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To complete the expansion, Riot plans to get support from its strategic partner Priority Power, a Bitcoin mining energy services leader.
Riot Blockchain Inc (NASDAQ: RIOT), a Colorado-based company focused on supporting the Bitcoin (BTC) ecosystem through proof-of-work mining, is expanding its operations in Navarro County, Texas, with a large-scale 1 gigawatt (GW) development. As a result of the initiative, Riot’s developed capacity will total as much as 1.7 GW.
Riot Blockchain CEO Jason Les stated:
“This Expansion is a testament to the Company’s demonstrated ability to build and deliver high-quality large-scale digital asset infrastructure for its Bitcoin mining operations and future hosted clients. Riot’s ability to source such a significant expansion opportunity in Texas exemplifies the Company’s partnership-driven approach with all stakeholders, including the Company’s business partners, ERCOT, and all levels of government, to commit to sustainable economic development.”
The expansion will consist of several phases. Initially, Riot Blockchain will establish a 400 megawatts (MW) capacity across a 265-acre site. In mid-2023, these mining machines using immersion-cooled technology and offering hosting services will go online. This phase will cost $333 million.
Further, Riot Blockchain will upgrade its Bitcoin mining capacity 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.
It is worth mentioning that to complete the expansion, Riot plans to get support from its strategic partner Priority Power, a Bitcoin mining energy services leader. The company offers managing site development, utility interconnection, power purchase agreements, and power load flexibility service.
Chad Harris, CEO of Riot’s Texas-based subsidiary Whinstone, said:
“This Expansion is a key example of the positive environmental, societal, and economic impacts that Bitcoin mining brings to under-developed regions in America. A key part of Riot’s business model is to amplify the positive impacts that the Company’s business model has on the local community. We look forward to replicating the positive impacts that Riot has had on the community of Rockdale in Milam County, in Navarro County.”
Notably, the initiative will create around 270 direct jobs, fostering significant economic growth in Navarro County, Texas.
Texas Becoming Mining Hub
As many mining companies are moving their operations to Texas, some experts are saying that the state will be the Bitcoin mining capital of the world. Texas is capitalizing on Chinese bans on mining activity, welcoming thousands of miners and emerging as the world’s cryptocurrency mining hub.
Texas politicians seem to be advocating mining activity. As of now, there are 27 local Bitcoin mining companies tallied by the Texas Blockchain Council. According to Don Huffines, a Republican real estate developer and candidate for Texas governor, there are numerous opportunities beyond the mining industry. Another Republican Senator Ted Cruz said that Bitcoin mining could help strengthen the state’s energy infrastructure.