Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August
submitted 8 months ago by [deleted] from (cnbc.com)
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[–]iamonlyoneman 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - 8 months ago (3 children)
wrong. this is how you fix the grid. if the miners weren't using it, the extra capacity wouldn't be online and hot. a voluntary reduction frees up power instead of causing blackouts from everyone using too much.
[–]Musky 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - 8 months ago (2 children)
This was a tremendous boon for the bitcoin mining company, they were losing money mining Bitcoin and took advantage of the energy credits to make a buck off taxpayers. I don't see how that fixes anything. Texas should ramp up their capacity instead.
[–]iamonlyoneman 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 8 months ago (1 child)
They were losing money . . . when they weren't mining? Yeah, that's how mining works.
[–]Musky 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - 8 months ago (0 children)
They only made money shutting down their operations and taking energy credits. Mining BTC hadn't been profitable for them. I think our energy costs too much plus the drop in BTC price caused that.
Kind of a huge flaw with crypto, it can only be mined/governed profitably in places with dirt cheap electricity.
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[–]iamonlyoneman 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - (3 children)
[–]Musky 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - (2 children)
[–]iamonlyoneman 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (1 child)
[–]Musky 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - (0 children)