At least one large bitcoin mining operation in Texas that wasn’t actually mining a lot of bitcoins this season record heat made millions of dollars in profits, more than they would have if they had continued mining without interruption. It is thanks to the power purchase agreements signed with the local grid, which allow them to sell their previously purchased electricity to the supplier for a tidy sum.
Riot Blockchain itself announced it had earned about $ 9.5 million in energy credits from multiple times it shut down its mining rigs. This was even more than the amount the company earned by selling bitcoin that month. The company’s page claimed to have sold 275 bitcoins, with net proceeds of just $ 5.6 million. This is compared to last year when the company claimed to have produced 444 bitcoins, worth around $ 16 million just before the price of BTC actually increased towards the end of 2021.
This net profit proved that despite the cryptocurrency market downturn and mining disruptions, these companies are still on track to continue with their incredibly power-hungry operations. Digiconomist bitcoin energy chart shows that kilowatt hours per year peaked in early June, but then declined throughout June / July. That line is starting to rise again and even at its depleted state it is still far above the U.S. bitcoin energy consumption in March 2021.
The Texas Electric Reliability Council, AKA ERCOT, had he asked businesses turn off regularly to save electricity throughout the month of July. Riot and its massive 750-megawatt bitcoin mining facility in Rockdale, Texas have reduced power multiple times during peak demand periods. Of course, many of the dozens of large-scale bitcoin mining operations too cut the activity in the last month so as not to exceedunderline the often overloaded grillbut Riot remains the largest coin miner in the Lone Star state.
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