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Why can’t more Texans profit like Bitcoin miners for using less power? | The Texas Tribune

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Bitcoin miner Riot Platforms made headlines over the summer for making millions by selling pre-purchased power back to the grid. The news highlighted how the grid can benefit businesses more than consumers. Sign up for The Brief, The Texas Tribune’s daily newsletter that keeps readers up to speed on the most essential Texas news. When the news broke that Bitcoin mining company Riot Platforms made $32 million by reducing — or being willing to reduce if needed — its energy use last August in Texas, the outrage was immediate. The state’s grid operator had frequently asked Texans to conserve electricity during sweltering summer heat, and many saw their power bills soar as they tried to stay cool. Meanwhile the state grid operator and an electricity provider effectively gave millions to a company whose industry is notorious for using gobs of electricity. Riot made that giant sum of money because of how the state’s electricity market is designed. Companies that use large amounts of power, su

Never miss a story! The Texas Tribune's daily newsletter gives readers the most essential Texas news. Sign up for The Brief. Sign up for The Brief , The Texas Tribune’s daily newsletter that keeps readers up to speed on the most essential Texas news. When the news broke that Bitcoin mining company Riot Platforms made $32 million by reducing — or being willing to reduce if needed — its energy use last August in Texas, the outrage was immediate. The state’s grid operator had frequently asked Texans to conserve electricity during sweltering summer heat, and many saw their power bills soar as they

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