{"id":3839,"date":"2023-10-19T00:00:00","date_gmt":"2023-10-19T00:00:00","guid":{"rendered":"http:\/\/www-prod.greenpeace.org\/usa\/campaign-updates\/3839\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/"},"modified":"2024-11-20T04:14:42","modified_gmt":"2024-11-20T04:14:42","slug":"riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/","title":{"rendered":"Riot Platforms: The Company Behind the Most Energy Intensive Bitcoin Mine in the U.S."},"content":{"rendered":"<p><span class='p4descriptive_paragraph'>Riot Platforms is leading the polluting Bitcoin boom in Texas. The company operates the largest, and one of most energy and carbon-intensive, Bitcoin mines in the U.S. at their Rockdale facility and now plans to build an even bigger and dirtier mine in Corsicana.\u00a0<\/span><\/p>\n<figure class='wp-block-image size-large p4featured_image'><img src='https:\/\/storage.googleapis.com\/planet4-usa-stateless\/2024\/11\/c3784e88-gp0stwjvn_low_res_with_credit_line.jpg' alt='Bitcoin Mining in Texas' \/><figcaption class='wp-element-caption'>An aerial view of the Riot Bitcoin mining facility in Rockdale, Texas.<br \/>\nRiot\u2019s Rockdale Facility has a total power capacity of 750 MW, with 450 MW currently developed. This facility is believed to be the largest single facility, as measured by developed capacity, in North America for Bitcoin mining. The Rockdale Facility is currently undergoing a substantial expansion project that is nearly doubling the site\u2019s Bitcoin mining capacity to 700 MW. This expansion includes four new buildings, totaling approximately 240,000 sq ft. and adding 400 MW of capacity. Once this expansion is complete, it is expected that Riot\u2019s Rockdale Facility will be the largest Bitcoin mining facility in the world, as measured by developed capacity.<\/p>\n<p>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.<\/figcaption><\/figure>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\"><strong>Summary<\/strong>\u00a0\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Riot Platforms is leading the polluting Bitcoin boom in Texas. The company operates the largest, and one of most energy and carbon-intensive, Bitcoin mines in the U.S. at their Rockdale facility and now plans to build an even bigger and dirtier mine in Corsicana.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Riot\u2019s massive fossil fuel-generated energy use contributes to the climate crisis, while the company also profits from extreme weather. During heatwaves and cold snaps, Riot makes millions of dollars by simply doing nothing and selling energy back to the grid \u2013 often more than they earn mining Bitcoin.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Texans are footing the bill with higher energy prices due to increased electricity demand from Riot, and tax incentives and subsidies going to Riot and other Bitcoin miners.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"Calibri\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Big financial companies including BlackRock, JP Morgan Chase, and Vanguard are helping bankroll Riot\u2019s carbon emissions and water consumption.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><strong>Introduction\u00a0<\/strong><\/p>\n<p><span data-contrast=\"auto\">As the saying goes, everything is bigger in Texas, including Bitcoin mines. And that means big carbon emissions. Texas has become a hub for Bitcoin mining and since 2021, 2,234 megawatts (MW) of Bitcoin mining facilities have been built in the state by around 30 companies. [1] <\/span><span data-contrast=\"auto\">Standing out in this Bitcoin boom is Riot Platforms\u2019 sprawling facility near Rockdale, Texas that is estimated to be the most energy and carbon-intensive Bitcoin mine in the U.S. [2]<\/span><span data-contrast=\"auto\"> Riot now plans to grow that facility and while building an even bigger mine in the state, one that could be the largest in the world. This all means even more carbon emissions and local air, water, and noise pollution. [3]<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Through its large Texas operations, Riot, a publicly traded company based in Castle Rock, Colorado, has grown into one of the largest Bitcoin mining companies in the U.S. Riot\u2019s facilities also rely primarily on fossil fuel generated electricity leading to massive carbon emissions. [4]<\/span><span data-contrast=\"auto\">\u00a0While the company contributes to the climate crisis, it <\/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 data-contrast=\"none\">makes money during extreme weather events<\/span><\/a><span data-contrast=\"auto\">, like heat waves and cold snaps, by getting paid to simply shut down and sell power back to the grid. [5]<\/span><span data-contrast=\"auto\"> Meanwhile, everyday Texans are suffering from sweltering temperatures, paying higher energy bills, and dealing with the consequences of a strained electricity grid.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><strong>Environmental and Community Impacts\u00a0<\/strong><\/p>\n<p><span data-contrast=\"auto\">Riot Platforms operates the most energy and carbon-intensive Bitcoin mines in the United States out of an abandoned aluminum smelting plant in Rockdale, Texas. The facility is <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html\"><span data-contrast=\"none\">estimated to use 450 MW of power<\/span><\/a><span data-contrast=\"auto\">, equivalent to the amount of electricity used by the nearest 300,000 homes. [6]<\/span><span data-contrast=\"auto\">\u00a0And almost all of that electricity comes from dirty fossil fuels, producing annual CO2 emissions of 1.9 million tons. Yet, according to Riot,<\/span><a href=\"https:\/\/www.riotplatforms.com\/bitcoin-mining\/whinstone-u-s\"><span data-contrast=\"none\"> the facility has even greater power capacity<\/span><\/a><span data-contrast=\"auto\">, 750 MW, and the company is in the process of expansion. [7]<\/span><span data-contrast=\"auto\">\u00a0That would mean more GHG emissions and more electricity drained from the grid rather than going into people\u2019s homes and offices.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Meanwhile, Riot is constructing<\/span><a href=\"https:\/\/www.riotplatforms.com\/investors\/sec-filings\/annual-reports\/content\/0001558370-23-002704\/0001558370-23-002704.pdf\"><span data-contrast=\"none\"> a new facility in Corsicana, Texas<\/span><\/a><span data-contrast=\"auto\">, about 60 miles south of Dallas in Navarro County, that would be even larger, potentially using 1 gigawatt of energy. [8]<\/span><span data-contrast=\"auto\">\u00a0That could make it the largest Bitcoin mine in the world. The facility would generate even more carbon emissions and <\/span><a href=\"https:\/\/www.washingtonpost.com\/climate-solutions\/2022\/07\/15\/bitcoin-crypto-texas-heat-wave\/\"><span data-contrast=\"none\">increase demand on the already-strained Texas electrical grid<\/span><\/a><span data-contrast=\"auto\">. [9]<\/span><span data-contrast=\"auto\">\u00a0The added energy demand could push fossil fuel plants to keep operating and expand production.