Riot Platforms, a Bitcoin mining and data center hosting firm, received a record $31.7 million in energy credits in August. This helped support the Texas energy grid after a spike in electricity demand during a summer heatwave. Despite sacrificing potential revenue from mining operations, Riot still earned $8.5 million from mining revenue and $40.2 million including the energy credits. The company’s energy credits were substantially higher than the previous year. Riot’s CEO, Jason Les, stated that these credits significantly lower the cost of mining bitcoin and give Riot a competitive advantage. The company expects to further expand its mining capacity in the future. Riot’s shares have risen significantly this year.
AI Sentiment: Positive
