Here's one way Bitcoin miners can make money: Selling electricity back to Texas
A Bitcoin mining outfit said it made $9.5 million in credits selling electricity back to the power grid of Texas at a premium when energy demand rose to record levels during a heatwave last month.
Last month, like other large-scale miners in the state, the biz decided to power down some part of its mining machinery as energy usage and prices in Texas soared. "As energy demand in ERCOT reached all-time highs this past month, the company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas," Riot Blockchain CEO Jason LesThe company disclosed it cut back a total of 11,717 megawatt-hours, an amount Riot said could power 13,121 average homes for a month
"By providing power back into the ERCOT grid during periods of peak demand, the company estimates that power credits and other benefits from curtailment activities totaled an estimated $9.5 million, significantly outweighing the reduction in [Bitcoin] mined," Les said.
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