Bitcoin miner Riot announced on Wednesday plans to expand mining capacity by up to 1 gigawatt (GW) at a new facility in Navarro County, Texas.
Between the new site and Riot’s growing Whinstone facility, the company’s long-term goal is to reach 1.7GW of total developed capacity.
“Once the expansion is complete, Riot will have a total development capacity of 1.7 GW, making Riot CEO Jason Les one of the largest Bitcoin mining businesses in the world,” he said.
Riot has already begun development of the first 400 MW capacity on 265 acres of Navarro. These mining machines should be online by July 2023. The facility uses immersion cooling technology and also provides hosting services.
Riot estimates that the cost of the first phase of the project will be $ 333 million and will be invested in stages from now until the first quarter of 2024. According to the company, it is expected to create direct jobs for about 270 people.
In the future, the Navarro site will be able to handle an additional 600 MW via a 345 kilovolt switch located 1,250 feet away from the property. However, Riot has not announced when it will move into this second phase.
The new site is approximately a two-hour drive from Riot’s Winstone facility in Rockdale, Texas. The company has already built a capacity of 400 MW and will reach a total of 750 MW.