Not really - They both received power credits from the Texas grid that were way more than enough to offset their power bills for bitcoin mining during Q3. The remaining credits may not be rolled over to the next quarter so it was more like they mined bitcoin for free.
Showing how negative the cost was also helps us understand how far these companies went to curtail hashrate for power credits. Maybe they curtailed too much :)
Thanks. Makes sense. Any reason why most of the other miners didn't partake in the same program? They didn't think it was worthwhile to do so or weren't aware of its existence?
First not every mining company is in Texas. And curtailing hashrate for power credits means giving up on mining more bitcoin so it's more of a strategic choice with trade offs.
Trying to understand the chart..are RIOT and GLXy making money had over fist? or am I misunderstanding the chart?
Not really - They both received power credits from the Texas grid that were way more than enough to offset their power bills for bitcoin mining during Q3. The remaining credits may not be rolled over to the next quarter so it was more like they mined bitcoin for free.
Showing how negative the cost was also helps us understand how far these companies went to curtail hashrate for power credits. Maybe they curtailed too much :)
Thanks. Makes sense. Any reason why most of the other miners didn't partake in the same program? They didn't think it was worthwhile to do so or weren't aware of its existence?
First not every mining company is in Texas. And curtailing hashrate for power credits means giving up on mining more bitcoin so it's more of a strategic choice with trade offs.