Riot Blockchain Wants to Light Up 200,000 Homes in Corsicana, Texas

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Colorado-Based Bitcoin Mining Operation Expands Into Texas; Could Consume Enough Power to Light 200,000 Homes
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Back in April, a Colorado-based bitcoin mining company announced that they would expand into Corsicana, Texas, in an effort to use enough electricity to light up as many as 200,000 homes.

Riot Blockchain (RIOT), one of the largest Bitcoin (BTC) miners in the country, currently operates a 400 MW facility in Rockdale, Texas, revealing that they are developing a 265-acre digital crypto mining facility Worksite, which is expected to open in Corsica in July 2023.

Light up Corsica

While the company says there will eventually be enough electricity to light 200,000 homes, the first phase of the facility will use about 400 megawatts of electricity, which is enough to power about 80,000 “peak capacity” homes in Corsica.

“When the expansion is complete, Riot’s developed capacity will reach 1.7 GW, making the company one of the largest bitcoin mining companies in the world,” said Riot CEO Jason Les. Such an important expansion opportunity exemplifies the company’s partnership-driven approach with all stakeholders, including the company’s business partners, ERCOT and governments at all levels, to work towards sustainable economic development.”

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The company said the first 400 MW phase alone is expected to bring about 270 jobs to the region. Riot Blockchain currently operates a mining facility called Whinstone about 50 miles northeast of Austin in Rockdale, which has a combined power generation capacity of 750 megawatts. In terms of capacity, it is considered the largest facility dedicated to Bitcoin mining in North America.

The City of Arlington’s priority power management unit will reportedly be responsible for managing site development, utility interconnection, power purchase agreements and power load flexibility for mining facilities.

According to its most recent quarterly report, Riot Blockchain posted revenue of $79.8 million in the quarter ended March, missing analysts’ consensus estimate of $83.7 million.

Fort Worth becomes first U.S. city to mine Bitcoin

A day before Riot Blockchain’s announcement, Fort Worth became the first city in the U.S. to mine bitcoin, with city council leaders unanimously approving a pilot program involving three S9 bitcoin mining machines that will mine 24 hours a day , 7 days a day. Week.

“Fort Worth has a hard time getting out of Dallas’ shadow at times. We like our opponents in the Mets East, but for Fort Worth it’s important to put our bets on the ground and say, when we want to grow up , who do we want to be?” said Fort Worth Mayor Marty Parker.

Fidelity Investments Offers Bitcoin Investing

The city’s announcement came on the same day that Fidelity Investments, the largest 401(k) administrator, announced it would offer bitcoin investments to workplace retirement plans.

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