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How a Bitcoin miner earned more money by switching the power off

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Bitcoin mining company Riot Platforms found it more profitable to halt its power-intensive operations during the scorching Texas heat in August.

The move comes amid surging power demand and peak electricity usage, the Electric Reliability Council of Texas (ERCOT) called upon consumers to conserve electricity.

Riot Platforms, headquartered in Castle Rock, Colorado, effectively received $31.7 million from ERCOT to refrain from Bitcoin production.

The company announced this windfall in a press release, stating it set a new monthly record for Power and Demand Response Credits in August, surpassing its total earnings from such credits in the entirety of 2022.

Bitcoin mining involves energy-intensive algorithms running on computer systems, and this power-hungry process coincided with Texas experiencing extreme heatwaves and record-breaking global temperatures fueled by climate change.

As a result, the demand for electricity soared, approaching the total available supply.

Riot Platforms responded by implementing its power strategy, drastically reducing power consumption by over 95% during peak demand periods.

This decision meant forgoing revenue from Bitcoin mining operations to allocate energy resources to ERCOT.

Texas operates its independent power grid through ERCOT, and the grid operator has had to request energy conservation from Texans on ten occasions this summer to mitigate surging power demand.

ERCOT clarified that the recent conservation appeal did not indicate an emergency but was driven by ongoing high temperatures, elevated demand, limited wind power, and decreasing solar energy generation in the afternoon and evening hours.

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Streaming wars: can Apple compete with Spotify?

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Spotify’s 2023 Wrapped has dropped prompting listeners to review their top artists, genres, and songs of the year.

Many are taking to social media platforms to share their listening trends with family, friends, coworkers, and even other fans on the internet.

While Apple Music, a rival platform, has its own year-end campaign—it hasn’t quite ignited the same online response.

Seth Schachner, the Managing Director at StratAmericas and a former Sony Music Executive joins Veronica Dudo to discuss. #Spotify #music #Apple #AppleMusic #SpotifyWrapped #streaming #featured #IN AMERICA TODAY

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What Australia can learn from NZ’s supermarket inquiry

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Coles and Woolworths, two of Australia’s largest supermarket chains, are about to face a Senate inquiry that aims to scrutinise their market dominance and business practices.

The inquiry’s parallels with a past New Zealand investigation highlight the growing concern over the duopoly’s impact on consumers and smaller businesses.

The Senate inquiry, set to begin next month, comes as a response to mounting public pressure and allegations of anti-competitive behavior in the grocery sector.

New Zealand example

Similar concerns led New Zealand to conduct its own inquiry into the supermarket industry back in 2019, resulting in recommendations for increased regulation and transparency.

The central question here is whether Coles and Woolworths wield too much power in the Australian market, potentially stifling competition and limiting choices for consumers.

With the New Zealand example as a cautionary tale, many are wondering if this inquiry will result in meaningful changes to the Australian grocery landscape.

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Elon Musk: Nikki Haley’s ‘campaign is dead’

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Elon Musk has thrown a verbal jab at former South Carolina Governor Nikki Haley, declaring her political campaign as “dead” on X.

The unexpected comment from the Tesla and SpaceX CEO has ignited a new wave of discussion within the political sphere, leaving many wondering about the implications for Haley’s political future.

In a tweet that garnered significant attention, Musk criticized Haley’s recent policy stance, writing, “Nikki Haley’s campaign is dead on arrival if she continues to ignore the urgency of climate change.

We need leaders who prioritize the planet’s future.” The tech mogul’s remarks come as Haley, a prominent Republican figure, has been exploring the possibility of running for president in the upcoming election cycle.

Musk’s statement has reignited the debate over climate change within the Republican Party, with many conservatives emphasizing economic interests over environmental concerns.

This raises questions about whether Musk’s endorsement or critique could influence the GOP’s stance on climate issues and potentially impact the 2024 presidential race.

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