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Riot\u2019s approach to criticism is to either deny creating carbon emissions or greenwash its operations by claiming to support renewable energy. In response to an extensive <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html\"><i><span data-contrast=\"none\">New York Times<\/span><\/i><\/a><a href=\"https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html\"><span data-contrast=\"none\"> investigation<\/span><\/a><span data-contrast=\"auto\"> revealing the company\u2019s huge energy use and GHG emissions, <\/span><a href=\"https:\/\/twitter.com\/RiotPlatforms\/status\/1645473961004892162\"><span data-contrast=\"none\">Riot released a video claiming the company\u2019s mines have no emissions<\/span><\/a><span data-contrast=\"auto\"> \u2013 a ridiculous argument that ignores how carbon emissions are calculated. [10]<\/span><span data-contrast=\"auto\"> The company also<\/span><a href=\"https:\/\/www.globenewswire.com\/news-release\/2023\/04\/10\/2643988\/0\/en\/Riot-Platforms-Inc-Statement-The-New-York-Times-Politically-Driven-Attack-On-Bitcoin-Mining-Is-Full-of-Distortions-Outright-Falsehoods.html\"><span data-contrast=\"none\"> issued a scathing statement in response<\/span><\/a><span data-contrast=\"auto\"> that denied the company\u2019s climate impacts. [11]<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Yet, Riot\u2019s environmental record is concerning. The company does not disclose GHG emissions or other environmental data which would provide vital transparency and accountability. It has a dismal ESG Score of 1.06 out of 10 from Bloomberg, and a 0 on environmental factors since the company does not disclose any environmental data, aside from discussing potential risks of climate change to its business. [12]<\/span><span data-contrast=\"auto\">\u00a0In January 2022, a group of U.S. Senators and Congresspeople, including Elizabeth Warren and Edward Markey, <\/span><a href=\"https:\/\/www.warren.senate.gov\/newsroom\/press-releases\/warren-colleagues-press-six-cryptomining-companies-on-extraordinarily-high-energy-use-and-climate-impacts\"><span data-contrast=\"none\">wrote a letter to Riot and five other Bitcoin mining companies<\/span><\/a><span data-contrast=\"auto\">, over concerns about high energy use and requested more reporting and data including about the companies\u2019 energy consumption and emissions. [13]<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Beyond the climate and air pollution implications of Bitcoin mining, these operations also create noise pollution that is harmful and disruptive to surrounding communities. Bitcoin <\/span><a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2022\/09\/09-2022-Crypto-Assets-and-Climate-Report.pdf\"><span data-contrast=\"none\">mines are very loud<\/span><\/a><span data-contrast=\"auto\"> largely due to the fans needed to cool the equipment. Facility noise can reach and remain at 95 dB, which some nearby residents have <\/span><a href=\"https:\/\/www.washingtonpost.com\/business\/interactive\/2022\/cryptocurrency-mine-noise-homes-nc\/\"><span data-contrast=\"none\">compared to having a jet-engine in your backyard<\/span><\/a><span data-contrast=\"auto\">. [14]<\/span>\u00a0<span data-contrast=\"auto\">All that noise has<\/span><a href=\"https:\/\/www.corsicanadailysun.com\/news\/update-bitcoin-facility-breaks-ground-draws-protesters\/article_4bcc8bac-4f0d-11ed-adac-770ace851452.html\"><span data-contrast=\"none\"> led to complaints and protests from affected communities <\/span><\/a><span data-contrast=\"auto\">in Texas and around the United States who are upset about the constant din from these industrial facilities that operate around-the-clock. [15]<\/span><span data-contrast=\"auto\">\u00a0Riot\u2019s <\/span><a href=\"https:\/\/www.globenewswire.com\/en\/news-release\/2021\/10\/19\/2316621\/0\/en\/Riot-Announces-First-Industrial-Scale-Immersion-Cooled-Bitcoin-Mining-Operation.html\"><span data-contrast=\"none\">Rockdale mine<\/span><\/a><span data-contrast=\"auto\"> uses a mix of the loud air cooling method and some immersion cooling &#8211; submerging computers in liquid to keep them cool and clean, which reduces the need for fans. [16]<\/span><span data-contrast=\"auto\"> The company has a water reservation agreement to pay approximately $2.1 million annually to get water from a nearby lake for use in cooling. [17]<\/span><span data-contrast=\"auto\">\u00a0Riot says that the <\/span><a href=\"https:\/\/www.riotplatforms.com\/investors\/news-events\/press-releases\/detail\/127\/riot-blockchain-announces-1-gw-development-in-navarro\"><span data-contrast=\"none\">Corsicana mine will use immersion cooling<\/span><\/a><span data-contrast=\"auto\">. [18]<\/span><span data-contrast=\"auto\">\u00a0However, it remains to be seen whether Riot actually uses this technology, which is more expensive.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The new Corsicana mine could use <\/span><a href=\"https:\/\/www.dallasnews.com\/business\/local-companies\/2022\/06\/16\/we-do-not-want-this-corsicana-group-protests-riot-blockchains-bitcoin-mining-facility\/\"><span data-contrast=\"none\">large amounts of water<\/span><\/a><span data-contrast=\"auto\"> which is a major concern in an area enduring a historic drought. [19]<\/span><span data-contrast=\"auto\">\u00a0The City of Corsicana plans to sell water to Riot which is projected to be up to <\/span><a href=\"https:\/\/earthjustice.org\/feature\/cryptocurrency-mining-texas#36\"><span data-contrast=\"none\">1.5 million gallons of water per day<\/span><\/a><span data-contrast=\"auto\">. [20]<\/span><span data-contrast=\"auto\">\u00a0Meanwhile ranchers have recently been<\/span><a href=\"https:\/\/texasfarmbureau.org\/drought-forces-record-number-of-cattle-sold-in-texas\/\"><span data-contrast=\"none\"> forced to sell cattle due to the lack of water<\/span><\/a><span data-contrast=\"auto\"> in the region. [21]<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<div id=\"attachment_92923\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-92923\" class=\"wp-image-92923 size-full\" src=\"https:\/\/www.greenpeace.org\/static\/planet4-usa-stateless\/2024\/11\/71f0fcee-gp0stwjv1_web_size_with_credit_line.jpg\" alt=\"\" width=\"800\" height=\"533\" \/><\/p>\n<p id=\"caption-attachment-92923\" class=\"wp-caption-text\">An aerial view of Bitdeer\u2019s Rockdale, Texas facility. Bitdeer \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<\/div>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><strong>Running on Public Money\u00a0<\/strong><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Riot\u2019s polluting facilities benefit from a range of public subsidies and tax incentives, despite the <\/span><a href=\"https:\/\/www.theatlantic.com\/technology\/archive\/2022\/09\/crypto-technology-government-regulation\/671375\/\"><span data-contrast=\"none\">anti-government rhetoric from the Bitcoin industry<\/span><\/a><span data-contrast=\"auto\">. [22]<\/span><span data-contrast=\"auto\">\u00a0In particular, Riot receives payments from the Texas grid operator, ERCOT, to reduce and shut-down operations during periods of high demand and high energy prices. Thus, large energy users like Riot <\/span><a href=\"https:\/\/www.washingtonpost.com\/climate-solutions\/2022\/07\/15\/bitcoin-crypto-texas-heat-wave\/\"><span data-contrast=\"none\">contribute to the climate crisis and strained energy grids while benefiting from extreme weather and an overloaded grid<\/span><\/a><span data-contrast=\"auto\">. [23]<\/span><span data-contrast=\"auto\">\u00a0Riot has been paid millions by reducing usage and selling back electricity during periods of peak demand, like the <\/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 data-contrast=\"none\">record-setting deadly heat waves<\/span><\/a><span data-contrast=\"auto\"> in summer 2023 when the company made $31.7 million in August alone. [24]<\/span><span data-contrast=\"auto\">\u00a0Meanwhile, everyday Texans were asked to turn down their air conditioning and suffer through hot temperatures with no compensation.