The Nancy Roberts Room at the Corsicana Public Library was filled to capacity Wednesday morning as city, county and school leaders announced a partnership with Riot Blockchain, a Bitcoin mining company that promises to bring hundreds of jobs to the area.
The first phase of the Expansion is anticipated to create approximately 270 direct jobs and drive significant positive economic change in Navarro County.
According to a press release, Riot Blockchain, Inc., an industry leader in Bitcoin mining and hosting, is pleased to announce that it has initiated a large-scale, development to expand its Bitcoin mining and hosting capabilities in Navarro County.
Bitcoin: A digital currency created for use in peer-to-peer online transactions. Bitcoin is the most prominent of a group of virtual currencies—money that exists mainly as computer code—that have no central issuing authority.
The Expansion has begun with development on a 265-acre site, with immersion-cooled mining and hosting operations expected to commence in July 2023.
This first phase of the Expansion includes land acquisition, site preparation, substation development, transmission construction, along with construction of ancillary buildings and four buildings utilizing the Company’s immersion-cooling infrastructure and technology.
Riot estimates that the total cost of the first phase of the Expansion will be approximately $333 million, which is scheduled to be invested over the remainder of 2022, 2023, and the first quarter of 2024.
After completing the first phase of the Expansion, future capacity at the site will be expandable via the Navarro switch that is located approximately 1,250 feet away from the site.
“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. “This Expansion is a testament to the Company’s demonstrated ability to build and deliver high-quality large-scale digital asset infrastructure for its Bitcoin mining operations and future hosted clients. Riot’s ability to source such a significant expansion opportunity in Texas exemplifies the Company’s partnership-driven 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 utilize its strategic partnership with Priority Power Inc., an industry leader in Bitcoin mining energy services, to support the Expansion. Priority Power services include managing site development, utility interconnection, power purchase agreements and power load flexibility. 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 its power strategy since.
Located approximately one hour south of Dallas, the Expansion site is within two hours of the Whinstone Facility, allowing the Company to leverage its existing talent pool and the proven development capabilities of its experienced employee base.
“This Expansion is a key example of the positive environmental, societal, and economic impacts that Bitcoin mining brings to under-developed regions in America,” 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 impacts that the Company’s business model has on the local community. We look forward to replicating the positive impacts that Riot has had on the community of Rockdale in Milam County, in Navarro County.”