Bitcoin Mining Company Expands to the Province of Navarro | News

Nancy Roberts’ room at the Corsicana Public Library filled to capacity Wednesday morning as city and county leaders and schools announced a partnership with Riot Blockchain, a bitcoin miner that pledges to create hundreds of jobs in the area.

The first phase of the expansion is expected to create approximately 270 direct jobs and drive significant positive economic change in Navarro County.

According to a press release, Riot Blockchain, Inc. Ltd., a leading Bitcoin mining and hosting company, announces that it has begun a large-scale development process to expand Bitcoin mining and hosting capabilities in Navarro County.

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BitcoinA digital currency created for use in peer-to-peer online transactions. Bitcoin is the most prominent among a group of virtual currencies – money that exists primarily as computer code – that do not have a central issuing authority.

Source: www.merriam-webster.com

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The expansion began with development on a 265-acre site, and flood-cooled mining and hosting operations are expected to begin in July 2023.

Phase one of the expansion includes land acquisition, site preparation, substation development, transmission station construction, along with construction of outbuildings and four buildings using the company’s proprietary immersion cooling infrastructure and technology.

Riot estimates the total cost of the first phase of the expansion at approximately $333 million, which is scheduled to be invested during the remainder of 2022, 2023 and the first quarter of 2024.

Following completion of the first phase of the expansion, future capacity at the site will be expandable via the Navarro Key located approximately 1,250 feet from the site.

“Upon completion of the expansion, Riot’s developed capacity will be 1.7 gigawatts, making the company among the largest bitcoin mining operations globally,” said Jason Lees, CEO of Riot. “This expansion is a testament to the company’s proven ability to build and deliver a high-quality infrastructure for large-scale digital assets for future bitcoin mining operations and hosted clients. Riot’s ability to provide such a significant expansion opportunity in Texas exemplifies the company’s partnership-based approach with all stakeholders , including the company’s business partners, ERCOT, and all levels of government, to commit to sustainable economic development.”

Riot plans to capitalize on its strategic partnership with Priority Power Inc. , a leading bitcoin mining power services company, to support expansion. Priority Power services include site development management, utility interconnection, power purchase agreements and power load resilience. The company’s relationship with Priority Power began with the development of Riot’s Whinstone US, Inc. facility. in Rockdale, and has been a key partner in energy strategy ever since.

The expansion site is located approximately one hour south of Dallas, two hours from the Whinstone facility, allowing the company to capitalize on its existing talent pool and proven development capabilities of its experienced employee base.

“This expansion is a prime example of the positive environmental, social and economic impact that Bitcoin mining is bringing to America’s underdeveloped regions,” said Chad Harris, CEO of Whinstone, a wholly owned subsidiary of Riot. A key part of Riot’s business model is to amplify the positive effects the company’s business model has on the local community. We look forward to replicating the positive effects Riot has had on the Rockdale community in Milam County, Navarro County.”

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