The publicly listed bitcoin miner Riot Blockchain has announced the company has started development on a 1 gigawatt (GW) bitcoin mining facility in Navarro County, Texas. The development of 400 megawatts (MW) of capacity has been initiated on the 265-acre site and the team hopes to have bitcoin mining and hosting capabilities online by next year.
Riot Blockchain (NASDAQ: RIOT) is expanding operations in Texas as it is currently developing a 1 GW mining facility in Navarro County. According to Riot, the first phase has begun, which includes “land acquisition, site preparation, substation development, and transmission construction.”
Furthermore, Riot is constructing a few buildings that will house the firm’s immersion-cooling infrastructure and technology. The company expects the cost of the first phase of expansion to be approximately $333 million.
Bitcoin mining in Texas has grown a great deal over the last few years and in 2021, the mining firm Blockcap set up the company’s headquarters in Austin and Former Texas governor Rick Perry welcomed the mining team. A number of other bitcoin mining companies have been migrating to the Lone Star state in recent times.
While Blockcap made its announcement in the first week of April 2021, at the same time, Riot announced the acquisition of a mining site in Rockdale, Texas for $650 million. Riot’s latest move in Navarro County will start with 400 MW and the firm hopes to offer bitcoin mining and hosting capabilities by July 2023.
“After completing the first 400 MW phase of the Expansion, future capacity at the site will be expandable by an additional 600 MW to 1,000 MW, or 1 GW, via the 345 kV Navarro switch that is located approximately 1,250 feet away from the site,” Riot’s announcement notes.
After the expansion completes, Jason Les, the CEO of Riot, believes the firm will be one of the largest bitcoin mining operations in the world. “Upon completion of the expansion, Riot’s developed capacity will total 1.7 GW, establishing the company among the largest bitcoin mining operations globally,” the Riot executive said in a statement.
Furthermore, the company will be leveraging a “strategic partnership with Priority Power Inc.” in order to bolster the expansion. The company will help with “site development, utility interconnection, power purchase agreements, and power load flexibility.”
According to Riot, the firm already has a strong relationship with Priority Power as the firm was a “key partner” in the development of Riot’s Whinstone US data center in Rockdale, Texas.