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Riot Blockchain Earns $9.5M Reselling Purchased Electricity to State Networks

Bitcoin mining company Riot Blockchain made $9.5 million by selling previously purchased electricity back into the Texas power grid during peak demand in July. She managed to compensate for the fall in the value of bitcoin due to this, according to Bloomberg.

Read also: best computer for crypto mining in 2022

Riot Blockchain owns a mining farm with a total capacity of 750 MW, located in the Texas city of Rockdale. Last month, the company, like other major miners in the state, turned off some of its equipment amid a surge in demand and prices for electricity due to the scorching heat. Temperatures in Texas rose above 37°C, putting strain on the state's power grid.

The company said it saved a total of 11,717 MWh. Without thinking twice, the company resold this electricity, which it had previously purchased from the state for its farm, back to the Electric Reliability Council of Texas (ERCOT) at higher July prices. The company estimates that it managed to gain $9.5 million.

It is worth noting that a year ago, Bitcoin was more expensive: in July 2021, Riot mined 443 coins for $15.5 million. In July 2022, 318 coins for $7 million. Thus, the money raised from the sale of electricity allowed Riot to compensate fall in the value of cryptocurrencies.

Riot participates in the 4 Coincident Peak program led by ERCOT. The program aims to stabilize power consumption during the summer months, in which companies shut down their farms to give the state's independent grid a break. In addition to a 750 MW farm called Whinstone, the company is building a gigawatt facility in Texas' Navarro County, due to begin operations in 2023.

Author: Michael Zippo
2022/08/06

https://linkedin.com/in/michael-zippo-9136441b1
[email protected]

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