Hi Treasure Friends,
With Labor Day behind us we are now starting the final stretch of the year, we hope all is well on your side. Last week was very light in economic news in the US, the major news came from Europe which is experiencing a contraction in growth.
What the Treasure Team is reading
- Finance: The ripple effect of SVB Tiny Lenders Bristle Over the $16 Billion Bill for Bank Failures
- Finance: When banks don't hike their deposit rate, Governments step in Belgium raises record 22 billion euros from savers in 'clear signal' for higher bank rates
- Finance: Finally a use for crypto? Visa Expands Stablecoin Settlement Capabilities to Merchant Acquirers
- Finance: Hiding information doesn't help Secretive active ETFs lose out to their fully transparent rivals
- Finance: Some interesting data on where did bank deposits go post SVB? Silicon Valley Bank, First Republic Failures Caused Shift in Startups’ Deposits
- Tech: SaaS^2 David Sacks has a new SaaS startup for other SaaS startups
- Fintech: Great deep dive in the "Brokered Deposit" market Is The Term "Brokered Deposits" Fit For Purpose In The Age of Fintech?
From the Treasure chest...
Paid to not mine crypto: During the crypto boom of 2021, Riot Platforms was raking in cash from bitcoin mining. Now the company is losing so much money that it’s counting on energy credits from selling power back to the Texas grid to keep its costs under control. Riot said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. The company generated the credits by voluntarily curtailing its energy consumption during a record-breaking heatwave. The total value of the credits dwarfed the 333 bitcoin the company mined in August, worth about $8.9 million dollars as of the end of the month. “August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” said Jason Les, CEO of Riot, in the company’s press release. “The effects of these credits significantly lower Riot’s cost to mine Bitcoin and are a key element in making Riot one of the lowest cost producers of bitcoin in the industry.”
Have a great week!
The Treasure Team
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