Home Bitcoin News Bitcoin Mining Texas Paid Crypto Mining Firm Hundreds of thousands to Not Mine Crypto

Texas Paid Crypto Mining Firm Hundreds of thousands to Not Mine Crypto

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Come once more?

Miner No Mining

Riot Blockchain, a crypto mining firm based mostly in Texas, simply instructed everybody how a lot it acquired paid to do completely nothing — and it is a hefty sum.

Again in July, Riot voluntarily shut down some of its mining rigs to forestall energy outages throughout a large Texas warmth wave. With so many residents needing to eat extra electrical energy to remain cool, rolling blackouts may have occurred if the grid have been overloaded.

It is a commendable selection, however one which made a ton of money for Riot — earlier this month, the mining outfit revealed that the state of Texas paid the corporate “$9.5 million in energy credit because of curtailment exercise, to be credited towards its energy invoices.”

In different phrases, the Lone Star State paid these people a small fortune simply to do nothing. So mainly it is simply one other day within the Kafkaesque world of blockchain.

Lifeless Dinos

It is greater than a bit ridiculous that crypto firms are sucking up Earth’s pure assets at such an astonishing fee after which getting paid handsomely, with taxpayer {dollars}, to quickly cease.

The US’ whole mining rigs are using as much power as the city of Houston, crypto exchanges keep getting slapped with lawsuits, and general it is so unhealthy Congress is currently considering how greatest to control your entire trade.

Whereas a total ban like the one China has implemented does not appear doubtless or advisable within the US, there’s absolutely acquired to be a greater means than paying a mining firm thousands and thousands only for it to maintain churning an excellent bigger revenue — particularly when tax payers are footing the invoice.

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