Texas Bitcoinย (BTC) Miners Slash Operations by 90% Amid Energy Crisis
Asย aย result to the energy crisis caused by extreme weather conditions, Bitcoinย (BTC) mining firm Riot Platforms has drastically reduced its operations by 90%. As a result, the company has been awarded $31.7 Million in energy credits by the Electric Reliability Council of Texas (ERCOT). This move intendsย to alleviate the strain on the stateโs power grid while likewise reducing Riotโs operational costs.
Turning to an Unlikely Ally
Regardlessย of incurring a loss of over $500 Million in 2022, Riot Platforms has found a silver lining in these energy credits. The companyโs recent quarter saw a loss of around $27 Million, making the energy credits a much- required financial cushion.
Public and Legislative Backlash
Nonetheless, allocating taxpayer-funded energy credits to Bitcoinย (BTC) miners has sparked public debate and legislative scrutiny. Concerns about the strain on the stateโs infrastructure and ERCOTโs load-reduction programs have prompted opposition from residents and lawmakers alike.
Hot Take
The use of energy credits to incentivize Bitcoinย (BTC) miners during an energy crisis is a controversial move. It outlines the ongoing debate surrounding the role of digitalย currency mining in the stateโs energy landscape and theย capacity strain it puts on the power grid.
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