ERCOT Paid Riot Platforms $7 Million to Shut Down During Heat Wave in August
ERCOT paid Riot $7 million to cut the power as the historic heat wave pushed Texas electricity demand to record levels.
- "On September 6, 2023, CNBC published a story titled Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August. Unfortunately, this sensational and inaccurate headline has caused confusion, which we would like to dispel," clarified the miner.
"In August, Riot provided over 84,000 megawatt hours of energy to the market in Texas to reduce overall demand, lower consumer prices, and stabilize the grid during a heat wave. This ensured that consumers did not experience disruptions during extreme temperatures."
- Riot cut back on its power usage by over 95% during peak demand periods.
- "Riot earned approximately $7 million from the Electric Reliability Council of Texas, Inc. (“ERCOT”) ancillary services program."
- "Riot also sold approximately $24 million of pre-purchased energy to its energy provider, TXU, pursuant to its long-term power purchase agreements."
- Riot mined about $8.9 million worth of bitcoin in August, roughly a quarter of what it earned from its deal with ERCOT and TXU.
