Riot Platforms Claims Texas Energy Strategy Cut Production Costs by $31M, Reports Cointelegraph

Riot Platforms reported a decrease in Bitcoin mining output for August compared to July, yet the company earned over $31 million through power credits. According to CEO Jason Les, this amount is equivalent to roughly 1,136 Bitcoin.

The mining operation received approximately $24.2 million in power curtailment credits from its agreement with the Electric Reliability Council of Texas (ERCOT), along with an additional $7.4 million from ERCOT’s demand response program. Les noted that these monthly credits surpass the total credits the company received for the entire year of 2022.

Overall, Riot Platforms continues to see substantial financial benefits from its energy agreements, which provide significant support to its operations.