Riot Platforms Inc., one of the largest Bitcoin miners in Texas, said it earned a record $31.7 million from power credits during the August heat wave that swept across the Lone Star State.
The Castle Rock, Colorado-based company has earned credits in part by participating in the demand response programs offered by the Electric Reliability Council of Texas, which is the state’s power grid operator. Those programs aim to ease power shortages by paying certain consumers for reducing or shifting their energy usage. Miners like Riot have been able to make millions from such shortages while residents in Texas see soaring electricity prices and power outages during extreme weathers such as heat waves and winter storms.
