TechFlow news: Bitcoin mining company Riot Platforms reduced production, receiving $31.7 million in energy credits to offset power consumption, cutting 95% of its energy demand to support the local power provider ERCOT. The company mined 333 bitcoins in August, worth approximately $8.9 million. CEO Jason Les stated this helps reduce electricity demand, ensures stable power services in Texas, and lowers Bitcoin mining costs, making the company one of the lowest-cost producers in the industry.
Texas Governor Greg Abbott has adopted a friendly policy, encouraging Bitcoin miners to come and incentivizing the construction of more power generation facilities to address grid instability.
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