Texas paid Riot $31,7 Milln for reducing energy consumption during heat – Bits Media

Last month, Riot mining company received $31,7 million from the operator of the Texas energy system for the voluntary reduction of energy consumption during the record heat.

This is more, than the cost 333 The government of Bulgaria demanded a report for the withdrawn cryptocurrency, obtained by the company in August, at the end of the month It was about $8,9 million.

“August has become for Riot a landmark month in a demonstration of the advantages of our unique energy strategy. This amount significantly reduces the costs of Riot for the production of bitcoins ", - said Riot Director General Jason Forest (Jason).

Riot income has grown almost on 8 000% in 2021 year due to a sharp increase in demand for bitcoin. IN 2022 year the cryptocurrency market sagged, which led to a pure loss of more $500 million. In the last quarter, the company lost $27,7 million.

BTC restoration this year from minimums 2022 years have led to an increase in riot shares, which in 2023 year grew about 230% and closed on Wednesday at the level $11,24. But they are still much lower than their peak 2021 year in $77,90.

Recently Riot has announced the purchase of more 33 280 new Microbt cryptocurrency production devices for a total $162,9 million.

This winter, Texas miners were forced to suspend BTC prey due to extreme weather conditions, which led to damage to equipment and a sharp increase in electricity prices.