[NEW]: Energy Arbitrage is more profitable than Cryptomining

[dsghub]

Date

2024-08-27

Description

Says the Economist: "On the hottest and coldest days, when demand for electricity peaks and the price soars, the bitcoin miners either sell power back to providers at a profit or stop mining for a fee, paid by ERCOT. Doing so has become more lucrative than mining itself. In August 2023 Riot collected $32m from curtailing mining and just $8.6m from selling bitcoin.
The Tech Transparency Project, a non-profit organisation based in Washington, DC, accuses miners of acting as an energy-arbitrage business in disguise, holding Texas “hostage” and wasting taxpayer dollars. "

Links

https://www.economist.com/united-states/2024/08/27/why-texas-republicans-are-souring-on-crypto
https://archive.is/ezwst

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• I irrevocably agree to release my contribution under the CC-BY 3.0 License

Attribution name

It's not by me, it's by The Economist

Personal link

https://social.heise.de/@newstik