Stellar news has arrived from renowned Bitcoin mining business, Riot Platforms. A cutting-edge energy tactic implemented by the company is reported to have helped conserve around $31 million in August solely. Jason Les, the company’s CEO, confirmed on Wednesday that Riot has set an unparalleled record for monthly Power and Demand Response Credits, amassing a sum of $31.7 million in August, shattering the cumulative total credits gained by the enterprise since the start of 2022.
This near equivalent to around 1,136 Bitcoin, as per the Bitcoin’s average rate in August. There is no arguing that these credits considerably trim down Riot’s Bitcoin mining costs, reinforcing its status as one of the fundamentally low-cost leaders within the industry.
Riot’s energy strategy plays a crucial role in its financial success. In conjunction with a robust financial standing and efficient miner fleet, Riot is poised as a significant contender in the run-up to the Bitcoin ‘halving’ event due later next year.
Riot is currently implementing extensive reparations following a severe winter storm’s damage to its facilities in Texas, December 2022. The company is eyeing an achievement of a total self-mining hash rate capability of 12.5 EH/s at its Rockdale facility by the conclusion of 2023.
In their aspiration to broaden growth, Riot has embarked on a long-term purchase agreement with MicroBT. The agreement encompasses an initial order of 7.6 EH/s of next-gen Bitcoin miners for its Corsicana Facility. This deployment slated for mid-2024 would exponentially increase Riot’s total self-mining hash rate capacity, pushing it to 21.1 EH/s.
The August 2023 heatwave called for urgency and Riot stepped up to this call. A vital role was played by Riot in maintaining stability in Texas’ energy grid amidst the harsh heatwave. Over 95% was cut down on their energy usage during peak demand periods, shifting energy resources to ERCOT (Electric Reliability Council of Texas) rather than Bitcoin mining.
Riot’s energy curtailment notably contributed to a substantial reduction in power demand within ERCOT. This initiative ensured uninterrupted service for consumers during what was labeled as a critical phase for the state’s electric grid.
Source: Cryptonews
