Riot Platforms, Inc. (NASDAQ: RIOT), an industry enabler of vertically integrated Bitcoin (BTC) mining, announced that it has successfully energized the substation at the Company’s Corsicana Facility.
“Two years ago, we purchased 265 acres of land in Navarro County, Texas, driven by our vision to build the world’s largest Bitcoin mining facility, and today, we have achieved a new milestone in turning that vision into a reality with the energization of our Corsicana Facility. This landmark achievement highlights our team’s unwavering dedication and collaborative effort over the past two years. With the Corsicana Facility’s 400-megawatt substation now operational, we remain well on track to increase our self-mining hash rate capacity to 31 EH/s by the end of 2024, which will represent a significant increase in our operational capabilities. We are excited about the incredible pipeline for growth the Corsicana Facility provides over the next several years, and we look forward to further executing on that plan.”
Riot’s Corsicana Facility will have “a total capacity of 1 GW when fully developed, at which point it is expected to be the largest known Bitcoin mining facility in the world by developed capacity.”
The recently energized substation “will power the initial 400 MW phase of development of the Corsicana Facility.”
This initial phase is expected to “add 16 EH/s to Riot’s self-mining capacity by the end of 2024.”
The first batch of miners in “the first 100 MW building, Building A1, have been installed and are already hashing, and miners will continue to be deployed in Building A1 until a total capacity of 3.7 EH/s is reached.”
The remaining buildings in the first phase, Buildings A2, B1, and B2, “are set to progressively become operational over the next several months and are expected to add an additional 12 EH/s to Riot’s self-mining capacity, which is expected to total 31 EH/s by the end of 2024.”
Riot’s vision is “to be the world’s leading Bitcoin-driven infrastructure platform. Our mission is to positively impact the sectors, networks, and communities that we touch.”
They believe that the combination of “an innovative spirit and strong community partnership allows the company to achieve best-in-class execution and create successful outcomes.”
Riot is a Bitcoin mining and digital infrastructure company “focused on a vertically integrated strategy.”
The company has Bitcoin mining operations “in central Texas and electrical switchgear engineering and fabrication operations in Denver, Colorado.”