Texas based bitcoin (BTC) mining company, Riot Blockchain issued a press release on April 27, announcing that it has begun the development of an expansive 1 gigawatt (GW) embellishment project at Navarro County, Texas.
Bitcoin mining is an extensive energy consuming activity but Riot Blockchain is going to tackle that problem with ease after such an enormous expansion. The company has decided to establish its own electrical substation to gain bigger profits.
The BTC mining company intends to build a 1.7 GW electrical substation to serve the ample amount of electricity needed for its mining equipment without disrupting the city’s power grid.
Riot is planning to conduct this expansion in phases. Firstly, 400 megawatt (MW) will be created through immersion-cooled computers on a land of 265 acres, mining is expected to start from July 2023 according to the company.
Riot has estimated that the first phase of expansion will cost around $333 million, which will be spent over the remainder of the year, 2023, and the first quarter of 2024.
Once the 400MW phase is completed, the company will move on to expand the capacity further by 600MW to 1GW.
“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 Riot CEO Jason Les.
Riot partnered up with Priority Power, a Bitcoin mining energy service, for assistance in site development, power purchase agreements, power load flexibility and utility interconnection.
The company stated “The Company’s relationship with Priority Power began with the development of Riot’s Whinstone US, (“Whinstone”) facility in Rockdale, Texas (the “Whinstone Facility”), and has been a key partner in its power strategy since.”
Therefore, the expansion site is located within two hours of Riot’s Whinstone facility. Riot Blockchain’s power station will supply up to 1.7 gigawatts of energy once completed.
Taking such complex and trailblazing decisions is not new for Riot Blockchain as it was recently in the news for filing $500 million worth Shelf Prospectus stock with the SEC.
