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Riot Blockchain, one of Texas's most significant Bitcoin mining firms, earned around $9,500,000 in power credits by shutting off its machines last month.
According to the company's monthly report, Riot voluntarily reduced its energy use so that ERCOT, which provides electricity to 25 million Texans, would have more power available.
Jason Les, the CEO of Riot, stated that ERCOT had record-breaking energy demand in July. To guarantee more electricity was available to the state, the corporation cut 11,717-megawatt hours, enough to power almost 13,000 typical Texas households for one month.
“We are glad to say that throughout July, Riot has proved the success of its power strategy. “The Company has regularly and deliberately pursued low-cost, large-scale access to power through its long-term fixed rate power contracts, giving it a unique ability to assist ERCOT and release capacity back to the grid when Texas’s power demand is high,” he stated.
While reducing power use dropped Riot’s Bitcoin production by around 21% MoM, it also substantially cut the company’s monthly power expenses. Riot generated 318 BTC in July, bringing its total holdings to 6,698 BTC. The business sold 275 BTC for around $5.6 million in the same month.
The reduction of 11,717 MWh of energy earned the business almost $9.5 million in power credits. With $1,122 earned for every MWh of electricity saved, Riot made more by shutting down its mines than by continuing to mine. According to Arcane Research, the corporation would have made around $140 per MWh if they had used this electricity to mine Bitcoin instead.
“When applied to anticipated power costs for the month, the power credits and other benefits are anticipated to effectively eliminate Riot’s power costs for July, further enhancing the Company’s industry-leading financial strength in the face of a challenging macroeconomic environment,” Les said in the company’s report.
Arcane observed that Riot’s July reduction demonstrates Bitcoin miners’ ability to stabilize energy grids. Although mining is an incredibly energy-intensive process, it can be altered quickly and simply with great accuracy. Similar energy-intensive industrial activities are not nearly as adaptable when lowering their use, making miners the only viable option for stabilizing overburdened power systems.
