Riot Blockchain received $9.5 million for returning excess electricity savings to the supplier.
Cryptocurrency mining company Riot Blockchain has decided to shut down several installations to save power consumption. As a result, it helped the company win, according to theregister.com.
Riot Blockchain, a Texas-based company, recently shut down some equipment to reduce electricity consumption due to the rising price of electricity. As a result, an “surplus” of energy was formed, which was decided to be returned to the supplier company. Thus, crypto miners were able to earn profits.
The publication reports that Riot Blockchain is one of the largest mining companies in the United States. In Texas, the company maintains a 750 MW “farm” as it consists of tens of thousands of Antminer S19 ASICs. Due to an abnormally high temperature in Texas in July 2022, Riot Blockchain partially shut down equipment as the load on the electrical grid increased as citizens began to use air conditioners and fans more frequently. At the same time, the electricity bill has also increased.
Energy consumption was reduced by 11,717 MWh. The company calculated that the electricity saved would be enough to power more than 13,000 households. Since the miners paid for the electricity in advance, they returned the rest to the supplier, but not free – they sold it, but at a slightly inflated price. As a result of all these actions, cryptocurrency miners earned $9.5 million and were able to compensate for the losses from the reduction in bitcoin mining.
Equipment that continues to work has mined 318 bitcoins. Monetarily, at today’s exchange rate, the company received $7 million, but if $9.5 million were converted to bitcoin, you would get 439 coins. The publication writes that in July 2021, Riot Blockchain mined 443 bitcoins on its Texas “farm”, worth $15.5 million at the then exchange rate.
Earlier, we reported that miners were hurting as investors increasingly bought bitcoin and took the reins of the market into their own hands.