{"id":2817,"date":"2023-09-08T00:00:00","date_gmt":"2023-09-08T00:00:00","guid":{"rendered":"http:\/\/www-prod.greenpeace.org\/usa\/campaign-updates\/2817\/riot-bitcoin-mines-profits-31-7m-while-texans-suffer-extreme-heat\/"},"modified":"2025-04-23T00:09:16","modified_gmt":"2025-04-23T00:09:16","slug":"riot-bitcoin-mines-profits-31-7m-while-texans-suffer-extreme-heat","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/usa\/riot-bitcoin-mines-profits-31-7m-while-texans-suffer-extreme-heat\/","title":{"rendered":"Riot Bitcoin Mines profits $31.7M While Texans Suffer Extreme Heat"},"content":{"rendered":"<p><span class=\"p4descriptive_paragraph\">While Texans suffered from record-breaking extreme heat this summer and sky-high electricity bills, Riot Platforms, a Bitcoin mining company, was getting paid by Electric Reliability Council of Texas (ERCOT) for simply shutting down. In August alone, Riot made $31.7 million dollars in energy credits for cutting back its energy use.<\/span><\/p>\n<figure class=\"wp-block-image size-large p4featured_image\"><img decoding=\"async\" src=\"https:\/\/storage.googleapis.com\/planet4-usa-stateless\/2024\/12\/c907ea24-gp0stwjve_low_res_with_credit_line.jpg\" alt=\"Bitcoin Mining in Texas\" \/><figcaption class=\"wp-element-caption\">An aerial view of the Riot and Bitdeer Bitcoin mining facilities in Rockdale, Texas.Bitcoin mining operations in Rockdale, Texas.<br \/>\nBitdeer \u2013 a firm spun off from Chinese bitcoin mining giant Bitmain \u2013 is four-tenths of a mile down the road from Riot Blockchain, one of the biggest publicly traded mining companies in America. Both are tenants of property once occupied by aluminum maker Alcoa.<\/p>\n<\/figcaption><\/figure>\n<p>While Texans suffered from record-breaking extreme heat this summer and sky-high electricity bills, Riot Platforms, a Bitcoin mining company, was getting paid by Electric Reliability Council of Texas (ERCOT) for simply shutting down. In August alone, Riot made $31.7 million dollars in energy credits for cutting back its energy use.<\/p>\n<p><b>Washington, DC (September 7, 2023)\u2014<\/b><span style=\"font-weight: 400;\">While Texans suffered from record-breaking extreme heat this summer and sky-high electricity bills, Riot Platforms, a Bitcoin mining company, was getting paid by Electric Reliability Council of Texas (ERCOT) for simply shutting down. In August alone,<\/span><a href=\"https:\/\/www.cnbc.com\/2023\/09\/06\/texas-paid-bitcoin-miner-riot-31point7-million-to-shut-down-in-august.html\"><span style=\"font-weight: 400;\"> Riot made $31.7 million dollars<\/span><\/a><span style=\"font-weight: 400;\"> in energy credits for cutting back its energy use. That was <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-06\/bitcoin-btc-miner-riot-riot-made-record-31-million-from-power-credits\"><span style=\"font-weight: 400;\">nearly four times what the company made mining Bitcoin<\/span><\/a><span style=\"font-weight: 400;\">. Meanwhile the climate change fueled heatwave <\/span><a href=\"https:\/\/abcnews.go.com\/Technology\/wireStory\/dangerous-heat-wave-texas-midwest-strains-infrastructure-transportation-102509552\"><span style=\"font-weight: 400;\">threatened people\u2019s lives who struggled in triple digit temperatures and damaged infrastructure<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Joshua Archer, Lead Bitcoin Campaigner, said: <\/b><span style=\"font-weight: 400;\">\u201cWhile Texans suffer from extreme heat, Riot boasts about its record-breaking earnings of energy credits and their controversial arrangement with ERCOT. Talk about a bad deal for Texans. Riot claims that it is stabilizing the grid by shutting down during heat waves, but how can paying Riot be justified while Texans have to pay exorbitant prices just to keep the lights on? This deal only benefits one party\u2014Riot Platforms. This is why we are campaigning to innovate Bitcoin away from proof-of-work mining and rein in its excessive energy consumption. If Bitcoin wasn\u2019t so energy-intensive to begin with, everyday ratepayers wouldn\u2019t be stuck footing the bill while companies like Riot Platforms line their pockets.\u201d<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">###<\/span><\/p>\n<p><b>Greenpeace USA <\/b><span style=\"font-weight: 400;\">is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country\u2019s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at <\/span><a href=\"http:\/\/www.greenpeace.org\/usa\"><span style=\"font-weight: 400;\">www.greenpeace.org\/usa<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While Texans suffered from record-breaking extreme heat this summer and sky-high electricity bills, Riot Platforms, a Bitcoin mining company, was getting paid by Electric Reliability Council of Texas (ERCOT) for&hellip;<\/p>\n","protected":false},"author":65,"featured_media":11168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"ep_exclude_from_search":false,"p4_og_title":"","p4_og_description":"","p4_og_image":"","p4_og_image_id":"","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[209],"tags":[185,50],"p4-page-type":[33],"class_list":["post-2817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-campaign","tag-texas","tag-bitcoin","p4-page-type-press-release"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - 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