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Texas paid bitcoin miner more than $31 million to cut energy usage during heat wave

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Texas paid bitcoin miner more than  million to cut energy usage during heat wave


As a bitcoin mining enterprise, Riot Platforms runs thousands of computers in the energy-guzzling pursuit of minting digital currency. Recently, however, the company got big bucks from Texas to lower the mining operation’s electricity usage.

Riot said on Wednesday that the state’s power grid operator paid the company $31.7 million in energy credits in August — or roughly $22 million more than the value of the bitcoin it mined that month — to cut its energy consumption during a record-breaking heatwave in the state. 

The Electric Reliability Council of Texas (ERCOT), which operates the state’s power grid, issues the credits to incentivize companies to reduce activities that might strain the state’s already overloaded energy system.

“The effects of these credits significantly lower Riot’s cost to mine bitcoin and are a key element in making Riot one of the lowest cost producers of bitcoin in the industry,” CEO Jason Les said in a statement.

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Riot, which is publicly traded, in 2022 reported a loss of more than $500 million on revenue of $259.2 million. In its most recent quarter, it had a loss of roughly $27 million on revenue of $76.7 million.

Texas’ power grid has faced growing demand from consumers and businesses in recent years as climate change leads to more extreme weather. In 2021, residents faced a blackout when a snowstorm knocked out coal and gas facilities, nuclear plants, and wind turbines.

The strain on the grid persists. On Wednesday, Texas officials declared an emergency as sky-high temperatures again threatened to trigger rolling blackouts across the state. ERCOT asked that residents and business owners conserve energy between 5 p.m. and 9 p.m., according to CBS News Texas.

“Operating reserves are expected to be low this afternoon due to continued high temperatures, high demand, low wind, & declining solar power generation into the afternoon & evening hours,” the group said in a post on X (formerly known as Twitter).

Bitcoin mining, in which virtual transactions are verified on a computer network in exchange for a certain amount of bitcoin, is highly energy-intensive. Bitcoin consumes roughly 110 Terawatt Hours per year, or 0.55% of global electricity production — roughly equivalent to that consumed by Sweden, data from the Cambridge Center for Alternative Finance shows.

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Riot did not immediately respond to a request for comment.  

Public concerns

Heavy energy consumption from bitcoin mining has caused a stir in Texas, with some people expressing anger that their tax dollars are subsidizing energy credits for miners. Residents of Navarro County, Texas, started a petition last year opposing a bitcoin mining facility in their area. 

“This factory-that-produces-nothing will affect every single citizen of Navarro County and MUST BE STOPPED,” reads the petition, which has amassed nearly 1,200 signatures. “We do NOT want this enormous burden on our already fragile infrastructure.”

Some Texas lawmakers have also grown wary of cryptocurrency mining. In April, the state’s senate passed a bill that would limit incentives for miners participating in the state’s energy grid load-reduction program. 

For now, the credits are a boon for Riot and other bitcoin miners whose profits have dried up during a cryptocurrency market downturn deepened by the collapse of exchange FTX last fall.

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Texas

How To Spend An Overnighter In Fort Worth, Texas

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How To Spend An Overnighter In Fort Worth, Texas


If you’ve been one of the 10.8 million annual visitors to Forth Worth, Texas, you already know it’s worth a multi-day stay. But sometimes, you don’t have that luxury, and the best you can swing is an overnighter. I’m here to tell you, that’s not a bad thing. Fort Worth, a pleasantly compact city in comparison to its sprawling neighbor, Dallas, turns an overnight stay into an opportunity to immerse yourself in Texan culture while luxuriating in the finer things in life.

Start with a semi-private flight via JSX, which operates out of its own terminal outside of Dallas-Love airport. This streamlined service provides private-flying ease and comfort at a fraction of the cost (a typical flight from Houston to Dallas costs about $500 round trip and gets you there in about an hour). After an extremely comfortable flight, you’ll touch down in Dallas, and it is a matter of minutes to deplane, collect your bag, and hail a ride. Opt for a rental car from JSX onsite provider Go Rentals or just use a ride app for the day.

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The heart of Fort Worth is 40 minutes away – you’ll leave the hustle and bustle of the big city behind and find tree-lined (and impeccably clean) streets. You’ll also find the new Crescent Hotel Fort Worth, which Conde Nast Traveler recently dubbed the #1 Hotel in Texas. Service is on point – when I arrived feeling a little queasy, the staff managed to rustle up a bowl of soup and a grilled cheese sandwich, and that was with the dining room temporarily reserved for a television crew shooting on the premises.

Which apparently is a thing in Fort Worth. It’s becoming an increasingly popular destination for movie and TV filming, and it’s clear why. The landscape is quite pretty, made all the prettier in the Cultural District, where Crescent Hotel is located. It features lovely museum buildings and wide streets that will beckon you outside to explore, and that exploration should include the Fort Worth Botanic Garden, the oldest botanic garden in Texas. It boasts 23 specialty gardens, such as the Japanese Garden ideal for a serene stroll, along with sculptures, ponds, waterfalls, and a don’t miss greenhouse.

If you prefer the indoors, just across the street from the Crescent Hotel is the Kimbell Art Museum, which recently celebrated its 50th anniversary and features works by creative legends like Rembrandt, Picasso, and Cezanne. The Modern Art Museum of Fort Worth is a stone’s throw away, as is the Amon Carter Museum, currently featuring an exhibit entitled “Cowboy.”

