A Texas mining company made more money shutting down plants
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A Texas mining company made more money shutting down plants than it did mining

Riot Blockchain, a bitcoin mining company, reduced its cryptocurrency mining and electricity consumption in July, giving the excess back to the supplier and earning money: Electricity prices skyrocketed against the backdrop of record high air temperatures in Texas.

    Image source: riotblockchain.com

Image source: riotblockchain.com

Headquartered in Colorado, Riot Blockchain is one of the largest cryptocurrency miners in the United States. In Rockdale, Texas, the company has a 750 MW site – tens of thousands of Antminer S19 ASIC systems are constantly working here, immersed in tanks of coolant. In July, the company, along with other miners, shut down some of the equipment as unseasonal heat was detected in the state – thermometers rose to 37C. Amid the weather, people began using air conditioners and other equipment more actively, affecting the state’s power grid an additional burden and caused electricity prices to skyrocket.

As a result, the company reduced energy consumption at its site by 11,717 MWh. If we consider that the average electricity consumption per household in the United States is 893 kWh, then the energy saved by Riot Blockchain was enough to power 13,121 homes in July. The company returned the excess resources previously purchased from the operator to the same supplier, only at a higher price – as a result, the shutdown of part of the equipment brought the miner $9.5 million, exceeding the losses from the reduction compensated in bitcoin production.

From the rest of the equipment, the company mined 318 bitcoins at the site last month, equivalent to $7 million at July prices, while the $9.5 million from electricity loan repayments equals 439 bitcoins. For comparison, in July of last year, Riot Blockchain mined 443 bitcoins from this company, valued at $15.5 million at current rates at the time.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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