Cryptocurrency

Texas Awards Riot Blockchain $9.5M USD for Heatwave Halt

The Bitcoin mining company was among several others to pause operations in an effort to provide power grid stability for Texas.

Cryptocurrency

Texas Awards Riot Blockchain $9.5M USD for Heatwave Halt

The Bitcoin mining company was among several others to pause operations in an effort to provide power grid stability for Texas.

Texas has just awarded Bitcoin mining company Riot Blockchain $9.5 million USD in power credits for its help in returning energy to the Lone Star State during its time of need.

In early July, Bitcoin miners across Texas paused their mining operations due to a heat wave that has brought temperatures of up to 110 degrees Fahrenheit — some of the highest ever recorded in the state. The temporary shuttering of operations came at the request of The Electric Reliability Council of Texas (ERCOT), in an effort to avoid state-wide blackouts.

According to a recent report by Riot, the credits awarded are used against the Company’s power invoices from the state and are worth approximately 439 BTC, based on the average cost of the token during the time of the energy crisis.

The credits come as a welcomed award to both Riot and its investors — considering the Company is down roughly 28% in its BTC production in July, at a total of 318 coins mined as opposed to 443 in July of 2021.

Overall Riot holds approximately 6,696 BTC, which has all been produced by the Company’s self-mining operations, according to data from July 31.

“We are pleased to report that Riot has demonstrated the effectiveness of its power strategy during the month of July,” said Riot’s CEO Jason Les, adding “the Company has consistently and proactively pursued low-cost, large-scale access to power under its long-term fixed rate power contracts, providing it with a unique ability to support ERCOT and release capacity back into the grid when power demand in Texas is high,” said Jason Les, CEO of Riot”

Other miners to join Riot in the efforts to stabilize the Texas grid included Argo Blockchain, Core Scientific, and more. The miners returned over 1,000 megawatts collectively, which represents nearly all of the mining load of the industrial grade mining power in the state.

In other news, ethical hackers fought against Slope exploiters in recent Solana attack.

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