It wasn't just our air conditioning that ERCOT had to worry about with that heat wave last August.
During the massive cryptocurrency boom of 2021, Riot Platforms was earning money hand over fist. Now that that boom has slowed (massively), Riot has found another source of income: getting paid directly from the state of Texas.
You see, during the awful, heat wave back in August, ERCOT paid Riot Platforms $31.7 million to shut down some of their operation, because their bitcoin mines would have put so much stress on our power grids.
To put some more perspective on that figure, Riot mined 333 bitcoin in August, good enough for about $8.9 million dollars.
Jason Les, CEO of Riot, said in a press release per CNBC, "August was a landmark month for Riot in showcasing the benefits of our unique power strategy. The effects of these credits significantly lower Riot's cost to mine Bitcoin and are a key element in making Riot one of the lowest cost producers of bitcoin in the industry."
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