Texas Paid Bitcoin Miner $31M To Lower Power Usage

September 10, 2023 Business, Idiocracy

CBS News reports:

As a bitcoin mining enterprise, Riot Platforms runs thousands of computers in the energy-guzzling pursuit of minting digital currency. Recently, however, the company got big bucks from Texas to lower the mining operation’s electricity usage.

Riot said on Wednesday that the state’s power grid operator paid the company $31.7 million in energy credits in August — or roughly $22 million more than the value of the bitcoin it mined that month — to cut its energy consumption during a record-breaking heatwave in the state.

The Electric Reliability Council of Texas (ERCOT), which operates the state’s power grid, issues the credits to incentivize companies to reduce activities that might strain the state’s already overloaded energy system.

Read the full article. Good grief.



Tags

© joemygod.com 2024