In April, bitcoin mining company Riot Blockchain announced its ambitious plans to expand its operations and light up more than 200,000 homes in Corsicana, Texas.
Riot Blockchain is one of the largest mining operators backed by a 400 MW facility that can be found in Rockdale, Texas.
The company recently revealed that they are now expanding to a 256-acre site for crypto mining in Corsicana which is scheduled to launch in July next year.
Although the company claimed that they have enough capacity to power about 200,000 homes, their current facility will churn out around 400 MW of electricity that can light the equivalent of 80,000 homes at maximum capacity.
It is considered as the first phase of the project with an estimated project cost of $333 million.
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Riot operates a mining facility in Rockdale which has a 750 MW power capacity (The Business Journals).
Now, once the expansion is complete, 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, Riot’s ability to expand in Texas strengthens the company’s drive toward strengthening business partnerships across all levels of government with the sole vision of fulfilling a sustainable economic ethos.
In addition, the company says that with the power potential in the first phase, around 270 job opportunities may open up in the area.
Right now, Riot currently operates a mining facility in Rockdale with 750 MW of power capacity. It is considered one of the largest bitcoin mining facilities in North America.
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RIOT raises $10M for expansion
Riot Blockchain (RIOT) was able to raise nearly $10 million last month by selling 250 BTC to fuel its expansion plans. The company initially sold 200 BTC in March for $9.4 million.
Bitcoin sales are a small fraction of Riot’s total holdings which currently stand at 6,320 bitcoins as of the end of April. Its mining operations were able to produce around 508 BTC in April 2022 which is significantly higher than 203 in April 2021.
The company continuously monitors their bitcoin holdings which they use to support their expansion plans and operating costs.
In addition, Riot Blockchain has great confidence in its BTC holdings, believing that their shareholders benefit the most from maintaining strong figures on their balance sheets.
Featured image from NameCoinNews, chart from TradingView.com