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The demand response program (in Texas called Responsive Reserve Service) that Riot participates in pays companies, with funds from ratepayers, for agreeing to cut back energy use. Yet residential customers cannot<\/span><a href=\"https:\/\/www.canarymedia.com\/articles\/grid-edge\/why-arent-texans-paid-to-help-prevent-blackouts-during-heat-waves\"><span data-contrast=\"none\"> participate in the program<\/span><\/a><span data-contrast=\"auto\"> and are asked to voluntarily cut back their use during energy crises. [25]<\/span><span data-contrast=\"auto\">\u00a0Through the demand response program, Riot gets <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html\"><span data-contrast=\"none\">paid by promising to stop using electricity if ERCOT asks<\/span><\/a><span data-contrast=\"auto\">, even though ERCOT rarely requests them to do so. [26]<\/span><span data-contrast=\"auto\">\u00a0Plus, miners might have shut-down at those times anyway given the high price of energy. Thus, miners like Riot can make millions of dollars for essentially doing nothing.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Another way Riot makes money is by selling electricity back to the grid which, in 2022, <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html\"><span data-contrast=\"none\">earned the company $18 million<\/span><\/a><span data-contrast=\"auto\">. [27]<\/span><span data-contrast=\"auto\">\u00a0Miners like Riot secure long-term energy contracts with low prices and then can <\/span><a href=\"https:\/\/www.techtransparencyproject.org\/articles\/cryptocurrency-miners-sweetheart-deal-texas-threatens-already-fragile-grid\"><span data-contrast=\"none\">sell energy back at the higher market prices<\/span><\/a><span data-contrast=\"auto\"> during periods of peak demand. [28]<\/span><span data-contrast=\"auto\">\u00a0Price fluctuations are particularly extreme in Texas given the state\u2019s independent and deregulated energy market. In 2022, the <\/span><i><span data-contrast=\"auto\">New York Times<\/span><\/i><span data-contrast=\"auto\"> found that <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html\"><span data-contrast=\"none\">Riot saved around $27 million in potential fees<\/span><\/a><span data-contrast=\"auto\"> by cutting back usage during periods of high demand. [29]<\/span><span data-contrast=\"auto\">\u00a0At times Riot can make more money by shutting down and selling energy back to the grid than<\/span><a href=\"https:\/\/fortune.com\/2022\/08\/13\/riot-blockchain-bitcoin-mining-texas-electric-grid-subsidy\"><span data-contrast=\"none\"> mining Bitcoin<\/span><\/a><span data-contrast=\"auto\">. [30]<\/span><span data-contrast=\"auto\">\u00a0In August 2023, Riot made nearly four times as much money by selling energy than the company made mining Bitcoin.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">When winter storm Uri hit Texas in 2021, millions went without electricity for days during subzero temperatures and <\/span><a href=\"https:\/\/www.texastribune.org\/2022\/01\/02\/texas-winter-storm-final-death-toll-246\/\"><span data-contrast=\"none\">at least 246 people died<\/span><\/a><span data-contrast=\"auto\">, some freezing inside their homes. [31]<\/span><span data-contrast=\"auto\">\u00a0And Texans who did have power faced <\/span><a href=\"https:\/\/www.forbes.com\/sites\/robertbryce\/2022\/08\/24\/texas-consumers-on-hook-for-10-billion-in-debt-incurred-during-winter-storm-uri\/?sh=394e8aa1f091\"><span data-contrast=\"none\">astronomical electricity bills<\/span><\/a><span data-contrast=\"auto\"> due to huge electricity price spikes. [32] <\/span><span data-contrast=\"auto\">Yet, miners like Riot were getting paid to scale back their operations and sell energy to the grid at high prices. <\/span><a href=\"https:\/\/www.citizen.org\/wp-content\/uploads\/2022-11-17-PCTX-Crypto-Mining-Impacts-in-Texas.pdf\"><span data-contrast=\"none\">Riot made $125 million selling energy during the storm<\/span><\/a><span data-contrast=\"auto\">. [33]<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While heat waves and winter storms have exposed vulnerabilities in the Texas energy grid, more and more energy demand from Bitcoin mining is being proposed, like Riot\u2019s Corsicana facility. ERCOT is reviewing applications from Bitcoin miners to <\/span><a href=\"https:\/\/www.ercot.com\/files\/docs\/2023\/05\/31\/LLI%20Queue%20Status%20Update%20-%202023-05-31.pdf\"><span data-contrast=\"none\">bring nearly 42 GW of electricity demand online by 2027<\/span><\/a><span data-contrast=\"auto\">, even a fraction of that would be a tremendous growth from the already substantial 3,000 megawatts used by the industry. [34]<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Texans are also paying more to keep their lights on than Riot pays to guess numbers in the race to win Bitcoin. Riot told investors in an August 2023 report that the company paid 2.8 cents per KwH compared to the<\/span><a href=\"https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html\"><span data-contrast=\"none\"> average price of 7.2 cents for other industrial users and 13.5 cents for residents. [35]<\/span><\/a><span data-contrast=\"auto\">\u00a0And miners like Riot are even making those electricity bills higher for residents. Analysis by energy research and consulting firm Wood Mackenzie finds that Bitcoin mining in Texas <\/span><a href=\"https:\/\/qz.com\/bitcoin-mining-has-raised-texas-electricity-prices-5-1850319961\"><span data-contrast=\"none\">will lead to a 5% increase in electricity costs<\/span><\/a><span data-contrast=\"auto\"> and cost an additional $1.8 billion per year. [36]<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Riot benefits from other tax incentives and subsidies as well. The company\u2019s Whinstone mine in Rockdale is <\/span><a href=\"https:\/\/comptroller.texas.gov\/taxes\/data-centers\/data-center-lists.php\"><span data-contrast=\"none\">exempted from many state sales taxes<\/span><\/a><span data-contrast=\"auto\"> through a Texas program for data centers that exempts companies from state sales and use tax on equipment and electricity. [37]<\/span><span data-contrast=\"auto\">\u00a0The company that originally built the facility, Whinstone, also received <\/span><a href=\"https:\/\/www.rockdalemdd.org\/news\/whinstone-us-breaks-ground-build-world%E2%80%99s-largest-bitcoin-mining-facility-rockdale-texas\"><span data-contrast=\"none\">public incentives and tax abatements<\/span><\/a><span data-contrast=\"auto\">. [38]<\/span><span data-contrast=\"auto\"> Riot receives an abatement on improvements to the facility for an estimated taxable value of $151 million. [39]<\/span><span data-contrast=\"auto\"> However the promise of 300 jobs at Riot\u2019s Rockdale mine were overblown as <\/span><a href=\"https:\/\/earthjustice.org\/document\/the-energy-bomb-how-proof-of-work-cryptocurrency-mining-worsens-the-climate-crisis-and-harms-communities-now\"><span data-contrast=\"none\">only 14 new hires have been confirmed<\/span><\/a><span data-contrast=\"auto\">. [40]<\/span><span data-contrast=\"auto\">\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Meanwhile, Riot\u2019s executives are making large sums of money. In 2022, CEO Jason Les and Chairman Benjamin Yi both made over $21 million in compensation while four other top executives all made between $2 and $3 million. [41]<\/span><span data-contrast=\"auto\"> That was a year in which the company reported nearly $510 million in losses. [42]<\/span><\/p>\n<div id=\"attachment_92926\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-92926\" class=\"wp-image-92926 size-full\" src=\"https:\/\/www.greenpeace.org\/static\/planet4-usa-stateless\/2024\/11\/5a0a37b0-gp0stwjus_web_size_with_credit_line.jpg\" alt=\"\" width=\"800\" height=\"533\" \/><\/p>\n<p id=\"caption-attachment-92926\" class=\"wp-caption-text\">Riot\u2019s Rockdale Facility has a total power capacity of 750 MW, with 450 MW currently developed. This facility is believed to be the largest single facility, as measured by developed capacity, in North America for Bitcoin mining. The Rockdale Facility is currently undergoing a substantial expansion project that is nearly doubling the site\u2019s Bitcoin mining capacity to 700 MW. This expansion includes four new buildings, totaling approximately 240,000 sq ft. and adding 400 MW of capacity. Once this expansion is complete, it is expected that Riot\u2019s Rockdale Facility will be the largest Bitcoin mining facility in the world, as measured by developed capacity.