Texas Paid Riot Platforms $31.7M to Slash Bitcoin Mining in August Heatwave

Riot Platforms cut its Bitcoin mining power demand by 95% during an August 2023 Texas heatwave and received $31.7 million in energy credits for the power it would otherwise have consumed. The company mined 333 Bitcoin in August, worth around $8.9 million, and CEO Jason Les said the curtailment meaningfully reduced overall power demand on ERCOT, the state's grid operator. The article also notes that Marathon Digital Holdings reported a 9% drop in August 2023 Bitcoin production compared with the previous month, which it attributed to temporary shutdowns.