A company that mines Bitcoin will build a giant new facility in Navarro County.
"We're very excited about it. It means a big expansion of the tax base and a bunch of new jobs," said Corsicana and Navarro County Economic Development Director John Boswell.
Executives from Riot Blockchain, Inc. made their announcement in Corsicana and were joined by officials from the city, Navarro County and Navarro College. The 265-acre site will initially have a capacity of 400 megawatts and the company expects it to eventually be a one-gigawatt facility. Riot Blockchain will work with Priority Power Inc. to support the project.
"We're ideally situated with the big substation that had a lot of power going through it, land next to it... and water. These facilities use a lot of water for cooling," said Boswell. "All of those things came together just right for this project,"
Construction crews will begin work this summer. The company plans to have the new facility up and running by July 2023. The first phase of the project will cost about $333 million, which is scheduled to be invested over the remainder of 2022, 2023, and the first quarter of 2024. Local officials are working with the company on some economic development incentives.
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