Riot Blockchain’s Expansion Into Texas Might Provide Enough Energy To Power 200,000 Homes

Riot Blockchain, a Bitcoin mining startup, stated in April that it would expand its operations and light up over 200,000 homes in Corsicana, Texas.

Riot Blockchain is one of the largest mining companies, with a 400 megawatt plant in Rockdale, Texas. The company recently announced that they are expanding to a 256-acre crypto mining site in Corsicana, which will open in July of next year.

Although the corporation claims to have the potential to power 200,000 homes, their present facility will produce roughly 400 megawatts of electricity, enough to power 80,000 homes at peak capacity.

This is the first phase of the project, which is expected to cost $333 million in total. Riot Blockchain’s capacity will increase to roughly 1.7 GW after the expansion is completed, making the crypto miner one of the biggest names in the worldwide bitcoin mining field.

The ability of Riot Blockchain CEO Jason Les to expand in Texas validates the company’s aim to establish corporate partnerships at all levels of government with the only goal of achieving a sustainable economic ethos, according to Les.

According to the corporation, the first phase with the power capacities will create roughly 270 jobs in the area. Right now, Riot currently runs a mining facility in Rockdale which has a 750 MW power capacity. It’s regarded as one of the largest bitcoin mining facilities in North America.

RIOT Blockchain raises $10 million to expand

Last month, Riot Blockchain (RIOT) was able to raise roughly $10 million by selling 250 bitcoins to fund its expansion objectives. In March, the business sold over 200 bitcoins for $9.4 million.

Riot’s overall holdings, which are currently at 6,320 Bitcoins as of the end of April, are only a modest cheval cheval of the bitcoin sale. Its mining efforts produced 508 BTC in April 2022, a huge increase over the 203 BTC it produced in April 2021.

The corporation keeps a close eye on its Bitcoin holdings, which it uses to fund expansion plans and operational costs.

Furthermore, Riot Blockchain has a high level of trust in their Bitcoin holdings, feeling that strong balance sheet data help their shareholders the best.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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