Is it possible to mine Bitcoin on a large scale and have energy expenditure "zero" at the end of the quarter? Under certain conditions, it is. This was the case with Riot Platforms, a major international Bitcoin mining company, at its facility in Texas, United States.

In its quarterly report for the third quarter of 2023, Riot said it mined 1,106 bitcoins (BTC), with profits reaching $24.4 million. According to the electricity and maintenance costs calculated by the company, each bitcoin mined had a cost of approximately $22,177. However, with the energy strategy in place, costs were reduced to $5,537 per unit of the cryptocurrency, the report details.

Because Riot participated in the Texas Demand Response and Ancillary Services program, it earned energy credits by taking a significant portion of its equipment offline to accommodate the summer's high demand for electricity. During June and July, Texans endured a heat wave with temperatures above 40°C on many days.

For its response to the context of need in that U.S. territory, Riot received nearly $49.6 million in energy reduction credits. Last year, revenues in this area were USD 13 million, implying a year-on-year growth of 278% in this energy strategy.