blockchain, one of the world’s largest bitcoin miners, has announced that it recently generated more money from energy credits allocated to the company for powering down than from actually mining cryptocurrency. 

During July, the company shut down its bitcoin mining rigs at its Texas facility in response to the historic heatwave, earning approximately $9.5 million in credits for doing so, which will be credited against its energy bills. Throughout this time, the company mined only 318 Bitcoin (BTC), a decrease of around 28.21% compared to the same month in 2021, when its mining figure stood at 443 BTC.

As a result of these savings, the company reportedly saved 11,717 megawatt hours in July, which is the equivalent of the amount of energy required to power 13,121 homes for a month.

“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.