According to CryptoPotato, ERCOT, the Texan energy grid operator, has been developing cordial relationships with crypto mining companies in the state, offering energy credits in return for a reduction in power consumption during crucial moments. As the northern hemisphere experienced one of the hottest summers in recent memory, the Texan energy grid was at risk of being overwhelmed due to increased air conditioning usage. To prevent any issues, ERCOT asked Riot Platforms and other crypto miners to reduce their energy consumption.

In compensation for the loss of potential profit generated by mining Bitcoin, ERCOT offered Riot Platforms $31.7 million in energy credits, a figure slightly higher than the potential proceeds of mining and selling Bitcoin during August. Riot Platforms' deal with ERCOT is an unorthodox way of turning a profit during a downturn in the crypto industry. The mining platform's attrition rate has slowed, and the deal with ERCOT is providing Riot Platforms with a welcome stream of revenue, according to CEO Jason Les. Riot's stock price has increased by about 230% since its all-time low in 2022, and if recent rumors regarding Bitcoin ETFs turn out as expected, the stock's price may continue on a positive trend.