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Riot Blockchain will build a power plant in Texas that will provide up to 1.7 gigawatts of energy.
The company decided to set up its own electrical substation in Texas to earn higher profits.
On April 27, Riot Blockchain Inc, a bitcoin mining company founded in 2000, decided to install an energy substation (1.7GW) in Texas to supply its equipment with its own generated energy.
It will establish the center within 2 years in order to provide electricity to 2 million households and reduce greenhouse gas emissions (600000 Tons).
The substation will be opened in July 2023
The center is expected to enter service in July 2023.
The substation project will start with a capacity of 400MW in the first phase and then increase by another 600MW through a switchgear system located 1,250 feet from the power plant.
Riot Blockchain CEO Les said the total capacity will be 1.7 GW once the project is finished. This project will take the company to the top of the bitcoin mining industry.
Les said :
Riot’s ability to fund such a significant expansion opportunity in Texas exemplifies the Company’s partnership-based approach to its commitment to sustainable economic development with all stakeholders, including business partners, ERCOT, and all levels of government.
Whinstone CEO Chad Harris spoke of the positive economic and environmental impacts of such projects in “underdeveloped regions of America”.
The initial cost of the station will be $333 million. It will also create more than 270 new jobs in Navarro County.
Is Texas Pro-Bitcoin?
The Texas city of Fort Worth has become the first US city to mine bitcoin using three S9 Antminers donated by the Texas Blockchain Council.
Mayor Mattie Parker pointed out that with this project, energy costs can be reduced with bitcoins obtained through mining.
After the El Salvador incident, Texas also gradually sets an example for both the US and the global Bitcoin mining industry.