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p><strong>Hopping on the Bitcoin Bandwagon\u00a0\u00a0<\/strong><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Riot Platforms was not always in the mining Bitcoin business and used to <\/span><a href=\"https:\/\/www.cnbc.com\/2018\/02\/16\/public-company-changes-name-to-riot-blockchain-sees-shares-rocket.html\"><span data-contrast=\"none\">develop veterinarian products and tools for diagnosing diseases<\/span><\/a><span data-contrast=\"auto\">. [43]<\/span><span data-contrast=\"auto\">\u00a0In October\u00a0 2017, amidst a wave of hype about blockchain and Bitcoin, the company made an abrupt shift after 17 years in biotech into the crypto industry. The company<\/span><a href=\"https:\/\/www.cnbc.com\/2018\/02\/16\/public-company-changes-name-to-riot-blockchain-sees-shares-rocket.html\"><span data-contrast=\"none\"> announced a name change from Bioptix to Riot Blockchain<\/span><\/a><span data-contrast=\"auto\"> and told investors the company was getting into Bitcoin mining and other cryptocurrency services. [44]<\/span><span data-contrast=\"auto\">\u00a0The <\/span><a href=\"https:\/\/www.wsj.com\/articles\/this-biotech-turned-blockchain-company-led-the-nasdaq-to-7000-1514928812\"><span data-contrast=\"none\">company\u2019s stock price soared<\/span><\/a><span data-contrast=\"auto\"> and attracted lots of new buyers. But the sudden change was met with some criticism for following the hype about Bitcoin. Some<\/span><a href=\"https:\/\/www.wsj.com\/articles\/investor-who-rode-pivot-from-biotech-to-bitcoin-sells-big-stake-1517403600\"><span data-contrast=\"none\"> large shareholders sold off large numbers of shares<\/span><\/a><span data-contrast=\"auto\">, making a lot of money, and several <\/span><a href=\"https:\/\/www.cnbc.com\/2018\/02\/16\/public-company-changes-name-to-riot-blockchain-sees-shares-rocket.html\"><span data-contrast=\"none\">annual meetings were abruptly canceled<\/span><\/a><span data-contrast=\"auto\">. [45]<\/span><span data-contrast=\"auto\">\u00a0This all led to several shareholder lawsuits and an SEC investigation. Ultimately, the <\/span><a href=\"https:\/\/news.bloomberglaw.com\/litigation\/riot-blockchain-pump-and-dump-claims-dismissed-with-prejudice\"><span data-contrast=\"none\">lawsuits were dismissed<\/span><\/a><span data-contrast=\"auto\"> and the <\/span><a href=\"https:\/\/www.riotplatforms.com\/news-media\/press-releases\/detail\/70\/riot-blockchain-announces-termination-of-sec-investigation\"><span data-contrast=\"none\">SEC investigation ended without any recommendation of charges<\/span><\/a><span data-contrast=\"auto\">. [46] <\/span><span data-contrast=\"auto\">Still, the company continues to have weak governance practices. Bloomberg\u2019s ESG scores give Riot a 4.68 out of 10 on governance issues which includes issues like executive compensation, board oversight, and the strength of auditing practices. [47]<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Since rebranding as a crypto company, Riot has acquired companies to grow its Bitcoin mining operations. In May 2021, under the leadership of the new CEO Jason Les, a former professional poker player, Riot made one of its largest acquisitions \u2013 a $651 million deal to <\/span><a href=\"https:\/\/www.globenewswire.com\/en\/news-release\/2021\/05\/26\/2236906\/0\/en\/Riot-Blockchain-Completes-Acquisition-of-Whinstone-US-Creating-Leading-North-American-Bitcoin-Mining-Company.html\"><span data-contrast=\"none\">buy Whinstone US, the company that built the Rockdale mining facility<\/span><\/a><span data-contrast=\"auto\">. [48] <\/span><span data-contrast=\"auto\">Riot has also sought vertical integration by expanding into industries that supply equipment services for Bitcoin mines. Also in 2021, Riot <\/span><a href=\"https:\/\/www.coindesk.com\/business\/2021\/12\/01\/bitcoin-miner-riot-buys-electrical-equipment-provider-ess-metron-for-50m\/\"><span data-contrast=\"none\">purchased ESS Metron<\/span><\/a><span data-contrast=\"auto\">, an electrical component engineering and manufacturing firm that caters to Bitcoin miners, for $50 million. [49]<\/span><span data-contrast=\"auto\">\u00a0This gives Riot ownership over a company that provides essential infrastructure for its growing mining facilities. Riot also has a <\/span><a href=\"https:\/\/www.riotplatforms.com\/news-media\/press-releases\/detail\/11\/riot-blockchain-to-acquire-majority-interest-in-tess-a\"><span data-contrast=\"none\">majority ownership stake in TessPay<\/span><\/a><span data-contrast=\"auto\">, a fintech company that offers a blockchain payment platform for telecom companies. [50]<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In January 2023, the <\/span><a href=\"https:\/\/decrypt.co\/118352\/bitcoin-mining-firm-riot-ditches-blockchain-from-name-in-rebrand\"><span data-contrast=\"none\">company changed its name again from Riot Blockchain to Riot Platforms to signal diversification<\/span><\/a><span data-contrast=\"auto\"> from Bitcoin and cryptocurrency to other business streams, like high performance and cloud computing, amidst a period of economic turmoil for Bitcoin miners. [51]<\/span><span data-contrast=\"auto\">\u00a0Riot\u2019s<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-03\/bitcoin-miner-riot-drops-blockchain-from-name-after-rough-year\"><span data-contrast=\"none\"> share price had dropped 85% in 2022 <\/span><\/a><span data-contrast=\"auto\">as the price of Bitcoin slumped and the industry\u2019s reputation struggled after numerous high-profile scandals. [52]<\/span><\/p>\n<p><strong>Political Ties and Lobbying\u00a0<\/strong><\/p>\n<p><span data-contrast=\"auto\">Riot, along with Bitcoin industry groups, has used its political muscle to secure and protect policies and subsidies favorable to miners\u2019 bottom line. Riot has engaged in federal and state lobbying, and hired staff, often with ties to government agencies and conservative groups, to promote the companies\u2019 interests.