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From Pine View Farm by Frank Bell is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.
Based on a work at www.pineviewfarm.net.
From Pine View Farm

The Crypto Con 2

It seems the crypto “industry” has found a way to diversify. Here’s a bit from the story at Chron.com:

Texas paid cryptocurrency mining company Riot more than $31 million to cut its energy use in August, as an extreme heat wave pushed the state’s energy grid to multiple peak demand records.

“August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” Jason Les, CEO of Riot, said in a Wednesday release. Les said the company raked in $31.7 million in energy credits from the Energy Reliability Council of Texas (ERCOT), the agency that runs the Texas power grid, by cutting its power use by more than 95 percent during periods of peak demand.

Share
September 8, 2023 | Posted by: Frank | Posted in: Geek Stuff, Mammon |

2 comments

  1. Grung_e_Gene

    September 9, 2023 at 3:45 pm

    Like Elon Musk, Enron, many of these Companies become Rich and successful by Privatizing the Profits and Socializing the Losses. The wealth extracted by Crypto is coming from taxpayers. There was a similar story in New York where a “Mining” operation got a sweet energy deal from a Niagara Falls power company and made the residents of the town pay extrobanant prices for energy as they sucked it all in for “Bitcoin”.

    https://www.technologyreview.com/2022/04/18/1049331/bitcoin-cryptocurrency-cryptomining-new-york/

     
  2. Frank

    September 9, 2023 at 10:05 pm

    Charles Ponzi would be jealous.

     
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