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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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Helicopter carrying Iran’s President Raisi crashes

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A helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed on Sunday as it was crossing mountain terrain in heavy fog.

The official said the lives of Raisi and Foreign Minister Hossein Amirabdollahian were “at risk following the helicopter crash”, which happened on the way back from a visit to the border with Azerbaijan in Iran’s northwest.

“We are still hopeful but information coming from the crash site is very concerning,” the official told Reuters, speaking on condition of anonymity.

A helicopter carrying President Ebrahim Raisi takes off, May 19, 2024. Ali Hamed Haghdoust/IRNA/WANA via REUTERS

State TV quoted an official as saying at least one passenger and one crew member had been in contact with rescuers. It also said the helicopter had been found, though Iran’s Red Crescent denied this report.

Iranian Supreme Leader Ayatollah Ali Khamenei, who holds ultimate power with a final say on foreign policy and Iran’s nuclear programme, sought to reassure Iranians, saying there would be no disruption to state affairs. #iran #trending

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Why Australia is becoming the new home of the Hollywood blockbuster

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Australia’s multimillion-dollar campaign to attract Hollywood productions to its shores appears to be paying off.

The allure of Australia lies not only in its picturesque locations but also in its competitive financial incentives.

The government offers generous rebates and tax breaks to international productions, making it an attractive proposition for filmmakers looking to maximise their budgets.

Despite the recent intake of Hollywood productions down under such as ‘The Fall Guy’ and ‘Furiosa: A Mad Max Saga’, Aussie independents are still finding the space to carve their own creative path.

Rob Fantozzi joined the program to discuss the latest in Hollywood, and showcased his own upcoming project – ‘Omerta‘. #featured

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Portal between countries shut down after international flashing

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An international video portal has been forced to shut down after an OnlyFans model reportedly flashed passersby from across the globe.

On this episode of Ahron and Mike Live – Which would you prefer; pay rise or work perks, an international portal closes, the military reveal a submarine stingray and are you on a top or bottom burger bun?

Ticker’s Ahron Young & Mike Loder discuss. #featured #trending

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