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Publicly available data shows that Riot began spending on state and federal lobbying in 2022. In 2022, Riot (then named Riot Blockchain) reported spending $280,000 on federal lobbying through a contract with Holland and Knight, a Florida-based law firm that has a large federal lobbying operation. [53]<\/span><span data-contrast=\"auto\"> As of August 2023, Riot has spent $220,000 on federal lobbying, which included paying $160,000 for lobbying services to Holland and Knight while the rest was done in-house by Riot staff. [54] <\/span><span data-contrast=\"auto\">Agencies that the company lobbied include the Commodity Futures Trading Commissions (CFTC) that oversees Bitcoin futures trading, the Department of Energy, Environmental Protection Agency (EPA), and Securities Exchange Commission (SEC). As of September 2023, Riot has spent between $70,000-$151,000 on hiring lobbyists in Texas for the 2024 election cycle. [55]<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">There is also a revolving door between former government officials and Riot\u2019s staff and board, especially people with ties to right-wing politicians. In 2023 Riot hired a head of public policy, Brian Morgenstern, who is a former Trump Whitehouse official. Morgenstern served as <\/span><a href=\"https:\/\/www.politico.com\/news\/2020\/07\/20\/brian-morgenstern-deputy-press-secretary-375102\"><span data-contrast=\"none\">deputy communications director and deputy press secretary for Trump<\/span><\/a><span data-contrast=\"auto\"> starting in July 2020, and before that was a deputy assistant secretary for external affairs at the Department of the Treasury where he served as a senior aide and chief speechwriter to Trump-appointed Treasury Secretary Steven Mnuchin. [56]<\/span><span data-contrast=\"auto\">\u00a0Morgenstern was named in an<\/span><a href=\"https:\/\/osc.gov\/Documents\/Hatch%20Act\/Reports\/Investigation%20of%20Political%20Activities%20by%20Senior%20Trump%20Administration%20Officials%20During%20the%202020%20Presidential%20Election.pdf\"><span data-contrast=\"none\"> investigation by the U.S. Office of Special Counsel<\/span><\/a><span data-contrast=\"auto\"> as one of the officials who violated the Hatch Act by promoting Trump\u2019s reelection campaign during official interviews and media appearances. [57]<\/span><span data-contrast=\"auto\">\u00a0After working for Trump, Morgenstern was a Senior Advisor at the<\/span><a href=\"https:\/\/www.axios.com\/2021\/04\/13\/trump-policy-institute-brooke-rollins\"><span data-contrast=\"none\"> America First Policy Institute <\/span><\/a><span data-contrast=\"auto\">\u2013 a group founded by ex-Trump administration officials to continue promoting Trump\u2019s conservative policy agenda. [58]<\/span><span data-contrast=\"auto\">\u00a0Morgenstern has a long career in Republican politics including working on <\/span><a href=\"https:\/\/www.politico.com\/news\/2020\/07\/20\/brian-morgenstern-deputy-press-secretary-375102\"><span data-contrast=\"none\">Rudy Giuliani\u2019s presidential campaign<\/span><\/a><span data-contrast=\"auto\"> in 2008. [59]<\/span><span data-contrast=\"auto\"> The company also hired Samuel Lyman as Director of Public Policy who also has ties to conservative politicians and powerful corporate interests who worked at the Orrin G. Hatch Foundation after being a speechwriter for Republican Senator Hatch, and was a speechwriter for the U.S. Chamber of Commerce \u2013 the wealthy corporate lobby group that has opposed action on climate change and environmental regulations. [60]<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In May 2023, Riot announced that <\/span><a href=\"https:\/\/www.riotplatforms.com\/news-media\/press-releases\/detail\/153\/riot-to-constitute-advisory-board-will-feature-former\"><span data-contrast=\"none\">Brad Jones, the former Interim President and CEO of the Energy Reliability Council of Texas (\u201cERCOT\u201d), was appointed to its advisory board<\/span><\/a><span data-contrast=\"auto\">. [61]<\/span><span data-contrast=\"auto\">\u00a0Riot makes millions of dollars through various ERCOT programs and lobbies for those policies to continue in order to protect a key source of revenue.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">When Riot\u2019s valuable ERCOT incentives were threatened by proposed state legislation, the company and allied industry groups pushed hard to block the bill. In spring 2023, Republican Texas state senator Lois Kolkhorst introduced <\/span><a href=\"https:\/\/www.houstonchronicle.com\/business\/energy\/article\/texas-cryptocurrency-mining-electricity-incentives-17896124.php\"><span data-contrast=\"none\">Senate Bill 1751 that would cut back some incentives used by Riot<\/span><\/a><span data-contrast=\"auto\"> and other miners. [62]<\/span><span data-contrast=\"auto\">\u00a0The bill would cap miner\u2019s enrollment in ERCOT&#8217;s emergency response services programs to 10% of all participants, require miners to register with ERCOT as \u201clarge flexible load,\u201d and prohibit property tax breaks to Bitcoin mining facilities. The bill was passed by the Senate with bipartisan support, but didn\u2019t make it out of a House committee in part due to <\/span><a href=\"https:\/\/blockworks.co\/news\/riot-dislikes-texas-mining-bill\"><span data-contrast=\"none\">mobilization by Riot <\/span><\/a><span data-contrast=\"auto\">and <\/span><a href=\"https:\/\/cointelegraph.com\/news\/don-t-mess-with-texas-innovation-advocates-criticize-bill-removing-crypto-mining-incentives\"><span data-contrast=\"none\">Bitcoin industry groups\u00a0<\/span><\/a><span data-contrast=\"auto\"> including the Texas Blockchain Council (TBC), the Satoshi Action Fund, and the Chamber of Digital Commerce. [63]<\/span>\u00a0<a href=\"https:\/\/blockworks.co\/news\/riot-dislikes-texas-mining-bill\"><span data-contrast=\"none\">Riot worked to stop the bill<\/span><\/a><span data-contrast=\"auto\"> by issuing statements criticizing the legislation, telling legislators to vote against it, and <\/span><a href=\"https:\/\/twitter.com\/BitcoinMagazine\/status\/1641082935158747137?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1643247964486352899%7Ctwgr%5E016822695718eded3cfd12c734b1fd4b7202f169%7Ctwcon%5Es3_&amp;ref_url=https%3A%2F%2Fblockworks.co%2Fnews%2Ftexas-blockchain-council-mining-bill\"><span data-contrast=\"none\">having company leaders testify against the bill<\/span><\/a><span data-contrast=\"auto\">. [64]<\/span><span data-contrast=\"auto\">\u00a0TBC was also a vocal opponent and has deep ties to Riot, which is an executive partner, the highest level of support for the group. Riot\u2019s head of public policy is also a board member of the TBC. TBC has ties to powerful Texas Republicans like Governor Gregg Abbott. For example, the TBC\u2019s VP for Public Policy and External Affairs, Reed Clay, was the<\/span><a href=\"https:\/\/texasblockchaincouncil.org\/team\"><span data-contrast=\"none\"> Chief Operating Officer for the State of Texas under Governor Greg Abbott<\/span><\/a><span data-contrast=\"auto\"> and helped advance Abbot\u2019s far-right wing political agenda. [65]<\/span><span data-contrast=\"auto\">\u00a0The industry<\/span><a href=\"https:\/\/decrypt.co\/143214\/death-of-anti-mining-bill-means-texas-miners-can-keep-raking-energy-credits\"><span data-contrast=\"none\"> celebrated killing the bill<\/span><\/a><span data-contrast=\"auto\"> which they framed as an attack on the industry. [66]<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Meanwhile Riot has worked with Bitcoin mining and crypto industry groups to push favorable legislation. For example, the U.S. Congressman Pete Sessions, a Republican from Texas representing the district that covers Riot\u2019s Rockdale mine, proposed <\/span><a href=\"https:\/\/www.congress.gov\/118\/bills\/hres238\/BILLS-118hres238ih.pdf?utm_source=substack&amp;utm_medium=email\"><span data-contrast=\"none\">House Resolution 238<\/span><\/a><span data-contrast=\"auto\"> that asserts proof-of-work mining is a boost for national energy goals and economic growth. [67]<\/span><span data-contrast=\"auto\">\u00a0Sessions has <\/span><a href=\"https:\/\/austinjournal.com\/stories\/640380147-texas-congressman-announces-proof-of-work-mining-resolution-at-blockchain-summit?utm_source=substack&amp;utm_medium=email\"><span data-contrast=\"none\">appeared at events sponsored by the industry<\/span><\/a><span data-contrast=\"auto\"> alongside representatives of Riot and praised the company. [68]<\/span><\/p>\n<div id=\"attachment_92391\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-92391\" class=\"wp-image-92391 size-full\" src=\"https:\/\/www.greenpeace.org\/static\/planet4-usa-stateless\/2024\/11\/bc35ec53-gp0stx2yn_web_size.jpg\" alt=\"\" width=\"800\" height=\"599\" \/><\/p>\n<p id=\"caption-attachment-92391\" class=\"wp-caption-text\">Using stunning projections on prominent buildings in the heart of New York City, Greenpeace USA cast a spotlight on the detrimental climate impact of Bitcoin investments by financial giants JPMorgan Chase &amp; Co. (Chase) and BlackRock. The display painted the skyline with images of Blackrock CEO Larry Fink and Chase CEO Jamie Dimon donning red laser eyes, similar to the profiles of Bitcoin maximalists. Bitcoin consumes as much electricity as entire countries, and 62% of the electricity used for Bitcoin mining globally in 2022 came from fossil fuels. Bitcoin\u2019s energy-hungry technology has revived decommissioned coal-fired and fossil fuel power plants and caused substantial environmental and social damage.