Riot Blockchain initiates new 1 GW capacity development in Navarro County, Texas

Apr. 27, 2022 9:13 AM ETRiot Blockchain, Inc. (RIOT)By: Khyathi Dalal, SA News Editor9 Comments

Businessman touching cryptocurrency circuit on virtual screen

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  • Riot Blockchain (NASDAQ:RIOT) initiated a large-scale, 1 GW development to expand its Bitcoin mining and hosting capabilities in Navarro County, Texas.
  • The expansion has begun with the development of an initial 400 MW of capacity on a 265-acre site, with immersion-cooled mining and hosting operations expected to commence in July 2023.
  • Post the expansion, future capacity at the site will be expandable by an additional 600 MW to 1,000 MW, or 1 GW, via the 345 kV Navarro switch.
  • This first phase of the expansion includes land acquisition, site preparation, substation development, transmission construction, along with construction of ancillary buildings and four buildings.
  • Riot estimates that the total cost of the first phase of the expansion will be ~$333M, which is scheduled to be invested over the remainder of 2022, 2023, and the Q1 of 2024.
  • The company plans to utilize its strategic partnership with Priority Power, a bitcoin mining energy services, for supporting the expansion.

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