The ascendant trajectory of Riot Platforms, Inc. (NASDAQ: RIOT) shares in the pre-market realm of the US stock charts illustrates a modest uptick of 3.26%, attaining $8.56 as of the last check. This noteworthy surge follows a 4.2% increase during the regular session of the previous day, culminating at $8.29.
The impetus behind this remarkable ascent lies in the revelation of operational advancements at a newly inaugurated facility, propelling RIOT stock to its current trajectory. Riot Platforms (RIOT) has disclosed the successful energization of the substation at its Corsicana Facility.
Acquired two years prior, Riot Platforms procured 265 acres of land in Navarro County, Texas, fueled by its ambition to establish the preeminent Bitcoin mining facility globally. Now, the company has reached a pivotal juncture in realizing this vision with the activation of its Corsicana Facility.
With the operationalization of its landmark Corsicana Facility’s 400-megawatt substation, Riot Platforms maintains a steadfast course towards augmenting its self-mining hash rate capacity to 31 EH/s by the conclusion of 2024. This amplification in capacity signifies a substantial enhancement in its operational prowess.
The Corsicana Facility is poised to serve as an extraordinary conduit for growth in the forthcoming years, as Riot Platforms diligently executes its strategic agenda. Upon full development, Riot Platforms’ Corsicana Facility is slated to boast a total capacity of 1 GW, positioning it to be the foremost Bitcoin mining facility globally in terms of developed capacity.
The recently activated substation will provide power to the initial 400 MW phase of the Corsicana Facility’s development. Anticipated to add 16 EH/s to Riot Platforms’ self-mining capacity by the end of 2024, this inaugural phase has already commenced operations with the installation of miners in Building A1, constituting the first 100 MW.
Subsequent deployments will continue until the total capacity of 3.7 EH/s is attained. The remaining structures in the initial phase, Buildings A2, B1, and B2, are scheduled to progressively commence operations in the ensuing months, augmenting Riot Platforms’ self-mining capacity by an additional 12 EH/s. This trajectory is expected to culminate in a total capacity of 31 EH/s by the end of 2024.