Riot Blockchain (Nasdaq: RIOT) is one of the largest North American bitcoin miners and looks to extend their footprint with a large-scale, 1 gigawatt (GW) development in Navarro County, Texas, per a press release sent to Bitcoin Magazine.
The expansion will strengthen Riot’s bitcoin mining and hosting capacity beginning with an additional 400 megawatts (MW) of capacity on a 265-acre site that will be immersion cooled. Mining and hosting services are expected to be operational come July 2023.
“Upon completion of the expansion, Riot’s developed capacity will total 1.7 GW, establishing the Company among the largest Bitcoin mining operations globally,” said Jason Les, CEO of Riot. “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 estimated cost for the first phase of the expansion is $333 million, which will be incrementally invested through the remainder of 2022, 2023, and into the first quarter of 2024. After the first phase is completed and the initial 400 MW expansion is operational, the site will be expandable by another 600 MW totalling 1000 MW ( 1 GW) thanks to a 346 kV Navarro switch located 1,250 feet from the facility. The switch location means a short easement is all that separates Riot from increasing its electrical output.
Priority Power Inc will be providing services to Riot through their on-going strategic partnership such as managing site development, utility interconnection, power purchase agreements and power load flexibility. Priority Power is a leading service provider in the bitcoin mining space and began working with Riot during the development of Riot’s Whinstone location in Rockdale, Texas which was announced May 26, 2021.
“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,” said Chad Harris, CEO of Whinstone, a fully-owned subsidiary of Riot.
Riot noted the conclusion of the first phase of the expansion is expected to create around 270 direct jobs and drive significant economic growth into Navarro County, Texas.