In August, the mining company Riot Platforms получила $31.6 million in credits for responding to demand and supply of electricity from the Texas operator ERCOT.
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The amount was a monthly record for the firm and exceeded the full-year 2022 figure.
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For August, Riot earned $24.2 million for reducing consumption and for selling the electricity obtained at a fixed rate back into the grid at market spot prices. Credits under the demand-response program totalled $7.4 million.
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\”Riot continued to implement its energy strategy, cutting consumption by more than 95% during peak demand periods, foregoing revenue from Bitcoin mining and instead providing resources to ERCOT,\” the press release said.
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During the month the firm mined 333 BTC, down 19% from July’s 410 BTC. Riot CEO Jason Les noted that payments from the energy operator in August were equivalent to roughly 1,136 BTC.
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The company still has 17,040 Bitcoin miners unplugged in the damaged snowstorm in December last year Building G of the Rockdale data centre. Therefore, the firm’s operational hash rate stands at 10.7 EH/s versus total installed capacity of 12.5 EH/s.
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The head of Riot called August’s results ‘a demonstration of the advantages’ of the company’s energy-market strategy.
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\”Riot’s strategy is a key competitive advantage, which, combined with a strong financial position and an efficient miner fleet, gives it a strong position ahead of the Bitcoin halving next year,\” Les emphasised.
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As reported for the second quarter, the company posted a net loss in the amount of $27.7 million, whereas for the same period in 2022 the figure was a loss of $353.6 million.