How to Cut Your Losses in a Bear Market if You Are a Miner?
It comes with no surprise that crypto mining companies and individual miners are the ones who took the hardest hit in this bear market. Not making a lot of money from making BTC, they now are able to compensate for that by selling the electric energy back to the powerplant.
It's no secret that mining costs a lot of power. And in the current climate where crypto prices get cut in half and the electricity prices are skyrocketing you can only imagine how ungodly terrible it is for miners.
But they do get a little bonus now. The government is actually paying for turning your rig off if the power grids are experiencing a heavy load. That not only helps out the miners but also lowers the cost of power.
RIOT is reportedly made around $9.
5 million in power credits by turning the switch on their plant in TX during the heat seasons.
As an effect the cost for energy dropped significantly making the process even more profitable.