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Crypto Miners Made More Money Selling Energy Than Bitcoin

Large companies close their factories during rush hours in Texas. | Font: spill

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Big farm cryptocurrencies in Texas generated $9.5 million in revenue from energy loans, much more than mining revenue. bitcoin.

Although they had to stop their activities due to the heat in the state, Riot Blockchain they have earned millions from power purchase agreements signed on the local grid, which allowed them to sell the purchased power at a higher price.

valuable energy

same Riot Blockchain announced that it had earned about $9.5 million in energy credits by shutting down its mining rigs several times.

In the same report, the company states that it has sold 275 bitcoinwith $5.6M in equivalent revenue.

The Texas Power Reliability Board, also known as ERCOT, asked businesses to shut down regularly in July to conserve electricity. Riot and its huge mining center bitcoin The 750 megawatts in Rockdale, Texas has had its capacity cut several times during periods of peak demand.

ERCOT offers large companies electricity purchase contracts, which are usually valid for one year. Riot Blockchain welcomed.

Quantity bitcoin produced in the last month was 318, 28% less than in the same month last year. While the companies have publicly agreed to shutdowns to save the grid, they have also avoided electricity price spikes during peak periods.

Higher income expected

Texas Grid System said that crypto miners will require six gigawatts from the network by next year.

Democrats in Congress have warned that the seven largest mining rigs in the US use as much energy as all residential buildings in Houston.

Most mining operations in Texas voluntarily shut down as soon as the local electricity price on the ERCOT grid exceeds $180 per megawatt-hour, which would essentially result in a negative net mining cost. bitcoin

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Source: RPP

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