Riot Announces Groundbreaking at 1 GW Data Center Facility in Corsicana, Navarro County, Texas

Rhea-AI Summary

Riot Blockchain, a leader in Bitcoin mining, has commenced groundbreaking on its new Corsicana Facility in Navarro County, Texas. This 1 GW expansion will enhance Riot's total developed capacity to 1.7 GW. The initial phase will include 400 MW capacity, creating approximately 270 jobs and focusing on self-mining and data center hosting operations expected to start by Q4 2023. This project is noteworthy as it marks the first 1 GW load approved by ERCOT, reflecting Riot's strong partnership-driven approach and commitment to local communities.

Positive

• Groundbreaking of the Corsicana Facility signifies major capacity expansion to 1.7 GW.
• Initial phase of 400 MW expected to create approximately 270 new jobs.
• First 1 GW load approved by ERCOT, enhancing Riot's market position.

Negative

• None.

Riot Announces Groundbreaking on New 265-Acre Site in Navarro County, Texas

Castle Rock, CO, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, is pleased to announce that it has officially broken ground at the Company’s 1 gigawatt (“GW”) expansion project (“the Corsicana Facility”) in Corsicana, Navarro County, Texas.

"This groundbreaking marks a significant step forward in demonstrating Riot’s ongoing commitment to positively impacting the rural communities that we operate in,” said Chad Harris, Executive Vice President, Chief Commercial Officer of Riot. “The development of the Corsicana Facility builds on the success of our 700-megawatt Rockdale Facility and when complete, will bring Riot’s market-leading position to a total of 1.7 GW of developed capacity. We look forward to strengthening existing relationships and building new, collaborative partnerships as we embark on constructing this new development.”

Local and state officials and Riot employees gathered to celebrate the Company’s groundbreaking ceremony in Corsicana on Tuesday, October 18^th.  The first phase of the Corsicana Facility will consist of 400 megawatts (“MW”), with self-mining and data center hosting operations expected to commence by the fourth quarter of 2023.

“This groundbreaking marks the next era of industrial development in Corsicana and Navarro County that promises to create new economic opportunity and improve the quality of life for the region,” said John Boswell Director of Economic Development for Corsicana and Navarro County. “The positive impact created by this project will be felt by our community for some time.”

The Corsicana Facility’s total capacity of 1 GW has been approved by the Electric Reliability Council of Texas (“ERCOT”).  To the Company’s knowledge, this is the first 1 GW load ever approved by ERCOT, and is a testament to Riot’s partnership-driven approach, commitment to transparency, well-capitalized position, and successful track record of executing on large electrical infrastructure developments.

The first phase of the Corsicana Facility’s development is expected to directly lead to the creation of approximately 270 jobs and will position Riot as one of the largest employers in Corsicana, driving significant positive economic benefits within Navarro County.  As demonstrated by the Company’s success at its 700 MW Rockdale Facility, Riot anticipates that the development of the Corsicana Facility will lead to the creation of numerous high-skill, career-track employment opportunities in the local community.

The first phase of the Corsicana Facility’s development is expected to consist of four 100 MW buildings utilizing immersion cooling technology similar to what is already in place at Riot’s Rockdale Facility. The Company anticipates that 200 MW out of the initial total of 400 MW will be dedicated to the Company’s self-mining business, with the balance reserved for expanding Riot’s data center hosting business with large-scale institutional clients. 

About Riot Blockchain, Inc.

Riot’s (NASDAQ: RIOT) 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.  We 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 data center operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.

For more information, visit www.riot.inc.

Safe Harbor

Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about the benefits of acquisitions, including financial and operating results, and the Company’s plans, objectives, expectations, and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the Navarro site expansion; our expected schedule of new miner deliveries; our ability to successfully deploy new miners; M.W. capacity under development; we may not be able to realize the anticipated benefits from immersion-cooling; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements. 

Attachments

• Riot employees gather with Local and state officials to celebrate the Company’s groundbreaking ceremony
• Riot's Groundbreaking Ceremony

FAQ

What is the significance of Riot's groundbreaking on the Corsicana Facility?

The groundbreaking marks the start of a 1 GW expansion, increasing Riot's total developed capacity to 1.7 GW.

How many jobs will the Corsicana Facility create?

The first phase is expected to create approximately 270 jobs.

When will operations at the Corsicana Facility start?

Self-mining and data center hosting operations are anticipated to commence by Q4 2023.

What is the capacity of the Corsicana Facility?

The Corsicana Facility will have a total capacity of 1 GW, approved by ERCOT.

How does the Corsicana Facility impact Riot's market position?

The facility enhances Riot's position as a leading Bitcoin mining company with expanded operational capacity.