A Texas bitcoin miner earned more turning off its machines than mining bitcoin in July
Texas' electricity demand soared to critical levels in July as a heatwave hit the state, and the grid operator paid flexible consumers to reduce their electricity usage. One of these was bitcoin miner Riot, earning $9.5 million by turning off its machines.
Aug 7th 2022
Source: Riot Blockchain (July production update)
Riot generated $9.5 million worth of power credits in July, significantly more than their bitcoin production this month of 318 BTC, worth $6.9 million at the average July BTC price of $21,634.
Riot earned these power credits by turning off its machines as part of its participation in ERCOT's 4CP program. Electricity consumers who can curtail consumption during the highest-load 15-minute intervals in June, July, August, and September earn power credits that they can credit against power invoices the following year.