Key Takeaways:
- Riot Blockchain has begun construction of a 1 GW bitcoin mining and hosting facility in Navarro County, Texas.
- The initial phase of the development will include a 400 MW facility that is estimated to generate 270 jobs in the local economy.
- The facility will be immersion-cooled and is scheduled to open in July 2023.
Riot is one of the major bitcoin miners in North America, and they are looking to expand their footprint with a large-scale, 1 gigaton (GW) construction in Navarro County, Texas. Riot’s development capacity will reach 1.7 GW upon completion of the expansion. Riot’s bitcoin mining and hosting capacity will be increased by 400 megawatts (MW) on a 265-acre immersion-cooled complex. Mining and hosting services will be available in July 2023.
“Upon completion of the expansion, Riot’s developed capacity will total 1.7 GW, putting the Company as one of the world’s largest Bitcoin mining firms,” Riot CEO Jason Les remarked.
“This Expansion reflects the Company’s established capacity to design and deliver high-quality large-scale digital asset infrastructure.” The site will be expandable by another 600 MW totaling 1 GW. Priority Power Inc will be providing services to Riot through their ongoing strategic partnership.
Riot expects the first phase of expansion to cost $333 million, with money being deployed progressively in 2022, 2023, and the first quarter of 2024. After the first phase and the initial 400 MW expansion are completed, the site will be expandable by another 600 MW, for a total capacity of 1000 MW (1 GW), owing to a 346 kV Navarro switch located 1,250 feet from the complex. Because of the switch arrangement, Riot is only a few steps away from increasing its electrical output.
Priority Power Inc will provide Riot with services such as site construction management, utility connectivity, power purchase agreements, and power load flexibility as part of their ongoing strategic collaboration. Priority Power is the market leader in the sector.
Riot Blockchain (NASDAQ: RIOT) focuses on Bitcoin mining and, through its subsidiary Whinstone, hosts Bitcoin mining equipment for institutional clients. The Company is expanding and updating its mining operations through industrial-scale infrastructure development and the acquisition of cutting-edge miner technology.
Riot engineers and manufactures electrical equipment solutions for Bitcoin mining and other industries through its subsidiary ESS Metron. The headquarters of the company are in Castle Rock, Colorado, the Whinstone Facility is in Rockdale, Texas, and the Expansion is in Corsicana, Texas. Riot also operates mining equipment in upstate New York as part of a co-location hosting deal with Coinmint, LLC.
