{"id":45033,"date":"2023-09-07T19:59:00","date_gmt":"2023-09-07T12:59:00","guid":{"rendered":"https:\/\/coinwire.com\/?p=45033"},"modified":"2023-09-07T19:59:01","modified_gmt":"2023-09-07T12:59:01","slug":"texas-power-grid-pays-riot-platforms-31-7-million","status":"publish","type":"post","link":"https:\/\/coinwire.com\/texas-power-grid-pays-riot-platforms-31-7-million\/","title":{"rendered":"Texas Power Grid Pays Riot Platforms $31.7 Million to Curtail Energy Consumption"},"content":{"rendered":"\n
The cryptocurrency market experienced a boom in 2021, catapulting companies like Riot Platforms into profitability through Bitcoin mining<\/a>. However, the tides have turned, and Riot Platforms is now facing substantial losses. To mitigate these losses, the company has adopted a unique strategy of selling power back to the Texas grid. In August 2023, the company earned an impressive $31.7 million in energy credits from the Texas power grid operator ERCOT, surpassing the value of the bitcoin it mined during the same period.<\/p>\n\n\n\n<\/span>The Shift in Strategy of Riot<\/span><\/h2>\n\n\n\n