In April, Bitcoin mining company Riot Blockchain announced its ambitious plans to expand their operations and light up over 200,000 homes in Corsicana, Texas.
Riot Blockchain is one of the biggest mining operators backed by a 400 MW facility that can be found in Rockdale, Texas.
The company recently revealed that they’re now expanding to a 256-acre site intended for crypto mining in Corsicana that is set to launch in July next year.
Although the company claimed that they have enough capacity to power around 200,000 homes, their current facility will be churning around 400 MW of electricity that can light up an equivalent of 80,000 homes at peak capacity.
This is regarded as the first phase of the project which has an estimated project cost of $333 million.
Suggested Reading | Kraken CEO Shuts Down San Francisco Headquarters – Here’s Why
Riot operates a mining facility in Rockdale which has a 750 MW power capacity (The Business Journals).Now, once the expansion is completed, Riot Blockchain’s capacity expands to around 1.7 GW, making the crypto miner one of the biggest names in the global bitcoin mining arena.
According to Riot Blockchain CEO Jason Les, the ability of Riot to expand in Texas solidifies the company’s drive towards strengthening business partnerships in variably all levels of the government with the sole vision of accomplishing sustainable economic ethos.
Further, the company states the first phase with the power capacities can open around 270 job opportunities in the area.
Right now, Riot currently runs a mining facility in Rockdale which has a 750 MW power capacity. It’s regarded as one of the largest bitcoin mining facilities in North America.
Forth Worth became the first-ever city in the United States to mine bitcoin. Evidently, the city council has already green-lighted the pilot project having three S9 Bitcoin mining machines that are programmed to run 24/7.
Suggested Reading | Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme
Crypto total market cap at $1.27 trillion on the daily chart | Source: TradingView.com
Riot Blockchain (RIOT) was able to raise around $10 million last month by selling 250 BTC to fuel its expansion plans. The company has initially sold over 200 BTC in March for $9.4 million.
The bitcoin sale is just a small fraction of Riot’s total holdings which is currently at 6,320 Bitcoins by end of April. Its mining operations were able to produce roughly 508 BTC in April 2022 which is significantly higher compared to having 203 in April 2021.
The company continuously monitors its Bitcoin holdings which they use to support their expansion plans and operational costs.
Further, Riot Blockchain has enormous confidence in their BTC holdings believing that their shareholders benefit most by maintaining strong figures on their balance sheet.
Featured image from NameCoinNews, chart from TradingView.com
Riot Platforms completes $525 million note issuance, fully increasing BTC acquisition Golden Finance, these notes are privately issued to institutional investors
JinseFinanceRiot Platforms faced a challenging Q2, with increased costs and decreased production following April's halving, leading to its first loss since 2022.
WenJunRiot Platforms advances its acquisition efforts against Bitfarms, despite defensive tactics, by highlighting governance concerns and expanding operations.
DanteExplore how Riot Platforms soared in Bitcoin production and revenue in 2023, amidst cost reductions, strategic expansions, and navigating regulatory challenges.
MiyukiExplore how Riot, TeraWulf, and CleanSpark are uniquely positioned for success in the Bitcoin mining industry post-halving. This article delves into their innovative strategies, focusing on sustainability, efficiency, and the implications of Bitcoin halving for the cryptocurrency market.
BrianThe four biggest US-based mining operations - Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining - got ...
Bitcoinist"The company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas,” said Riot CEO Jason Les.
CointelegraphMoving rigs from New York to Texas was part of Riot's effort to reduce the firm’s operating expenses through lower power costs and eliminate “all third-party hosting fees.”
CointelegraphDespite the sizable dilution, the RIOT stock price has not moved much at the time of publication.
CointelegraphThe company expects a hash rate of 5.5 EH/s by the end of 2022, anticipating that access to an additional 600 MW of power capacity "in the coming years" will produce 20 EH/s.
Cointelegraph