![]() ![]() Jason Les, the CEO of Riot Platforms, emphasized the benefits of their unique power strategy, stating that the energy credits significantly lower the company’s cost to mine Bitcoin. This significant sum of credits far exceeded the value of the 333 bitcoins mined by the company during the same period, which amounted to approximately $8.9 million. Energy Credits: A Key Element in Cost Reductionīy voluntarily curtailing its energy consumption during a record-breaking heatwave, the company earned $31.7 million in energy credits from ERCOT in August 2023. ![]() ![]() In response to these financial challenges, the company has implemented a dramatic strategy shift. In the latest quarter, the company reported a loss of $27.7 million. However, the crypto market took a downturn in 2022, resulting in a net loss of over $500 million for Riot Platforms that year. Riot Platforms, previously riding the wave of booming demand for BTC, experienced a staggering revenue growth of nearly 8,000% in 2021. In August 2023, the company earned an impressive $31.7 million in energy credits from the Texas power grid operator ERCOT, surpassing the value of the bitcoin it mined during the same period. To mitigate these losses, the company has adopted a unique strategy of selling power back to the Texas grid. However, the tides have turned, and Riot Platforms is now facing substantial losses. The cryptocurrency market experienced a boom in 2021, catapulting companies like Riot Platforms into profitability through Bitcoin mining. ![]()
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