Riot Platforms, Inc., a leading player in vertically integrated Bitcoin mining, recently announced the successful energization of the substation at its facility in Corsicana, Texas. This marks a significant step forward in the company’s expansion plans amid the upcoming bitcoin halving event.
Corsicana Texas Facility: 31 EH/s Hash Rate Goal
With the Corsicana Facility’s 400-megawatt substation now operational, Riot is poised to ramp up its self-mining hash rate capacity to 31 EH/s by the end of 2024, signifying a substantial increase in operational capabilities.
The Corsicana Facility, situated on 265 acres of land in Navarro County, Texas, is projected to have a total capacity of 1 GW upon full development, making it potentially the largest Bitcoin mining facility globally by developed capacity. The energized substation will power the initial 400 MW phase of development, expected to add 16 EH/s to Riot’s self-mining capacity by the end of 2024.
More Details
According to the April 18-dated press release, the deployment of miners in Building A1, the first 100 MW structure, is already underway. It reads:
“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.”
Subsequent buildings, including A2, B1, and B2, will gradually become operational over the next months, contributing an additional 12 EH/s to Riot’s self-mining capacity, aiming for a total of 31 EH/s by the end of 2024.
CEO of Riot, Jason Les, expressed his excitement over this achievement, emphasizing the team’s dedication and collaborative effort in turning their vision of building the world’s largest Bitcoin mining facility into reality. He states:
“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.”
Upcoming Halving and Rising Expansion
Amidst this significant milestone, the Bitcoin mining industry braces for the highly anticipated halving event. Analysts predict a significant shift in the bitcoin market, with experts like Markus Thielen from 10x Research forecasting potential challenges for miners. Thielen suggests that Bitcoin miners could offload around $5 billion worth of BTC in the months following the halving, a trend mirroring past events that may lead to a prolonged period of stable bitcoin prices.
In response to these anticipated challenges, miners have been increasing their investments in the market to stay competitive. Over the past year alone, miners have invested a staggering $1 billion to bolster their operations, demonstrating a commitment to navigating the evolving landscape of Bitcoin mining.
In March 2024, Riot Platforms successfully mined 425 BTC, showcasing its commitment to growth and innovation within the Bitcoin mining sector, further solidifying its position as a frontrunner in the industry with the energization of the Corsicana Facility.
