Texas Bitcoin Miners Strike Digital Gold: Earning Millions with Minimal Mining
Texas, known for its scorching heat, recently faced a power grid strain, impacting Bitcoin miners significantly.
The Electric Reliability Council of Texas (ERCOT) had to implement emergency measures during an August heatwave to ensure energy supply for around 25 million Texans, affecting 90% of the state’s grid load. Bitcoin miners, such as Riot Platforms and Marathon Digital. Temporarily scaled back operations. While some believed miners were paid to shut down, Jason Les, CEO of Riot Platforms. Clarified that they earned $31 million in energy credits and profited from trading power and power contracts.
This strategy, along with participation in ancillary services programs, enables miners to respond to grid demands effectively while optimizing returns. Anthony Power, a mining analyst, sees this as a smart approach in a deregulated energy market where high prices signal increased grid demand.
Clever Robot News Desk 9th September 2023
