Nasdaq-listed mining company Riot Blockchain has announced it plans to build a 1GW Bitcoin mining facility in Navarro County, Texas.
The company has already started the implementation of the first stage. In its course, an enterprise with a capacity of 400 MW will be built on a site of more than 107 hectares. Mining operations on immersion cooling hardware are expected to begin in July 2023.
The first phase includes the purchase of land and site preparation, the construction of a substation and transmission lines and the construction of ancillary facilities and four buildings for the mining infrastructure.
Riot estimates the cost of this phase will be $333 million with investment in installments until the end the first quarter of 2024.
In the future, the capacity of the facility will be increased by 600 MW.
Riot CEO Jason Les said:
“Upon completion of the expansion, the installed capacity will be 1,700 MW, making the company one of the largest bitcoin mining businesses in the world.”
The infrastructure company Priority Power has became a partner in the implementation of the project, which will provide management of the development of the facility, connection of utilities and power supply.
