Bruce » 06 Sep 2023, 6:23 pm » wrote: ↑
Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in AugustBitcoin miner Riot Platforms raked in $31.7 million in energy credits from Texas power grid operator ERCOT in August.
During a record-breaking heat wave in the state, Riot voluntarily curtailed its energy consumption to take advantage of credits available by limiting use.Riot is benefiting from an alternative source of income at a time when losses are mounting.
During the crypto boom of 2021,
Riot Platforms was raking in cash from bitcoin mining. Now the company is losing so much money that it's counting on energy credits from selling power back to the Texas grid to keep its costs under control.
Riot
said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. The company generated the credits by voluntarily curtailing its energy consumption during a record-breaking heatwave.
The total value of the credits dwarfed the 333 bitcoin the company mined in August, worth about $8.9 million dollars as of the end of the month.
"August was a landmark month for Riot in showcasing the benefits of our unique power strategy," said Jason Les, CEO of Riot, in the company's press release. "The effects of these credits significantly lower Riot's cost to mine Bitcoin and are a key element in making Riot one of the lowest cost producers of bitcoin in the industry."It's a dramatic strategy shift for Riot, whose revenue soared almost 8,000% in 2021 from booming demand for bitcoin. The crypto market reversed in 2022, leading to a net loss of over $500 million for the year. In the latest quarter, the company lost $27.7 million.
https://stocks.apple.com/A4j1mqGY8TjGm3jOcVY2k7Q
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In my memorabilia I keep all my Ronald Reagan campaign buttons and literature where he sounded just like Joe Biden does today.
America is back.
We always were the shining city on the hill.
When you bet against America you never win.
https://youtube.com/shorts/y1Rwwb6Qaas? ... C5AfQPqu5N
Computer software, computer phone systems such as 911, banks and airports are being shut down similar to the terminator movie. They have what is called a new web3 crypto that takes less power. Web3 is supposed to be a decentralized crypto however the contract banish-sanctions about 2/3 of the people on earth. People are trying crypto for the same reason they kept moving further west into frontier areas that did not have a government but its a rigged game without a stable electrical power, riskiest investment of all time.The Senate on Wednesday defeated an amendment put forth by Sen. Rand Paul (R-Ky.) to the resolution backing Finland’s and Sweden’s accession to NATO, which sought to emphasize that Article 5 of the military alliance’s treaty does not supersede Congress’ ability to declare war.Senators defeated the amendment in a 10-87 vote, with only Republicans voting in favor of revision.
“There is no more serious question that we are entrusted to answer than whether to commit the women, the men and women of the armed services, to war,” Paul said.
Old world barbarian feudal monarchy war slaver group now supersedes USA constitution.
In other news.
A Vietnam veteran enplanes that people thank him for his service but he tells them that he never worked for the American people, he tells them that he was working for a corporation group. His brother who is 72 was at the January 6th protest and is apparently facing many years in prison, the Vietnam veteran says that he was not working for the American citizen in Vietnam, no, but his brother was working for the American citizen at the protest.