Digital Coin News

Riot Platforms at the Heart of Texas' Debate Over Bitcoin Mining’s Effect on the Grid

  • 📰 CoinDesk
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

Texas' 'demand response' grid programs are criticized by some local residents and legislators, who say the state is subsidizing an industry harmful to the environment and local communities. egreechee reports MiningWeek, presented by FoundryServices

Riot is developing two sites in Texas, in Navarro and Milam counties, with a total energy capacity of 1.7 gigawatts . The Navarro site will be the biggest bitcoin mine in the world, the company claims.

“Most people don't understand that bitcoin miners act as great load balancers and are very complementary to the grid in Texas. They actually provide financial incentives for more renewable energy to be developed,” he said in an interview with CoinDesk. Riot noted a deferred tax benefit of $11.7 million in taxes in 2022, primarily due to changes in contingent consideration liability. The firm pays 100% of its local sales tax, it said, but is exempt from this duty on a state level, along with otherSawicky claims that Riot saves $200 million in property tax for its Milam county site, based on public records that she has requested from authorities.

 

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

 /  🏆 291. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Network’s High Difficulty Levels Poised to Ease Amid Longer Block Intervals – Mining Bitcoin NewsStatistics show Bitcoin's difficulty is poised to decline by an estimated range of 3.9% to 4.04% come July 26, 2023.
Source: BTCTN - 🏆 531. / 51 Read more »

Innovative Heating Solutions: Bitcoin Miners Turning Heat Into Satoshis – Mining Bitcoin NewsWhile the clothes dryer serves to dry clean laundry, the bitcoin mining machine also compensates the owner in satoshis.
Source: BTCTN - 🏆 531. / 51 Read more »

Rare 2010 Bitcoin Block Reward Stirs After 13 Years of Dormancy – Bitcoin NewsSo far this year, a total of nine such block rewards from the 2010 era have been spent, resulting in the transfer of 450 bitcoin.
Source: BTCTN - 🏆 531. / 51 Read more »

How Texas Became a Global Mecca for Bitcoin MiningMiners have flocked to the state since China banned mining in 2021, encouraged by cheap energy, grid incentives and an alignment of values. “Bitcoin is all about freedom,” says one miner. “And in my dealings with the utilities and the regulators, Texas is all about freedom.”
Source: CoinDesk - 🏆 291. / 63 Read more »