Texas Allocates $31.7 Million to Cease Bitcoin Mining amid Energy Crisis

Texas Allocates $31.7 Million to Cease Bitcoin Mining amid Energy Crisis

Texas Bitcoin (BTC) Miners Slash Operations by 90% Amid Energy Crisis

As a result to the energy crisis caused by extreme weather conditions, Bitcoin (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 intends to alleviate the strain on the state’s power grid while likewise reducing Riot’s operational costs.

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Turning to an Unlikely Ally

Regardless of incurring a loss of over $500 Million in 2022, Riot Platforms has found a silver lining in these energy credits. The company’s 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 Bitcoin (BTC) miners has sparked public debate and legislative scrutiny. Concerns about the strain on the state’s infrastructure and ERCOT’s load-reduction programs have prompted opposition from residents and lawmakers alike.

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Hot Take

The use of energy credits to incentivize Bitcoin (BTC) miners during an energy crisis is a controversial move. It outlines the ongoing debate surrounding the role of digital currency mining in the state’s energy landscape and the  capacity strain it puts on the power grid.

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Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.

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