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p><strong>Big Financial Backers\u00a0\u00a0<\/strong><\/p>\n<p><span data-contrast=\"auto\">Riot\u2019s pivot to Bitcoin mining and continued expansion relies on investments from big financial companies and support from the traditional finance sector. Riot has funded its expansion in part by selling more shares in the company to large institutional investors. Currently, the two largest shareholders of Riot are asset managers Vanguard and BlackRock who control 9.68% (valued at $196 million) and 6.5% (valued at $131.58 million) of outstanding shares respectively. Other large banks and investment companies also control shares of Riot, including State Street with 2.68% of shares, Morgan Stanley with 1% of shares, JPMorgan Chase with 0.66% of shares, and Goldman Sachs with 0.35%. [69]<\/span><span data-contrast=\"auto\">\u00a0These six big financial companies collectively hold nearly 21% of Riot\u2019s shares which are valued at $421.54 million. Thus, Wall Street serves as a major source of capital for Riot and its polluting Bitcoin mines.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Issuing new shares, or equity, relies on support from investment banks to facilitate the sale and take on the risk of buying the new stock and then selling it to investors. In May 2019, Riot issued additional shares in a deal managed by investment bank HC Wainright which raised $18.9 million that Riot said would be used for working expenses and capital. [70]<\/span><span data-contrast=\"auto\"> In 2022, Riot again issued additional shares raising $267 million in a deal managed by B Riley along with BTIG LLC, Cantor Fitzgerald, DA Davidson &amp; Co, Macquarie Capital USA, Northland Securities, and Roth Capital Partners. [71]<\/span><span data-contrast=\"auto\">\u00a0Riot said this <\/span><a href=\"https:\/\/www.coindesk.com\/business\/2022\/04\/01\/riot-blockchain-files-to-sell-up-to-500m-of-stock-in-atm-offering\/\"><span data-contrast=\"none\">equity offering would be used for general corporate purposes<\/span><\/a><span data-contrast=\"auto\"> which could include investments in current and future projects and strategic acquisitions. [72]<\/span><\/p>\n<p><span data-contrast=\"auto\">On August 9, 2023, Riot announced another share offering that is expected to raise $750 million. B Riley is the manager along with several other co-managers including BTIG LLC, Cantor Fitzgerald, Compass Point Research, Moelis &amp; Co, Northland Securities, Roth Capital Partners, and Stifel Nicolaus &amp; Co. [73]<\/span><span data-contrast=\"auto\">\u00a0The deal is still in process and is presumably being used to help fund construction of the Corsicana site.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Bitcoin miners like all companies also need banking services to manage money flows, make payroll, and make payments. <\/span><a href=\"https:\/\/advance.lexis.com\/api\/permalink\/02318100-1052-4ec9-8e2a-597f37f22355\/?context=1519360\"><span data-contrast=\"none\">Riot reported having operating accounts with Signature Bank<\/span><\/a><span data-contrast=\"auto\">, which catered to the crypto industry, before it failed and was shut down by regulators in March 2023. <\/span><span data-contrast=\"auto\">[74]<\/span><span data-contrast=\"auto\"> Riot has subsequently transferred deposits to other banks which have not been reported publicly.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><strong>Community Resistance\u00a0<\/strong><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Riot\u2019s large polluting and noisy facilities have sparked the ire of nearby residents and led to community resistance to the company\u2019s expansion. As people become aware of the noise, strain on the energy grid, and large water usage from Bitcoin miners, opposition to Riot\u2019s and other companies&#8217; facilities around Texas has grown.\u00a0 Construction of the new Corsicana facility has met resistance from nearby residents. The <\/span><a href=\"https:\/\/www.dallasnews.com\/business\/local-companies\/2022\/06\/16\/we-do-not-want-this-corsicana-group-protests-riot-blockchains-bitcoin-mining-facility\/\"><span data-contrast=\"none\">Concerned Citizens of Navarro County, led by Jackie Sawicky, mobilized to oppose the project<\/span><\/a><span data-contrast=\"auto\">, voicing concerns about noise, water usage, increasing electricity bills, and public subsidies. [75]<\/span><span data-contrast=\"auto\">\u00a0Concerned Citizens led a <\/span><a href=\"https:\/\/www.nbcdfw.com\/news\/local\/construction-of-nava\"><span data-contrast=\"none\">protest at the groundbreaking ceremony<\/span><\/a><span data-contrast=\"auto\"> for the 265-acre site and continues to push for more public input and scrutiny into the opaque permitting and approval processes for the facility. [76]<\/span><span data-contrast=\"auto\">\u00a0Residents are worried that Riot\u2019s mine would <\/span><a href=\"https:\/\/www.nbcnews.com\/tech\/crypto\/can-fragile-texas-power-grid-handle-cryptomining-gold-rush-rcna15726\"><span data-contrast=\"none\">use large amounts of water<\/span><\/a><span data-contrast=\"auto\"> and <\/span><a href=\"https:\/\/www.nbcdfw.com\/news\/local\/controversy-surrounds-worlds-largest-bitcoin-mining-operation-to-be-built-near-corsicana\/3011474\/\"><span data-contrast=\"none\">drive up electricity prices <\/span><\/a><span data-contrast=\"auto\">which is a major concern for people who already pay a lot to cool their homes during the long, hot summers. [77]<\/span><span data-contrast=\"auto\">\u00a0This is in an area where many people struggle to make ends meet. In 2020, Navarro County has a <\/span><a href=\"https:\/\/datausa.io\/profile\/geo\/navarro-county-tx#:~:text=17%25%20of%20the%20population%20for,44%20and%20then%20Males%20%3C%205.