The state of Texas has offered Riot Platforms $31.7 million in energy credits to reduce electricity consumption by 90% during the ongoing energy crisis caused by a heat wave. This move will alleviate stress on the power grid while also lowering Riot’s operational costs. Despite reporting a loss of over $500 million, Riot Platforms sees these energy credits as a financial cushion. The state’s power infrastructure has been under strain due to climate change and increased demand. State lawmakers have also passed legislation restricting incentives for cryptocurrency miners participating in energy conservation programs.
AI Sentiment: Positive