{"id":84134,"date":"2023-09-07T13:24:34","date_gmt":"2023-09-07T10:24:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84134"},"modified":"2025-09-12T15:31:07","modified_gmt":"2025-09-12T12:31:07","slug":"riot-platforms-earned-31m-from-bitcoin-miner-outages","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/riot-platforms-earned-31m-from-bitcoin-miner-outages\/","title":{"rendered":"Riot Platforms earned $31m from Bitcoin-miner outages"},"content":{"rendered":"<p>In August, the mining company Riot Platforms <a href=\\\"https:\/\/www.riotplatforms.com\/news-media\/press-releases\/detail\/159\/riot-announces-august-2023-production-and-operations-updates\\\">\u043f\u043e\u043b\u0443\u0447\u0438\u043b\u0430<\/a> $31.6 million in credits for responding to demand and supply of electricity from the Texas operator ERCOT.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The amount was a monthly record for the firm and exceeded the full-year 2022 figure.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>For August, Riot earned $24.2 million for reducing consumption and for selling the electricity obtained at a fixed rate back into the grid at market spot prices. Credits under the demand-response program totalled $7.4 million.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\\&#8221;Riot continued to implement its energy strategy, cutting consumption by more than 95% during peak demand periods, foregoing revenue from Bitcoin mining and instead providing resources to ERCOT,\\&#8221; the press release said.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>During the month the firm mined 333 BTC, down 19% from July&#8217;s 410 BTC. Riot CEO Jason Les noted that payments from the energy operator in August were equivalent to roughly 1,136 BTC.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The company still has 17,040 Bitcoin miners unplugged in the damaged <a href=\"https:\/\/u1f987.com\/en\/news\/bad-weather-in-the-united-states-knocks-bitcoin-hashrate\">snowstorm in December last year<\/a> Building G of the Rockdale data centre. Therefore, the firm&#8217;s operational hash rate stands at 10.7 EH\/s versus total installed capacity of 12.5 EH\/s.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The head of Riot called August&#8217;s results &#8216;a demonstration of the advantages&#8217; of the company&#8217;s energy-market strategy.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\\&#8221;Riot&#8217;s strategy is a key competitive advantage, which, combined with a strong financial position and an efficient <a href=\"https:\/\/u1f987.com\/en\/news\/riot-platforms-to-buy-bitcoin-miners-from-microbt-for-162-9-million\">miner fleet<\/a>, gives it a strong position ahead of the Bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-bitcoin-halving\">halving<\/a> next year,\\&#8221; Les emphasised.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>As reported for the second quarter, the company posted a net loss <a href=\"https:\/\/u1f987.com\/en\/news\/riot-platforms-trims-quarterly-loss-to-27-7-million\">in the amount of $27.7 million<\/a>, whereas for the same period in 2022 the figure was a loss of $353.6 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In August, the mining company Riot Platforms received $31.6 million in credits for responding to electricity demand and supply from the Texas operator ERCOT.<\/p>\n","protected":false},"author":1,"featured_media":84135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1186],"class_list":["post-84134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-riot-platforms"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=84134"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84134\/revisions"}],"predecessor-version":[{"id":84136,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84134\/revisions\/84136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/84135"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=84134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=84134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=84134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}