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Bitcoin miner earned $31.7 million in energy credits to power down during Texas heatwaves.
Bitcoin mining eats up a lot of electricity, which can put a lot of pressure on power grids. During heatwaves, mining companies can earn energy credits from the Texas grid operator for powering down. That’s supposed to help prevent blackouts when energy demand rises for air conditioning. After the price of Bitcoin crashed, Bitcoin miner Riot is depending on those credits to keep itself afloat, CNBC reports.
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