This summer’s high temperatures have impacted different sectors, including Bitcoin mining in the United States. Several companies in the sector have been shutting down their operations and selling power back to the grid for a profit.
Mainstream media outlet Bloomberg highlighted this activity in a recent report on Bitcoin miner Riot. The company has been selling back some of its power when high temperatures lead to increased demand.
The report stated the following on Bitcoin mining when providing a definition:
Bitcoin mining is an electricity-intensive process in which miners use expensive specialized computers to validate records of transactions on the blockchain and earn rewards in the form of the token.
Bitcoin Mining Bad For The Environment?
According to Bloomberg, Riot made over $13 million in power curtailment credits in 2023’s second quarter by selling power to the Electric Reliability Council of Texas (ERCOT). In…
