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Playing 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