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Riot Blockchain is one of the largest Bitcoin Mining operatives in the Texas region. The Bitcoin miner recently earned 9.5 Million USD by curtailing its mining processes.
According to a report, Riot voluntarily closed down its mining processes after Texas reached an all time high in energy requirements. Making sure extra power reaches the 25 million Texas citizens, Riot curtailed the mining process.
Texas Miner, Riot Blockchain, Earns $9.5 Million
The CEO of Riot, Jason Les, mentioned in an interview saying, the Electric Reliability Council of Texas (ERCOT) witnessed power calls for attaining an all time highs in July. Guaranteeing extra power to the state, the mining giant curtailed 11,711 megawatt hours. This will create a window to power up 13,000 common houses in Texas for one month.
The Riot CEO also said, “ We are happy to report that Riot has demonstrated the effectiveness of its power technique throughout the month of July. The Company has constantly and proactively pursued low-cost, large-scale entry to power beneath its long-term fastened fee power contracts, offering it with a singular means to assist ERCOT and launch capability again into the grid when power demand in Texas is excessive”.
An Optimistic Riot Saves Texas
We are happy to bring to light that Riot demonstrated the effectiveness of its power technique throughout the month of July. The company has efficiently worked to probe its mining process and pursue a low-cost and large scale entry. The company has powered the projects beneath long term fastened smart contracts. The company has made an optimistic move supporting the state of Texas in managing the power consumption.
In order to restrain the power consumption, the mining company produced 318 BTCs which is comparably low as of July 2021. Riot Blockchain, by curtailing 11,711 MWh the company earned 9.5 Million USD. If calculated mathematically, the company earned 1,122 USD per MWh. Meaning, Riot earned extra in power credits than it would have made through the mining processes. According to research at Arcane, if Riot Blockchain used 11,711 MW in the mining process, they might have made $140 per MWh.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
