Bitcoin mining company Riot Platforms has earned $31 million worth of power credits, a significant achievement despite a decrease in the number of Bitcoins mined. The company’s power strategy involves using these credits to offset operational costs and reduce expenses associated with mining. They also engage in competitive bidding to sell control of their electrical load to ERCOT, earning compensation regardless of whether ERCOT exercises its authority to reduce consumption. Although Riot Platforms reported a net loss of $27.7 million in the second quarter of this year, it’s a significant improvement compared to the previous year.
AI Sentiment: Positive
