Riot Blockchain is expanding operations in Texas as it is currently developing a 1 GW mining facility in Navarro County.
According to Riot, the first phase has begun, which includes “land acquisition, site preparation, substation development, and transmission construction.”
Riot is also constructing a few buildings that will house the firm’s immersion-cooling infrastructure and technology. The company expects the cost of the first phase of expansion to be approximately $333 million.
Riot has also announced the acquisition of a mining site in Rockdale, Texas for $650 million.
Riot’s latest move in Navarro County will start with 400 MW and the firm hopes to offer bitcoin mining and hosting capabilities by July 2023.
Jason Les, the CEO of Riot, believes the firm will be one of the largest bitcoin mining operations in the world.
According to Riot, the firm already has a strong relationship with Priority Power as the firm was a “key partner” in the development of Riot’s Whinstone US data center in Rockdale, Texas.