Texas Paid Crypto Mining Company Millions to Not Mine Crypto

  • 📰 futurism
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 68%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Come again?

Riot Blockchain, a crypto mining company based in Texas, just told everyone how much it got paid to do absolutely nothing — and it's a hefty sum.to prevent power outages during a massive Texas heat wave. With so many residents needing to consume more electricity to stay cool, rolling blackouts could have occurred if the grid were overloaded.the mining outfit revealed that

the state of Texas paid the company "$9.5 million in power credits as a result of curtailment activity, to be credited against its power invoices." In other words, the Lone Star State paid these folks a small fortune just to do nothing. So basically it's just another day in the Kafkaesque world of blockchain.It's more than a little ridiculous that crypto companies are sucking up Earth's natural resources at such an astonishing rate and then getting paid handsomely, with taxpayer dollars, to temporarily stop.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

'Free market' Republicans, manipulating the market (and perceptions) behind the scenes.

Oh wow

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 85. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines