Texas Pays Riot Platforms $31.7M To Limit Bitcoin Mining Operations During Heat Wave
Portfolio Pulse from Mehab Qureshi
Riot Platforms Inc. (NASDAQ:RIOT) received $31.7 million in energy credits from the Electric Reliability Council of Texas (ERCOT) after voluntarily reducing its energy consumption during a heatwave. The value of these credits exceeded the worth of the 333 Bitcoins mined by Riot in August, which was approximately $8.9 million. Despite net losses of over $500 million in 2022, Riot's stock has increased by around 230% in 2023 due to Bitcoin's recovery.
September 08, 2023 | 7:51 am
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POSITIVE IMPACT
Bitcoin's recovery in 2023 has boosted Riot Platforms Inc.'s stock by around 230%. At the time of writing, BTC was trading at $26,267.75, up 1.42% in the last 24 hours.
Bitcoin's recovery in 2023 has had a positive impact on Riot Platforms Inc.'s stock, which has increased by around 230%. The current trading price of BTC also indicates a positive trend.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Riot Platforms Inc. received substantial energy credits from ERCOT, reducing its mining costs and contributing to its position as a low-cost Bitcoin producer. Despite significant losses in 2022, Riot's stock has seen a considerable increase in 2023 due to Bitcoin's recovery.
Riot Platforms' receipt of energy credits from ERCOT significantly reduces its mining costs, contributing to its position as a low-cost Bitcoin producer. This, coupled with Bitcoin's recovery in 2023, has led to a considerable increase in Riot's stock, despite the company's significant losses in 2022.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100