ERCOT paid Bitcoin mining operation more than $32 million to cut power use

The Electric Reliability Council of Texas (ERCOT) paid a bitcoin mining operation nearly $32 million last month to cut its energy consumption as the state's power grid struggled to keep up with demand driven by record heat. Colorado-based Bitcoin miner Riot Platforms Inc. revealed the details of the arrangement Wednesday, the same day ERCOT, the operator of the state grid, entered Level 2 Emergency Operations for the first time since 2021's devastating Winter Storm Uri. Riot — which maintains an operation in in the Central Texas town of Rockdale — earned $24.2 million in power curtailment credits under its contract with ERCOT in August, according to a company press release.