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In April, Bitcoin mining company Riot Blockchain announced its ambitious plans to expand their operations and light up over 200,000 homes in Corsicana, Texas.
Riot Blockchain is one of the biggest mining operators backed by a 400 MW facility that can be found in Rockdale, Texas.
The company recently revealed that they’re now expanding to a 256-acre site intended for crypto mining in Corsicana that is set to launch in July next year.
Although the company claimed that they have enough capacity to power around 200,000 homes, their current facility will be churning around 400 MW of electricity that can light up an equivalent of 80,000 homes at peak capacity.
This is regarded as the first phase of the project which has an estimated project cost of $333 million.
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Riot operates a mining facility in Rockdale which has a 750 MW power capacity (The Business Journals).
Now, once the expansion is completed, Riot Blockchain’s capacity expands to around 1.7 GW, making the crypto miner one of the biggest names in the global bitcoin mining arena.
According to Riot Blockchain CEO Jason Les, the ability of Riot to expand in Texas solidifies the company’s drive towards strengthening business partnerships in variably all levels of the government with the sole vision of accomplishing sustainable economic ethos.
Further, the company states the first phase with the power capacities can open around 270 job opportunities 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.
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Forth Worth became the first-ever city in the United States to mine bitcoin. Evidently, the city council has already green-lighted the pilot project having three S9 Bitcoin mining machines that are programmed to run 24/7.
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Crypto total market cap at $1.27 trillion on the daily chart | Source: TradingView.com
RIOT Raises $10M For Expansion
Riot Blockchain (RIOT) was able to raise around $10 million last month by selling 250 BTC to fuel its expansion plans. The company has initially sold over 200 BTC in March for $9.4 million.
The bitcoin sale is just a small fraction of Riot’s total holdings which is currently at 6,320 Bitcoins by end of April. Its mining operations were able to produce roughly 508 BTC in April 2022 which is significantly higher compared to having 203 in April 2021.
The company continuously monitors its Bitcoin holdings which they use to support their expansion plans and operational costs.
Further, Riot Blockchain has enormous confidence in their BTC holdings believing that their shareholders benefit most by maintaining strong figures on their balance sheet.
Featured image from NameCoinNews, chart from TradingView.com
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