Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August

[1srelluc]

Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August

Bitcoin miner Riot Platforms raked in $31.7 million in energy credits from Texas power grid operator ERCOT in August.

www.cnbc.com

Bitcoin 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.

The "Privatization" of the Texas Power Grid has been pretty much a giant clusterfuck.

It's a power contract. Energy gets used or goes to waste. Companies like riot make deals with energy companies at cents per kw, while the average TX consumer pay 10 cents + per kw.

Most people have no idea about miners, crypto, or energy and sweetheart deals they are getting. They are even setting-up shop at nuclear power plant and getting pre-transmission rates.

Upper left is the mining site.

Nautilus Cryptomine - Terawulf

Nautilus Cryptomine, a partnership with Talen Energy Corporation, will be among the largest, most efficient BTC mines in North America.

www.terawulf.com

 

[odanny]

Funny how the enormious energy usage required for cryptocurrency is rarely discussed. The entire privatization of anything, which makes Texas unique, never usually ends well.

 

[1srelluc]

Funny how the enormious energy usage required for cryptocurrency is rarely discussed. The entire privatization of anything, which makes Texas unique, never usually ends well.

Yeah and I bet "Wheels" and his cronies get generous "donations" from the wind/solar/crypto cabal.

 

[Pete7469]

Yeah and I bet "Wheels" and his cronies get generous "donations" from the wind/solar/crypto cabal.

Funded through federal subsidies no doubt.

 

[Zincwarrior]

ERCOT has had almost daily weather warnings requesting we reduce power in the early evenings as wind falls off. I thought Abbott and the Legislature magically fixed everything? We need to be connected to the national grid because this is getting worse not better.

 

[1srelluc]

ERCOT has had almost daily weather warnings requesting we reduce power in the early evenings as wind falls off. I thought Abbott and the Legislature magically fixed everything? We need to be connected to the national grid because this is getting worse not better.

Better hope there are no more ice storms.

 

[Zincwarrior]

Better hope there are no more ice storms.

Weather man says its going to rain next week. LIAR!!!!

 

[Crick]

Yeah and I bet "Wheels" and his cronies get generous "donations" from the wind/solar/crypto cabal.

1) Who is "Wheels"?

2) Why would he get donations from anyone?

3) What evidence makes you think that a cabal supporting wind, solar AND crypto exists?

 

[rampart]

Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August

Bitcoin miner Riot Platforms raked in $31.7 million in energy credits from Texas power grid operator ERCOT in August.

www.cnbc.com

Bitcoin 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.

The "Privatization" of the Texas Power Grid has been pretty much a giant clusterfuck.

It's a power contract. Energy gets used or goes to waste. Companies like riot make deals with energy companies at cents per kw, while the average TX consumer pay 10 cents + per kw.

Most people have no idea about miners, crypto, or energy and sweetheart deals they are getting. They are even setting-up shop at nuclear power plant and getting pre-transmission rates.

Upper left is the mining site.

Nautilus Cryptomine - Terawulf

Nautilus Cryptomine, a partnership with Talen Energy Corporation, will be among the largest, most efficient BTC mines in North America.

www.terawulf.com

this entire crypto mining business is incredibly carbon intensive and must be made illegal.

 

[Crick]

this entire crypto mining business is incredibly carbon intensive and must be made illegal.

I saw an article a few days back that said almost all bitcoins have been mined. Of course, we have others. But, yes, you are correct. The amount of energy consumed by mining is insane. It could and should be made illegal to use grid power to mine and require anyone who wants to mine to generate their own power and make certain they aren't burning fossil fuels to do it.

 

[1srelluc]

1) Who is "Wheels"?

2) Why would he get donations from anyone?

3) What evidence makes you think that a cabal supporting wind, solar AND crypto exists?

1 Gov. Abbott

2 Are you stupid?

3 Common knowledge. He's fighting against a legislature that wants to curb the incentives Wheels made for crypto now.

Texas Residents Aren't Happy About the Influx of New Crypto Miners | Live Bitcoin News

The state of Texas has been very pro crypto over the past few years, but not all the residents are particularly happy about this.

www.livebitcoinnews.com

 

[1srelluc]

I saw an article a few days back that said almost all bitcoins have been mined. Of course, we have others. But, yes, you are correct. The amount of energy consumed by mining is insane. It could be made illegal to use grid power to mine and require anyone who wants to mine to generate their own power and make certain they aren't burning fossil fuels to do it.

In some places that will allow it both here and overseas they are setting up shop by closed hydro and coal plants and applying for permits to get them up to snuff to power their operations.

 

[Crick]

Crick said:
1) Who is "Wheels"?

2) Why would he get donations from anyone?

3) What evidence makes you think that a cabal supporting wind, solar AND crypto exists?

1 Gov. Abbott

Okay. This is in reference to his paralysis and use of a wheelchair. I get it. Tasteless, but I get it.

2 Are you stupid?

Well, since I had no idea Wheels was a politician, no, I'm not.

3 Common knowledge. He's fighting against a legislature that wants to curb the incentives Wheels made for crypto now.

Texas Residents Aren't Happy About the Influx of New Crypto Miners | Live Bitcoin News

The state of Texas has been very pro crypto over the past few years, but not all the residents are particularly happy about this.

www.livebitcoinnews.com

That does nothing to indicate there is any connection between wind, solar and cryptocurrency people.