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Bitcoin (BTC) mining firm Riot Blockchain, Inc. is bent it maintaining its position as one of the largest crypto miners in the industry. The company plans to boost its mining capacity by building a 1-gigawatt facility in Texas.
In a press release, Riot announced that development has started for its large-scale, 1-gigawatt facility located in Navarro County, Texas, which will expand the crypto miner’s Bitcoin mining and hosting capabilities. The company added that the expansion, which is one of the largest in the industry, will be done in two stages.
The initial phase of the development will add 400 megawatts of capacity to its 265-acre site. Riot expects immersion-cooled mining and hosting operations to start at the new site by July 2023.
The company estimates the first phase to cost around $333 million, which will be invested over the remainder of 2022, 2023, and the first quarter of 2024. This phase includes land acquisition, site preparation, substation development, and the construction of the transmission, the four buildings will integrate Riot’s immersion-cooling infrastructure and technology, and other ancillary buildings.
Once the 40 MW first phase is completed, the facility’s capacity can still be expanded by another 600 MW, which means that the Texas facility has the potential to add 1 GW to Riot’s mining capacity. However, the company did not divulge when this second phase of development would commence.
“Upon completion of the Expansion, Riot’s developed capacity will total 1.7 GW, establishing the Company among the largest Bitcoin mining operations globally,” Riot CEO Jason Les said. “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.”
Earlier this month, Riot filed for an “at-the-market” (ATM) offering, which allows it to sale of up to $500 million in shares from time to time. The company might use the proceeds of this offering for current and future expansion projects including the development of the Texas facility. The company also revealed that it has around $312.3 million in cash, according to Coindesk.