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And speaking of cowboys, you must set aside time to witness an authentic and historically accurate cattle drive, which takes place twice daily at 11:30 am and 4:00 pm on Exchange Street in the historic Fort Worth Stockyards. Watch as wranglers outfitted in boots, chaps, and hats reminiscent of the early American days drive cattle through the town. You can learn more about Fort Worth’s cowboy culture at The National Cowgirl Museum and Hall of Fame, the Texas Cowboy Hall of Fame, and the Cattle Raisers Museum.

If you haven’t noticed by now, Fort Worth is a bit of a dichotomy with its attention to ranch life every bit as important as its evolution to modern city. That’s why a day here is a study in contrasts, and one of the best ways to see – and taste – that is through the food. Start with lunch on the hacienda-style patio at Joe T. Garcia’s, a popular Tex-Mex restaurant serving up margaritas and family recipes like bean chalupas since 1935.

For dinner, dive into Waters Restaurant for a fine dining experience helmed by Chef Jon Bonnell. Appetizers like crab cakes and tomatoes topped with fried goat cheese are about as close to perfect as you can get. And foods that depend on being cooked just right, like scallops and filet, are indeed just right. Waters is located in Sundance Square, a walkable entertainment and business district that is especially lovely at night and offers live theater, shopping, an historic Chisholm Trail mural, water features, and over 30 restaurants, in case you decide to stay.

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That’s the only problem with Fort Worth – one day and night will give you a taste that will have you hustling to get back. So maybe not such a problem after all.



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City of Houston defends keeping firefighter on payroll amid nude video controversy and lawsuit

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City of Houston defends keeping firefighter on payroll amid nude video controversy and lawsuit


HOUSTON, Texas (KTRK) — The City of Houston says its hands are tied when it comes to a firefighter who showed a nude video of a female firefighter to their colleagues.

John Barrientes was found liable in a civil trial last year and was ordered to pay former firefighter Melinda Abbt $250,000. City Council is considering approving an $850,000 payment to Abbt to settle a separate federal lawsuit related to the matter.

Yet some council members question why Barrientes has been allowed to keep his job.

The city points to an obscure Texas law governing police and fire departments.

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“If you’re looking to terminate someone’s employment because of a past act, the statutory scheme in Texas requires that that occurs within six months of the act,” City Attorney Michel Arturo said.

But that’s not how other attorneys see it.

“I’m not aware of any law that says you have to fire someone within 180 days of the misconduct,” employment attorney Michael Lombardino said.

Arturo sent Eyewitness News a copy of the Texas Local Government Code. Under a heading titled ‘Indefinite Suspensions,’ it reads:

“In the original written statement and charges and in any hearing conducted under this chapter, the department head may not complain of an act that did not occur within the six-month period preceding the date on which the department head suspends the firefighter or police officer.”

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Lombardino said that should only apply to indefinite suspensions, which he said are different than terminations.

“Sometimes you need to be able to conduct an investigation, so putting a time limit on when you would be able to terminate an employee doesn’t really make sense,” he said.

Arturo told council members that firing Barrientes could give him grounds for a wrongful termination suit. Some worry about the lawsuits the city could face by keeping him.

“If we have another incident that comes up, aren’t we in more legal jeopardy because we are aware of this behavior?” Councilman Fred Flickinger asked.

Council won’t vote on whether to approve the settlement with Abbt for at least another week.

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For news updates, follow Luke Jones on Facebook, X and Instagram.

Copyright © 2024 KTRK-TV. All Rights Reserved.





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Texas Longhorns OT Kelvin Banks Jr. Named Finalist for Major Award

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Texas Longhorns OT Kelvin Banks Jr. Named Finalist for Major Award


Texas football senior and offensive tackle Kelvin Banks Jr. was nabbed as one of the four finalists for the Lombardi Award, a trophy that celebrates the best offensive or defensive lineman in college football.

Among Banks Jr. in the other finalists spots are LSU’s offensive tackle Will Campbell, Penn State’s defensive end Abdul Carter and South Carolina’s EDGE defender Kyle Kennard.

This is just another award for the offensive tackle. After the Mississippi State win, Banks Jr. was named SEC Offensive Lineman of the Week and repeated that award against Oklahoma. In addition, Banks Jr. also was named the Outland Trophy’s National Player of the Week for his performance against the Sooners.

Before the season, Banks Jr. was called First Team All-America by the Associated Press, CBS Sports, ESPN, Sporting News, and The Athletic as well as the preseason First Team All-SEC team by both media and coaches.

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The Texas offense has been successful partially because of Banks Jr., he is ranked as the highest Texas player on the PFF Big Board at 11.

According to the official Texas Longhorns website, the Longhorns rank ninth nationally in team passing efficiency (162.81), 12th in passing offense (288.6), 13th in completion percentage (67.9) and scoring offense (37 ppg), and 18th in total offense (450.2 ypg).

These stats have also helped propel the Longhorns offensive line to be a semifinalist for the Joe Moore Award earlier this month.

If Banks Jr. wins, this would be the fourth time a Longhorn has won the Lombardi Award. The other three to win are Kenneth Sims (1981), Tony Degrate (1984), and Brian Orakpo (2008).

This year’s award dinner will take place on Dec. 11th after the regular season concludes.

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In the meantime, Banks Jr. and the Longhorns face the Kentucky Wildcats on Saturday for their next opponent.

The game in Austin will kickoff at 2:30 on ABC.

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Other Texas Longhorns News:

MORE: Texas A&M Aggies Coach Slips Up In Press Conference When Asked About Texas Longhorns

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MORE: Brent Venables Blasting 5-Star Commit For Visiting Texas Longhorns? ‘Not Committed!’

MORE: Texas Longhorns Remain at No. 3 in Latest College Football Playoff Rankings

MORE: Texas Longhorns Announce Home and Home Matchup vs. Notre Dame Fighting Irish



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