Bitcoin Mining Company Riot Awarded $9.5 Million

04.08.2022 10:42
by Srđan Jovanović
1 min read

It pays to be nice. According to the company’s statement, the Bitcoin mining firm Riot has earned some $9.5 million, or 439 Bitcoin, just for pausing its Texan operations throughout July.

Riot was rewarded by the Electric Reliability Council of Texas (ERCOT). The council called for crypto miners and other businesses to limit energy expenditure as much as possible due to a potent heatwave, which caused a record power consumption of 78,206 megawatts in Texas in July.

According to Riot, the power made available thanks to it pausing operations was enough to sustain some 13,000 average homes. Collectively, industrial-scale miners in Texas helped to return more than 1,000 megawatts to the grid.

Riot mined only 318 Bitcoin last month, but the ERCOT’s reward more than makes up for their losses. Currently, Riot has a working fleet of over 40,000 miners, working at 4.2 exahashes p/s, which is almost 2% of Bitcoin’s entire hash rate.

 

Author

  • Long-time editor, crypto enthusiast, and all for free trade. Also a social scientist, musician, and a thorough-going liberal. Wrapped up a degree in linguistics, an MA in politics, and a PhD in history. Six postdocs afterwards. Speaks English, Serbian, Czech, and Swedish, communicative in German, Russian, Polish, Italian, Slovak, Norwegian, and even some Mandarin. Cryptocurrencies are the future.

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