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Playing [Texas’s] energy market has become more profitable than mining bitcoin

www.economist.com Why Texas Republicans are souring on crypto

Playing the state’s energy market has become more profitable than mining bitcoin

On the hottest and coldest days, when demand for electricity peaks and the price rockets, the bitcoin miners either sell power back to providers at a profit or stop mining for a fee, paid by ercot. Doing so has become more lucrative than mining itself. In August of 2023 Riot collected $32m from curtailing mining and just $8.6m from selling bitcoin.

Archive link: https://archive.md/O8Cz9

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