Riot Platforms Earns $31M from Crypto Miner Shutdowns

Riot Platforms, a leader in the energy market, netted last month a record of $31.6 million in power supply and demand response credits from Texas operator ERCOT, exceeding the figure for the entire 2022.

The figure included $24.2 million for reducing consumption and selling electricity back to the network at market spot prices and $7.4 million under the demand response program.

CEO Jason Les credits the company’s “key competitive advantage” for the successful month, stressing that their strategy of forgoing Bitcoin mining revenues to provide resources to ERCOT is a sign of great promise for the upcoming halving next year.

Throughout the month, the company still held 17,040 unconnected Bitcoin miners in its Rockdale data center, which were damaged by a snowstorm last December, and mined 333 BTC, 19% less than July’s figure.

Les also noted that the payments received for the month are equivalent to 1,136 BTC. Despite the success, in the second quarter Riot experienced a net loss of $27.7 million whereas the same period in 2022 saw a net loss of $353.6 million.