.png)
FAQ
Frequently asked questions
Bitcoin is a decentralized virtual currency (cryptocurrency) that operates as a commodity that allows users to buy, sell and exchange goods and services without a bank.
It’s similar to online cash: There are no physical coins or notes.
Unlike flat or traditional currency, Bitcoin is created, distributed, traded and stored using a decentralized ledger system known as the Blockchain.
Like many businesses, Bitcoin miners rely on electricity to power their operations.
Currently, Riot is a large flexible load on the Texas Grid operated by ERCOT.
The company has long-term power purchase agreements, which allow it to mine Bitcoin, or to sell energy back to the market.
Riot also participates in ERCOT demand response programs to help stabilize the grid during times of high demand.
Riot utilizes immersion cooling systems which do not require freshwater.
Our Corsicana site has a dedicated retention pond that provides much of the water needed for operations.
Water is collected from rain and storm-run off, and recirculated.
For context, agriculture uses 70% of the world’s water, and U.S. golf courses alone use double the water of the entire world’s Bitcoin mining footprint.
Sound coming from the facility is similar to that of an air conditioner and should not impact the lives of nearby residents.
Riot has taken many steps to ensure the least amount of noise pollution possible. Some examples include locating the facility sufficiently far away from any residential properties, as well as building the facility below street level.
Unlike air-cooled facilities, Riot utilizes immersion-cooling technology which reduces system noise significantly by using liquid instead of unit fans.
Riot’s Corsicana facility utilizes immersion-cooling technology for 100% of its current and future operations.
Bitcoin miners like Riot shut off operations during peak demand, and do not add strain to the grid when energy is needed most
Riot, like hundreds of other companies, participates in demand response programs which help improve grid reliability.
Bitcoin miners like Riot generally have lower opportunity costs and drive down the price of ancillary services for rate payers.
The mission of Bitcoin is to empower individuals to be their own bank and have easy access to money that can’t be inflated away.
Bitcoin offers an alternative to dollar debasement, which is caused by money printing and reckless spending in Congress.
Bitcoin also stands in opposition to CBDCs — a form of digital currency that would allow governments to surveil spending and even control bank accounts.
Much of the opposition to Bitcoin mining in Texas is supported by pro-CBDC organizations and politicians.
