Bitcoin Miner Riot Made Millions From Credits During Heat Wave
- Riot has one of the world’s largest Bitcoin sites in Texas
- Miner made $13.5 million in power credits in second quarter
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Bitcoin miner Riot Platforms Inc. made millions of dollars by selling power rather than producing the tokens in the second quarter as the crypto-mining industry continued to grapple with the impact of low digital asset prices.
The Castle Rock, Colorado-based company had $13.5 million in power curtailment credits during the quarter, while generating $49.7 million in mining revenue. Riot booked $27.3 million in power curtailment credits last year and $6.5 million in 2021 from power sales to the Electric Reliability Council of Texas, which is the grid operator for the Lone Star state.