Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August

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[–]Musky 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (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 - 1 fun -  (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 - 1 fun -  (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.