Nearly all industrial scale miners shut down their rigs in Texas while the state experienced a severe power crunch during the record heat wave in early July.
While the power crunch sent electricity prices soaring and made Bitcoin mining operations unprofitable, some large-scale miners such as Riot were able to sell electricity purchased earlier at a lower price back to the grid with a premium.
Riot is participating in the 4 Coincident Peak program from the state power operator known as the Electric Reliability Council of Texas. Riot’s 750-megawatt Whinstone Facility in Rockdale, Texas, is curtailing consumption when called during the four summer months of peak energy demand.
The link for this post is using an archive for the article on Bloomberg's website. An archive has no paywall, no subscription requirement, and can be easier to read. The original article, on Bloomberg's website is:
Here's a similar article on this on CoinDesk, shared here on SH:
Riot Blockchain Mined 28% Less Bitcoin in July as Heat Wave Cut Power Supply #53924 https://www.coindesk.com/business/2022/08/03/riot-blockchain-mined-28-less-bitcoin-in-july-as-heat-wave-cut-power-supply/ https://archive.ph/X4IHJ <-- An archive, which can be easier to read
There's an additional post, here on SN, with a link of the report from Riot:
🧵Riot earned more in July when its miners were powered off than when powered on #53923 https://Twitter.com/JMellerud/status/1554841814372388864 https://nitter.it/JMellerud/status/1554841814372388864 https://www.riotblockchain.com/news-media/press-releases/detail/135/riot-blockchain-announces-july-2022-production-and
The link for this post is using an archive for the article on Bloomberg's website. An archive has no paywall, no subscription requirement, and can be easier to read. The original article, on Bloomberg's website is:
Bitcoin Miner Made Millions in Credits by Shutting Rigs During Texas Heat https://www.bloomberg.com/news/articles/2022-08-03/bitcoin-miner-made-millions-by-shutting-rigs-during-texas-heat