\"><span data-contrast=\"none\">15.5% poverty rate<\/span><\/a><span data-contrast=\"auto\"> and a median household income of $47,574 which is below the national average. <\/span><span data-contrast=\"auto\">[78]<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In summer 2023, Concerned Citizens joined with other advocates in Texas to form the Texas Coalition Against Cryptomining to coordinate communities across the state in addressing the environmental, economic, and social impacts of the rapidly growing Bitcoin mining industry. Texas activists are also <\/span><a href=\"https:\/\/www.eenews.net\/articles\/crypto-foes-gird-to-stop-mines-from-spreading-like-cancer\/\"><span data-contrast=\"none\">connecting with a national network <\/span><\/a><span data-contrast=\"auto\">of groups working to stop expansion of Bitcoin mining in their backyards, often with little public input but large drains on public infrastructure. [79]<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Endnotes<\/strong><\/p>\n<div id=\"pdf_viewer\" class=\"p-pdf_viewer__content\">\n<div class=\"p-pdf_iframe__page\" aria-label=\"Page 4\" data-page-number=\"4\">\n<div class=\"annotationLayer\">\n<ol class=\"ul1\">\n<li class=\"li1\">https:\/\/earthjustice.org\/wpcontent\/uploads\/energy_bomb_bitcoin_white_paper_101322.pdf; https:\/\/www.texastribune.org\/2022\/10\/03\/texas-cryptocurrency-mining-bitcoin\/<\/li>\n<li class=\"li1\">https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html<\/li>\n<li class=\"li1\">https:\/\/www.cbsnews.com\/texas\/news\/massive-bitcoin-mining-operation-comes-to-north-texas\/<\/li>\n<li class=\"li1\">https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html<\/li>\n<li class=\"li1\">https:\/\/www.bloomberg.com\/news\/articles\/2023-09-06\/bitcoin-btc-miner-riot-riot-made-record-31-million-from-power-credits<\/li>\n<li class=\"li1\">https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html<\/li>\n<li class=\"li1\">https:\/\/www.riotplatforms.com\/bitcoin-mining\/whinstone-u-s<\/li>\n<li class=\"li1\">https:\/\/www.riotplatforms.com\/investors\/sec-filings\/annual-reports\/content\/0001558370-23-002704\/0001558370-23-002704.pdf<\/li>\n<li class=\"li1\">https:\/\/www.washingtonpost.com\/climate-solutions\/2022\/07\/15\/bitcoin-crypto-texas-heat-wave\/<\/li>\n<li class=\"li1\">https:\/\/twitter.com\/RiotPlatforms\/status\/1645473961004892162<\/li>\n<li class=\"li1\">https:\/\/www.globenewswire.com\/news-release\/2023\/04\/10\/2643988\/0\/en\/Riot-Platforms-Inc-Statement-The-New-York-Times-Politically-Driven-Attack-On-Bitcoin-Mining-Is-Full-of-Distortions-Outright-Falsehoods.html<\/li>\n<li class=\"li1\">Based on ESG data from Bloomberg Terminal.<\/li>\n<li class=\"li1\">https:\/\/www.warren.senate.gov\/newsroom\/press-releases\/warren-colleagues-press-six-cryptomining-companies-on-extraordinarily-high-energy-use-and-climate-impacts<\/li>\n<li class=\"li1\">https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2022\/09\/09-2022-Crypto-Assets-and-Climate-Report.pdf; https:\/\/www.washingtonpost.com\/business\/interactive\/2022\/cryptocurrency-mine-noise-homes-nc\/<\/li>\n<li class=\"li1\">https:\/\/www.corsicanadailysun.com\/news\/update-bitcoin-facility-breaks-ground-draws-protesters\/article_4bcc8bac-4f0d-11ed-adac-770ace851452.html<\/li>\n<li class=\"li1\">https:\/\/www.globenewswire.com\/en\/news-release\/2021\/10\/19\/2316621\/0\/en\/Riot-Announces-First-Industrial-Scale-Immersion-Cooled-Bitcoin-Mining-Operation.html<\/li>\n<li class=\"li1\">Riot Platforms. SEC 10-Q Form. For the quarterly period ended June 30, 2023. https:\/\/www.riotplatforms.com\/investors\/sec-filings\/all-sec-filings\/content\/0001558370-23-014336\/0001558370-23-014336.pdf<\/li>\n<li class=\"li1\">https:\/\/www.riotplatforms.com\/investors\/news-events\/press-releases\/detail\/127\/riot-blockchain-announces-1-gw-development-in-navarro<\/li>\n<li class=\"li1\">https:\/\/www.dallasnews.com\/business\/local-companies\/2022\/06\/16\/we-do-not-want-this-corsicana-group-protests-riot-blockchains-bitcoin-mining-facility\/<\/li>\n<li class=\"li1\">https:\/\/earthjustice.org\/feature\/cryptocurrency-mining-texas#36<\/li>\n<li class=\"li1\">https:\/\/texasfarmbureau.org\/drought-forces-record-number-of-cattle-sold-in-texas\/<\/li>\n<li class=\"li1\">https:\/\/www.theatlantic.com\/technology\/archive\/2022\/09\/crypto-technology-government-regulation\/671375\/<\/li>\n<li class=\"li1\">https:\/\/www.washingtonpost.com\/climate-solutions\/2022\/07\/15\/bitcoin-crypto-texas-heat-wave\/<\/li>\n<li class=\"li1\">https:\/\/www.bloomberg.com\/news\/articles\/2023-09-06\/bitcoin-btc-miner-riot-riot-made-record-31-million-from-power-credits<\/li>\n<li class=\"li1\">https:\/\/www.canarymedia.com\/articles\/grid-edge\/why-arent-texans-paid-to-help-prevent-blackouts-during-heat-waves<\/li>\n<li class=\"li1\">https:\/\/www.canarymedia.com\/articles\/grid-edge\/why-arent-texans-paid-to-help-prevent-blackouts-during-heat-waves;<span class=\"Apple-converted-space\">\u00a0 <\/span>https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html<\/li>\n<li class=\"li1\">https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html<\/li>\n<li class=\"li1\">https:\/\/www.techtransparencyproject.org\/articles\/cryptocurrency-miners-sweetheart-deal-texas-threatens-already-fragile-grid<\/li>\n<li class=\"li1\">https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html<\/li>\n<li class=\"li1\">https:\/\/fortune.com\/2022\/08\/13\/riot-blockchain-bitcoin-mining-texas-electric-grid-subsidy<\/li>\n<li class=\"li1\">https:\/\/www.texastribune.org\/2022\/01\/02\/texas-winter-storm-final-death-toll-246\/<\/li>\n<li class=\"li1\">https:\/\/www.forbes.com\/sites\/robertbryce\/2022\/08\/24\/texas-consumers-on-hook-for-10-billion-in-debt-incurred-during-winter-storm-uri\/?sh=394e8aa1f091<\/li>\n<li class=\"li1\">https:\/\/www.citizen.org\/wp-content\/uploads\/2022-11-17-PCTX-Crypto-Mining-Impacts-in-Texas.pdf<\/li>\n<li class=\"li1\">https:\/\/earthjustice.org\/feature\/cryptocurrency-mining-texas#:~:text=Cryptocurrency%20mining%20companies%20in%20Texas,during%20periods%20of%20peak%20demand; https:\/\/comptroller.texas.gov\/economy\/fiscal-notes\/2022\/aug\/crypto-tx.php<\/li>\n<li class=\"li1\">https:\/\/www.nytimes.com\/2023\/04\/09\/business\/bitcoin-mining-electricity-pollution.html<\/li>\n<li class=\"li1\">https:\/\/qz.com\/bitcoin-mining-has-raised-texas-electricity-prices-5-1850319961<\/li>\n<li class=\"li1\">https:\/\/comptroller.texas.gov\/taxes\/data-centers\/data-center-lists.php<\/li>\n<li class=\"li1\">https:\/\/www.rockdalemdd.org\/news\/whinstone-us-breaks-ground-build-world%E2%80%99s-largest-bitcoin-mining-facility-rockdale-texas<\/li>\n<li class=\"li1\">https:\/\/earthjustice.org\/feature\/cryptocurrency-mining-texas#8-fn<\/li>\n<li class=\"li1\">https:\/\/earthjustice.org\/document\/the-energy-bomb-how-proof-of-work-cryptocurrency-mining-worsens-the-climate-crisis-and-harms-communities-now<\/li>\n<li class=\"li1\">Data from Bloomberg Terminal<\/li>\n<li class=\"li1\">Riot Platforms Form 10-K for Fiscal Year Ending December 31, 2022. https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/1167419\/000155837023002704\/riot-20221231x10k.htm<\/li>\n<li class=\"li1\">https:\/\/www.cnbc.com\/2018\/02\/16\/public-company-changes-name-to-riot-blockchain-sees-shares-rocket.html<\/li>\n<li class=\"li1\">https:\/\/www.cnbc.com\/2018\/02\/16\/public-company-changes-name-to-riot-blockchain-sees-shares-rocket.html<\/li>\n<li class=\"li1\">https:\/\/www.wsj.com\/articles\/investor-who-rode-pivot-from-biotech-to-bitcoin-sells-big-stake-1517403600; https:\/\/www.cnbc.com\/2018\/02\/16\/public-company-changes-name-to-riot-blockchain-sees-shares-rocket.html<\/li>\n<li class=\"li1\">https:\/\/news.bloomberglaw.com\/litigation\/riot-blockchain-pump-and-dump-claims-dismissed-with-prejudice; https:\/\/www.riotplatforms.com\/news-media\/press-releases\/detail\/70\/riot-blockchain-announces-termination-of-sec-investigation<\/li>\n<li class=\"li1\">Based on ESG data from Bloomberg Terminal.