In Texas idling rigs make more than mining crypto

[Pekelo]

Welfare farmers you say?

https://www.theregister.com/2023/09/07/texas_crypto_mining_outfit_energy/

Bitcoin mining outfit Riot Platforms earned $31.7 million from Texas power authorities last month for curtailing operations – far more than the value of the Bitcoin it mined in the same period.

In a press release yesterday, Riot said it produced 333 Bitcoin at its mining operations in Rockdale, Texas, which would have been worth just shy of $9 million on August 31. All the cash earned from those energy credits, on the other hand, equates to around 1,136 Bitcoin, Riot CEO Jason Les said in the company's monthly update.

"August was a landmark month for Riot in showcasing the benefits of our unique power strategy," Les said. "Riot achieved a new monthly record for Power and Demand Response Credits … which surpassed the total amount of all Credits received in 2022.

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While Riot's stock is up this year, like Bitcoin its value has dropped precipitously since 2021, when the mining firm peaked at $71.33 a share. Today it's worth just $11.10.

 

[Frederick Foresight]

Welcome to the upside down world of crypto.

 

[The_Krakenite]

Been sitting on my RIOT short-puts for a while. And plan to keep sitting on them for a lot longer. The vol is amazing for farming theta-credits.

 

[newwurldmn]

Welcome to the upside down world of crypto.

or rather red state Texas policies

 

[mikeriley]

or rather red state Texas policies

I moved from Seattle, WA to Texas 5 years ago.
Compared to Washington State, and all
of the west coast, this place is heaven.

 

[deaddog]

I moved from Seattle, WA to Texas 5 years ago.
Compared to Washington State, and all
of the west coast, this place is heaven.

How so?

 

[Frederick Foresight]

or rather red state Texas policies

There’s that, too.

 

[mikeriley]

How so?

I love STRONG people who are not passive.
People willing to live what they believe.

That's the character of people here in Texas.
Not everyone of course, but most of the people
I've met here love CONSERVATIVE VALUES.

Weak minded people don't make it in trading,
just like weak minded people would feel
uncomfortable in Texas.

How many times have you heard someone
say, "never talk about Religion or Politics".

Why not? What are they afraid of?

 

[traider]

Been sitting on my RIOT short-puts for a while. And plan to keep sitting on them for a lot longer. The vol is amazing for farming theta-credits.

Why can't RIOT crash to 0

 

[M.W.]

Unbelievable. Stealing tax payer funds in exchange for idling bitcoin mining. Only shows how broken the corrupt US capitalist system is. Nowhere is corruption more rampant among businesses than in red states.

Welfare farmers you say?

https://www.theregister.com/2023/09/07/texas_crypto_mining_outfit_energy/

Bitcoin mining outfit Riot Platforms earned $31.7 million from Texas power authorities last month for curtailing operations – far more than the value of the Bitcoin it mined in the same period.

In a press release yesterday, Riot said it produced 333 Bitcoin at its mining operations in Rockdale, Texas, which would have been worth just shy of $9 million on August 31. All the cash earned from those energy credits, on the other hand, equates to around 1,136 Bitcoin, Riot CEO Jason Les said in the company's monthly update.

"August was a landmark month for Riot in showcasing the benefits of our unique power strategy," Les said. "Riot achieved a new monthly record for Power and Demand Response Credits … which surpassed the total amount of all Credits received in 2022.

---------------

While Riot's stock is up this year, like Bitcoin its value has dropped precipitously since 2021, when the mining firm peaked at $71.33 a share. Today it's worth just $11.10.