Bitcoin Miner Riot (RIOT) Eyes Selling Power in Texas as Summer Nears


Bitcoin miner Riot Platforms Inc. is “in a really good position” to benefit from the increasingly volatile energy market in Texas as the state faces another potential surge in power demand this summer, its chief executive officer said.

The Castle Rock, Colorado-based company is among the largest publicly traded Bitcoin miners and operates one of the world’s biggest sites in Texas. Riot has made tens of millions of dollars by shutting down its mining machines and selling pre-purchased power back to the state’s grid at a premium during summertime energy shortages. In 2023 and 2022, Riot earned $71.2 million and $27.3 million, respectively, in power credits, according to its 2023 annual report.



This article was originally published by a www.bloomberg.com

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