Riot Blockchain, one of the largest Bitcoin miners in the United States, has revealed an ambitious plan to strengthen mining on the Bitcoin network from Texas.
In a recently published press release, Bitcoin mining company Riot Blockchain revealed its new plan to expand its crypto mining operations in the state of Texas, United States.
The mining company, headquartered in the state of Colorado, detailed that Its operational capacity will be expanded over the next 2 years to a total of 1,7 gigawatts (GW).
Riot Blockchain has partnered with crypto industry energy provider Priority Power Inc. to launch its new plan, which aims to increase its stake in the Bitcoin network and become one of the largest miners in the industry.
Because its future facilities will be close to its Whinstone subsidiary, the company said it will leverage its human talent and development capabilities to operationalize its new facilities. It also said it will generate 270 new direct jobs in Navarro County, Texas.
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Riot Blockchain wants to be the largest Bitcoin miner in the world
The first phase of its expansion plan, which will begin in Navarro County, includes the acquisition of new plots of land and the development of substations and transmissions, as well as the construction of auxiliary infrastructure and four buildings that will have immersion cooling technology for its equipment.
The first stage will begin this year, the company reported, with a total investment estimated at around 333 million dollars. Riot Blockchain expects to complete the first stage of its expansion plan in the first quarter of 2024. The final facilities will initially provide 400 megawatts (MW) of energy power.
For its second phase, the American Bitcoin mining company will expand its operating capacity by an additional 600 MW. Finally, this will be expanded to 1.000 MW or, what is the same, 1 GW, adding a total of 1,7 GW to Riot Blockchain.
Jason Les, the company's CEO, noted that this energy capacity will position Riot Blockchain among the largest and most important Bitcoin mining companies in the world.
The company's production capacity has increased by 176% in the last year. Last March, Riot Blockchain mined a record XNUMX 511 BTC of the blockchain network.
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