Riot Platforms Inc., a leading Bitcoin miner based in Texas, reported a record $31.7 million in earnings from power credits during the August heat wave that affected the region, as per a company statement on Wednesday. The firm's power strategy, which involves pre-purchasing power to lock in lower prices for its energy-intensive mining operations, has proven beneficial during periods of power shortages often induced by heat waves.
The power sold back to the grid by Riot Platforms during the August heat wave was equivalent to approximately 1,136 Bitcoin. The company also disclosed that it produced 333 coins last month.
"August was a landmark month for Riot in showcasing the benefits of our unique power strategy," said Jason Les, chief executive officer of Riot. He highlighted that the company achieved a new monthly record for Power and Demand Response Credits, totaling $31.7 million in August. This amount surpassed the total amount of all credits received by the company in 2022.
Bitcoin miners like Riot Platforms have capitalized on their ability to sell back power to the grid during shortages, a strategy that has resulted in tens of millions of dollars in earnings. This significant revenue stream showcases the potential profitability of strategic energy management within the Bitcoin mining industry.
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