10,000 Bitcoin for two Papa John’s pizzas in Florida! Whether you follow the changing exchange rate of Bitcoin or not, it’s clear that the currency has come a long way since that first recorded payment in 2010. In fact, over the past 12 months the Bitcoin blockchain has settled more than $56 trillion worth of transactions.
To help the world capitalize on the exciting opportunities Bitcoin creates, Riot has established an industrial scale mining company in the U.S., positioning the business as one of the largest Bitcoin miners. Riot quickly expanded from a 12 MW facility in Oklahoma to an industry-leading 750 MW of planned capacity in Rockdale, Texas. With over 200 employees, the facility is the single largest employer in the county. The facility has also added 900 to 1,200 indirect jobs to Rockdale and has contributed to record sales tax revenues for the city.
Additionally, Riot recently announced its groundbreaking expansion project at its 1 GW facility in Corsicana, Navarro County, Texas. This project 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.
Bitcoin mining is a rapidly changing industry and to successfully compete, Riot decided it needed to integrate its business operations onto a single cloud business system. Connecting data from across the business will help Riot make informed decisions quickly and efficiently to support its accelerated growth.
“It is a highly competitive and capital-intensive sector that is built on scale,” said Colin Yee, Head of Corporate and Financial Operations, Riot. “Having the data and tools necessary to support strategic decisions makes it possible to plan for the long-term and focus on growth.”
As Riot rapidly expands its operations across Texas, it was essential for the business to have a robust enterprise resource planning (ERP) system to understand its operations, miner deployments, and supply chain.
After evaluating several systems, Riot decided to go with Oracle NetSuite. Riot selected NetSuite due to its scalability and the high-quality implementation support network that is in place. With NetSuite, Riot plans to aggregate data from multiple sources so that it can quickly and easily access relevant business insights.
“Consolidating information onto a single platform will allow Riot to make decisions efficiently and mitigate the risk of inaccurate or missing data,” said Yee. “NetSuite will also promote consistent data without any ambiguity by eliminating version control through inefficient systems and processes that are used to pool data from various sources.”
Riot’s vision is to be the world’s leading Bitcoin-driven infrastructure platform. To accomplish its goals and maintain its market-leading position, Riot will leverage NetSuite to bring real-time information to decision makers, to update its financial processes, and to improve internal controls to mitigate risk. NetSuite will also provide Riot with tools for strategic planning and forecasting.
“We are committed to becoming a best-in-class Bitcoin mining investment opportunity. The move to NetSuite will help Riot cater to the rising demand of Bitcoin, make the overall implementation easier, and ultimately create value for our shareholders,” said Yee. “We see a world where established financial infrastructure works alongside digital asset infrastructure for a best-in-class experience. NetSuite will help us fulfill our mission.”