Bitcoin mining company Riot Platforms has issued a statement addressing reports that it was paid $31.7 million to shut down its operations during a heatwave in Texas. Riot clarified that it provided energy to stabilize the grid and prevent disruptions for consumers during extreme temperatures. The company earned approximately $7 million from the Electric Reliability Council of Texas (ERCOT) ancillary services program, which allows large customers to bid for the grid operator to control their electrical load. Riot also sold $24 million of pre-purchased energy to its provider, TXU. The company participates in demand response programs and aims to positively impact the communities it operates in. Riot’s vision is to become the world’s leading Bitcoin-driven infrastructure platform.
AI Sentiment: Neutral
