Riot Platforms Achieves $31 Million in Cost Savings Through Innovative Energy Strategy
Riot Platforms, a leading Bitcoinย (BTC) mining firm, has announced substantial cost savings and operational achievements resulting from an innovative energy strategy. In August alone, the company saved approximately $31 Million, solidifying its position as one of the industryโs lowest-cost producers.
CEO Jason Les revealed in a recent press release that Riot achieved a new monthly record for Power and Demand Response Credits, totaling $31.7 Million in August. This amount hadย moreย than the companyโs total credits received throughout 2022. These credits, equivalent to about 1,136 Bitcoinย (BTC) based on Augustโs average price, have significantly reduced Riotโs Bitcoinย (BTC) mining costs.
Riot is actively working to recover from the damages caused by a severe winter storm in Texas last December. The company intendsย to reach a self-mining hash rate capacity of 12.5 EH/s at its Rockdale facility by the end of 2023. Inย addition, Riot has entered a long-term purchase agreement with MicroBT, ordering 7.6 EH/s of next-generation Bitcoinย (BTC) miners for its Corsicana Facility. By mid-2024, Riotโs total self-mining hash rate capacity is expected to reach 20.1 EH/s.
Riotโs Critical Role in Stabilizing Texas Energy Grid During Heatwave
During the extreme heatwave that hit Texas in August 2023, Riotโs power strategy played a critical role in stabilizing the stateโs energy grid. The company curtailed its power usage by over 95% during peak demand periods, redirecting energy resources to the Texas grid operator ERCOT instead of Bitcoinย (BTC) mining.
This wholeย lotย of power curtailment contributed to a substantial reduction in overall power demand within ERCOT, ensuring uninterrupted service for consumers during critical periods for the stateโs electric grid.
Hot Take
Riot Platformsโ innovative energy strategy and cost-saving measures demonstrate theย capacity for Bitcoinย (BTC) mining corporations to have a positive impact on energy grids and contribute to sustainability. By actively managing power usage and leveraging demand response credits, corporations like Riot can not only reduce costs but likewise stabilize energy grids during periods of high demand.
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