It wasn't long ago when Riot Platforms launched North America's largest mining farm in Rockdale, Texas - but now they want to go even bigger.

Just announced, they've begun construction at a colossal new site in Corsicana, Texas - once complete, it will become the biggest Bitcoin mining facility in the world!

The new location will be even larger than their existing facility in Rockdale, seen here.

Known as the US State Most Welcoming to Miners, the Infamous Texas Heat Poses a Challenge...

Mining rigs generate intense heat, making cooling a paramount concern, most of the daily work of running a mine revolves around keeping the rigs from overheating. This is why many mining companies seek locations year-round frigid temps - but even in the winter you won't find temperatures this low anywhere in Texas.

To combat this, Riot partnered with HashHouse Tech to use immersion-cooling, which surrounds the miners with a flow of liquid coolant, capable of cooling at 20X the efficiency of air. This strategic move ensures they can stay operational even in the Lone Star State's scorching sun. 

Massive Mining Power...

Riot expects their total mining power (hashrate) to hit 20.1 EH/s once the new facility launches by the end of 2024. Crunching the numbers, first taking the next halving event into account, and using $50k for bitcoin's price, at that hashrate the company should earn around $800,000 per day.

Of course, that's before they pay the bills, and mining always has a big one huge bill - electricity. It's common for the majority of earnings to be lost to the power bill.  Riot is part of a special program in Texas that involves mining companies pre-paying for electricity, but when the grid is reaching capacity they have the ability to lower their usage and sell some of this power back to the grid. 

Texas officials have praised the program as a solution that prevents the grid shutting down when overwhelmed on hot summer days. Last year Riot earned over $30 million selling power back to Texas, but remember they first had to buy it up front so only a small portion of that is profit. It's hard to imagine any deal where less than 50% of revenue goes to paying electricity costs.

Profit Potential...

Last month Riot mined 520 BTC, worth around $250 Million - and this is before the largest mining farm in the world joins in. Along with the additional ability to sell stock (Nasdaq Symbol RIOT)  when they need to raise funds, Riot is quickly becoming a vital member of the industry.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News