Riot Blockchain Is Constructing a 1 GW Bitcoin Mining Facility in Navarro County – Riot Blockchain, a publicly traded bitcoin miner, has announced the commencement of construction on a 1 gigawatt (GW) bitcoin mining plant in Navarro County, Texas.
On the 265-acre site, construction of 400 megawatts (MW) of capacity has begun, with the team hoping to have bitcoin mining and hosting capabilities operational by next year.
Riot Blockchain (NASDAQ: RIOT) is extending its operations in Texas, with a 1 GW mining facility under construction in Navarro County. The first phase, which comprises “land acquisition, site preparation, substation construction, and transmission building,” has commenced, according to Riot.
Riot is also developing a few structures to house the company’s immersion-cooling equipment and technologies. The initial phase of growth is expected to cost around $333 million, according to the company.
Bitcoin mining has surged in Texas in recent years, and in 2021, the mining business Blockcap opened its headquarters in Austin, where former Texas governor Rick Perry received the mining team. In recent years, a handful of other bitcoin mining companies have relocated to the Lone Star state.
While Blockcap made its statement in the first week of April 2021, Riot revealed the $650 million purchase of a mining location in Rockdale, Texas. Riot’s latest project in Navarro County will start with 400 MW, and by July 2023, the company intends to offer bitcoin mining and hosting services.
Riot’s CEO, Jason Les, believes the company will be one of the world’s largest bitcoin mining companies after the expansion is completed. “Riot’s developed capacity will total 1.7 GW upon completion of the expansion, establishing the firm among the largest bitcoin mining companies globally,” a Riot official said in a statement.
In order to support the expansion, the company will also leverage a “strategic partnership with Priority Power Inc.” “Site development, power purchase agreements, utility interconnection, and power load flexibility” will be among the services provided by the company.
Riot already has a positive bond with Priority Power, which was a “key partner” in the creation of Riot’s Whinstone US data center in Rockdale, Texas, according to the company.