Texas Pays Bitcoin Miner Riot $31.7 Million to Shut Down During Heat Wave

The Electric Reliability Council of Texas (ERCOT) paid a bitcoin miner, Riot, $31.7 million in energy credits in August to not mine bitcoin during the heat wave. Riot curtailed its power usage by over 95% during peak demand, contributing to reducing overall power demand in ERCOT and preventing service interruptions. The company received $24.2 million in power curtailment credits and $7.4 million from ERCOT's demand response program. Texas' credits for bitcoin mining have made it an attractive state for these companies, and despite a bill to eliminate the credits failing to advance, two bills expanding the credits were passed.