Here’s Why Miners are Selling Power Back to the State of Texas
It’s no secret that Bitcoin miners are struggling in the wake of Bitcoin’s record-low price drop, not to mention a BTC mining ban in various countries worldwide. But miners aren’t throwing in the proverbial towel just yet – one Bitcoin mining company is rumoured to have made around $9.5 million in credits through one simple yet incredibly smart tactic: Selling electricity back to Texas.
With energy costs rising and hash prices plummeting, this savvy move is bringing new hope to BTC miners worldwide. And the State of Texas is grateful too: July’s unprecedented heat wave saw the demand for energy skyrocket, making the State grateful to the BTC mining outfit that sold electricity back to the power grid. As scorching temperatures soared beyond 100°F (37°C), locals turned up their aircons in a desperate attempt to ward off the heat. This placed Texas’ power grid under incredible strain.
So, who’s the lucky company that conceived of the idea to start selling electricity back to Texas’ power grid? Operating out of Colorado, Riot Blockchain run one of America’s biggest crypto facilities.
They operate tens of thousands of ASIC-powered systems which run around the clock to mine BTC. According to Riot, they cut back on almost 12,000 megawatt hours – enough to power over 13,000 Texan homes for an entire month. While this doesn’t quite reach the State’s 11 million households, 13,000 is still an impressive number of lights to keep on.
The Bitcoin mining company’s efforts didn’t go unrewarded: They earned not just power credits, but also a bunch of other benefits which, in total, racked up to almost $10 million. The $9.5 million they earned is roughly equivalent to about 439 Bitcoins (as per July’s prices of 2022).
While this would have been about 443 Bitcoins a year ago, 439 is nothing to scoff at. Seeing as Riot mined around $7 million in BTC in July this year – and earned $9.5 million – the perks of scaling back their output are clear to see.
And Riot aren’t the only ones making millions selling power back to the grid. Back in 2020, one Bitcoin miner is said to have made 700% in profits by selling electricity back to Texas.
But making money isn’t the only way miners are staying financially afloat. Saving money is also high up on BTC miners’ collective agenda, which is why many have already joined the waiting list for the highly anticipated launch of PEGA Pool.
PEGA Pool is the world’s first eco-friendly mining pool, and its founders are using a portion of its members’ fees to plant trees. Not only is the trailblazing Bitcoin authority helping offset the damage caused by Bitcoin mining emissions, but they’re also helping miners save money – especially those who are already mining BTC using renewable energy. They qualify for 100% off their pool fees during the BETA phase, and once PEGA Pool goes mainstream in Q1 2023, BTC miners using renewable energy will enjoy 50% off pool fees for life. Miners who aren’t quite on the renewable train just yet will still be able to make a difference by knowing the pool is planting trees with their fees.