<\/li>\n<li class=\"li1\">https:\/\/www.globenewswire.com\/en\/news-release\/2021\/05\/26\/2236906\/0\/en\/Riot-Blockchain-Completes-Acquisition-of-Whinstone-US-Creating-Leading-North-American-Bitcoin-Mining-Company.html<\/li>\n<li class=\"li1\">https:\/\/www.coindesk.com\/business\/2021\/12\/01\/bitcoin-miner-riot-buys-electrical-equipment-provider-ess-metron-for-50m\/<\/li>\n<li class=\"li1\">https:\/\/www.riotplatforms.com\/news-media\/press-releases\/detail\/11\/riot-blockchain-to-acquire-majority-interest-in-tess-a<\/li>\n<li class=\"li1\">https:\/\/decrypt.co\/118352\/bitcoin-mining-firm-riot-ditches-blockchain-from-name-in-rebrand<\/li>\n<li class=\"li1\">https:\/\/www.bloomberg.com\/news\/articles\/2023-01-03\/bitcoin-miner-riot-drops-blockchain-from-name-after-rough-year<\/li>\n<li class=\"li1\">https:\/\/www.opensecrets.org\/federal-lobbying\/clients\/hired-firms?cycle=2022&amp;id=D000101665<\/li>\n<li class=\"li1\">https:\/\/www.opensecrets.org\/federal-lobbying\/clients\/summary?cycle=2023&amp;id=F326956<\/li>\n<li class=\"li1\">Texas reports lobbying expenditures amounts by ranges, not exact figures.Data retrieved from https:\/\/www.transparencyusa.org\/tx\/lobbying\/client\/riot-platforms-inc.<\/li>\n<li class=\"li1\">https:\/\/www.politico.com\/news\/2020\/07\/20\/brian-morgenstern-deputy-press-secretary-375102<\/li>\n<li class=\"li1\">https:\/\/osc.gov\/Documents\/Hatch%20Act\/Reports\/Investigation%20of%20Political%20Activities%20by%20Senior%20Trump%20Administration%20Officials%20During%20the%202020%20Presidential%20Election.pdf<\/li>\n<li class=\"li1\">https:\/\/www.axios.com\/2021\/04\/13\/trump-policy-institute-brooke-rollins<\/li>\n<li class=\"li1\">https:\/\/www.politico.com\/news\/2020\/07\/20\/brian-morgenstern-deputy-press-secretary-375102<\/li>\n<li class=\"li1\">https:\/\/www.politico.com\/newsletters\/politico-influence\/2023\/09\/13\/blumenthal-subpoenas-saudi-wealth-fund-u-s-subsidiary-00115787; https:\/\/www.desmog.com\/us-chamber-commerce\/<\/li>\n<li class=\"li1\">https:\/\/www.riotplatforms.com\/news-media\/press-releases\/detail\/153\/riot-to-constitute-advisory-board-will-feature-former<\/li>\n<li class=\"li1\">https:\/\/www.houstonchronicle.com\/business\/energy\/article\/texas-cryptocurrency-mining-electricity-incentives-17896124.php<\/li>\n<li class=\"li1\">https:\/\/blockworks.co\/news\/riot-dislikes-texas-mining-bill; https:\/\/cointelegraph.com\/news\/don-t-mess-with-texas-innovation-advocates-criticize-bill-removing-crypto-mining-incentives<\/li>\n<li class=\"li1\">https:\/\/blockworks.co\/news\/riot-dislikes-texas-mining-bill; https:\/\/twitter.com\/BitcoinMagazine\/status\/1641082935158747137?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1643247964486352899%7Ctwgr%5E016822695718eded3cfd12c734b1fd4b7202f169%7Ctwcon%5Es3_&amp;ref_url=https%3A%2F%2Fblockworks.co%2Fnews%2Ftexas-blockchain-council-mining-bill<\/li>\n<li class=\"li1\">https:\/\/texasblockchaincouncil.org\/team<\/li>\n<li class=\"li1\">https:\/\/decrypt.co\/143214\/death-of-anti-mining-bill-means-texas-miners-can-keep-raking-energy-credits<\/li>\n<li class=\"li1\">https:\/\/www.congress.gov\/118\/bills\/hres238\/BILLS-118hres238ih.pdf?utm_source=substack&amp;utm_medium=email<\/li>\n<li class=\"li1\">https:\/\/austinjournal.com\/stories\/640380147-texas-congressman-announces-proof-of-work-mining-resolution-at-blockchain-summit?utm_source=substack&amp;utm_medium=email<\/li>\n<li class=\"li1\">Data from Bloomberg Terminal and based on shareholdings and prices as of 9\/7\/2023<\/li>\n<li class=\"li1\">Data from Bloomberg Terminal. Original documents available at: Riot Blockchain. \u201cAt The Market Offering Agreement.\u201d https:\/\/www.sec.gov\/Archives\/edgar\/data\/1167419\/000107997319000327\/riot_ex101.htm; Riot Blockchain. SEC Form 10-Q. September 30, 2020. https:\/\/www.riotplatforms.com\/investors\/sec-filings\/all-sec-filings\/content\/0001079973-20-000948\/riot10qq3-0920.htm.<\/li>\n<li class=\"li1\">Based on data from Bloomberg Terminal.<\/li>\n<li class=\"li1\">https:\/\/www.coindesk.com\/business\/2022\/04\/01\/riot-blockchain-files-to-sell-up-to-500m-of-stock-in-atm-offering\/<\/li>\n<li class=\"li1\">Based on data from Bloomberg Terminal.<\/li>\n<li class=\"li1\">Riot Platforms. SEC Form 8-K. March 14, 2023. https:\/\/www.riotplatforms.com\/investors\/sec-filings\/all-sec-filings\/content\/0001167419-23-000009\/riot-20230313x8k.htm<\/li>\n<li class=\"li1\">https:\/\/www.dallasnews.com\/business\/local-companies\/2022\/06\/16\/we-do-not-want-this-corsicana-group-protests-riot-blockchains-bitcoin-mining-facility\/<\/li>\n<li class=\"li1\">https:\/\/www.nbcdfw.com\/news\/local\/construction-of-nava<\/li>\n<li class=\"li1\">https:\/\/www.nbcnews.com\/tech\/crypto\/can-fragile-texas-power-grid-handle-cryptomining-gold-rush-rcna15726; https:\/\/www.nbcdfw.com\/news\/local\/controversy-surrounds-worlds-largest-bitcoin-mining-operation-to-be-built-near-corsicana\/3011474\/<\/li>\n<li class=\"li1\">https:\/\/datausa.io\/profile\/geo\/navarro-county-tx#:~:text=17%25%20of%20the%20population%20for,44%20and%20then%20Males%20%3C%205.<\/li>\n<li class=\"li1\">https:\/\/www.eenews.net\/articles\/crypto-foes-gird-to-stop-mines-from-spreading-like-cancer\/<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Summary\u00a0\u00a0 Riot Platforms is leading the polluting Bitcoin boom in Texas. The company operates the largest, and one of most energy and carbon-intensive, Bitcoin mines in the U.S. at their&hellip;<\/p>\n","protected":false},"author":65,"featured_media":6292,"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":[50],"p4-page-type":[29],"class_list":["post-3839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-campaign","tag-bitcoin","p4-page-type-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Riot Platforms: The Company Behind the Most Energy Intensive Bitcoin Mine in the U.S. - Greenpeace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Riot Platforms: The Company Behind the Most Energy Intensive Bitcoin Mine in the U.S.\" \/>\n<meta property=\"og:description\" content=\"Summary\u00a0\u00a0 Riot Platforms is leading the polluting Bitcoin boom in Texas. The company operates the largest, and one of most energy and carbon-intensive, Bitcoin mines in the U.S. at their&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/\" \/>\n<meta property=\"og:site_name\" content=\"Greenpeace\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/greenpeaceusa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-19T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-20T04:14:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.greenpeace.org\/static\/planet4-usa-stateless\/2024\/11\/c3784e88-gp0stwjvn_low_res_with_credit_line.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@greenpeaceusa\" \/>\n<meta name=\"twitter:site\" content=\"@greenpeaceusa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gujari Singh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"24 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/\"},\"author\":{\"name\":\"Gujari Singh\",\"@id\":\"https:\/\/www.greenpeace.org\/usa\/#\/schema\/person\/8f991e8ebe59d73a6fea931ad5475eea\"},\"headline\":\"Riot Platforms: The Company Behind the Most Energy Intensive Bitcoin Mine in the U.S.\",\"datePublished\":\"2023-10-19T00:00:00+00:00\",\"dateModified\":\"2024-11-20T04:14:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/\"},\"wordCount\":4779,\"publisher\":{\"@id\":\"https:\/\/www.greenpeace.org\/usa\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.greenpeace.org\/static\/planet4-usa-stateless\/2024\/11\/c3784e88-gp0stwjvn_low_res_with_credit_line.jpg\",\"keywords\":[\"Bitcoin\"],\"articleSection\":[\"Bitcoin\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/\",\"url\":\"https:\/\/www.greenpeace.org\/usa\/riot-platforms-the-company-behind-the-most-energy-intensive-bitcoin-mine-in-the-u-s\/\",\"name\":\"Riot Platforms: The Company Behind the Most Energy Intensive Bitcoin Mine in the U.S. - 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