Bitcoin miner Riot has announced plans to increase its mining capacity to 1 gigawatt (GW) at a new facility located in Navarro County, Texas. With the new site and growing Riot Whinstone facility, the company's long-term goal is to reach a total installed capacity of 1.7 gigawatts, The Block reports.
“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 Jason Les, CEO of Riot.
According to current information, Riot has already begun developing the initial 400 megawatts of power on the 265-acre site in Navarro. This part of the mining machines should be connected by July 2023. The facility will reportedly use immersion cooling technology and will also offer hosting services.
Riot estimates that the first phase of the project will cost $333 million, and the plan is to invest this sum gradually through the first quarter of 2024. It is expected that about 270 direct jobs will be created as a result. In the future, the Navarro site will be able to handle an additional 600 megawatts through a 345-kilovolt switch located 1,250 feet from the property. However, Riot has not announced when it plans to move on to Phase 2.
The new facility is about two hours from the Riot Whinstone facility in Rockdale, Texas. The company has already built 400 megawatts of capacity there and plans to increase it to 750 megawatts.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.