In July 2019, Chad Everett Harris arrived in Rockdale, Texas. Both he and the town were at rock bottom. Rockdale’s economy was still reeling from the closure of a massive aluminum plant two years earlier. A plan by China’s Bitmain to transform the site into the world’s largest Bitcoin mine had collapsed after cryptocurrency prices plummeted in late 2018. Nearly 90% of the plant’s workforce lost their jobs, devastating the municipal budget.
Harris, a serial entrepreneur from New Orleans, was also facing tough times. He had recently shuttered a successful landscaping business and an online venture selling pre-decorated Christmas trees. His latest effort—hosting Bitcoin mining operations in rented warehouses—was struggling due to high energy costs in Louisiana.
But Harris saw opportunity in Rockdale. He aimed to achieve what Bitmain could not: build one of the world’s largest Bitcoin mining operations. The keys to success were scale and cheap electricity—both abundant in this Texas town. For Harris, it was about more than profit; it was about financial freedom and control.
Building a Bitcoin Empire
In under three years, Harris transformed a 100-acre forested site into what may be the world’s largest Bitcoin mining center. Through his company Whinstone US, he developed a facility with seven massive warehouses (three more underway), spanning nearly 10 football fields. By late 2022, it will house 120,000 state-of-the-art Bitmain Antminer computers.
The operation currently boasts 400 megawatts of electrical capacity—almost twice the power needed for downtown Dallas. By year’s end, capacity is expected to reach 750 MW, generating Bitcoin at a rate of 12.8 exahashes per second. That represents about one-seventh of the entire global Bitcoin network’s computing power.
Harris predicts Whinstone could eventually mine 10% of all new Bitcoin. "We started when Bitcoin was around $4,000 and mining seemed hugely risky," he says. "We built this when nobody dared."
The Business of Mining Bitcoin
Whinstone’s success hinges on extremely low operating costs. Electricity runs just 2.4 cents per kWh—far below the national average. Analysts estimate the total cost to mine each Bitcoin at approximately $15,000. With Bitcoin prices around $40,000, profit margins are substantial.
The operation has changed ownership twice since its founding. Harris sold to Germany’s Northern Data in late 2019, lacking the capital for expansion. In May 2021, Colorado-based Riot Blockchain acquired Whinstone for $651 million. The acquisition propelled Riot into the top ranks of publicly traded Bitcoin miners.
While Whinstone still serves some third-party clients, Riot has shifted focus to mining for its own account. In January 2022, the company mined 458 Bitcoin worth over $20 million—mostly from Whinstone. Output is expected to more than double by year’s end.
Global Ranking and Impact
Whinstone is unquestionably North America’s largest Bitcoin mining facility. Its global standing is harder to determine since operations in countries like Iran, Kazakhstan, and Russia don’t disclose capacity data. However, industry analysts believe it likely ranks among the world’s largest.
The operation has brought significant economic benefits to Rockdale. Bitcoin mining has helped increase municipal tax receipts by 25% monthly and funded improvements like new lighting for the baseball field.
Early Bitcoin Ventures
Harris’s path to Bitcoin mining kingpin was unconventional. Raised by a single mother who organized libertarian conferences, he was exposed early to alternative currencies and skepticism of traditional financial systems.
He built a successful landscaping business in New Orleans, responsible for projects at the city’s sculpture garden and premier golf courses. He also pioneered online sales of pre-decorated Christmas trees, learning valuable lessons about e-commerce.
His introduction to Bitcoin came from his younger son Ashton, who used cryptocurrency for online purchases in high school. In 2017, Harris, Ashton, and CrossFit gym owner Lyle Theriot launched a small mining operation with 300 computers in a New Orleans warehouse.
Their breakthrough came when they developed an innovative cooling system that dramatically improved efficiency. This attracted attention from a Japanese conglomerate seeking U.S. mining operations, leading to their first major hosting contract.
Texas: The Perfect Mining Environment
The New Orleans operation struggled with high electricity costs (5.6 cents per kWh) and unfavorable business conditions. The team began looking to Texas for better opportunities.
After failing to acquire a site in Pyote, Harris read about Rockdale’s struggles and saw potential in the abandoned aluminum plant properties. Despite initial difficulties negotiating with Bitmain, he secured a 100-acre site nearby.
The deal required creative financing. Harris convinced his Japanese client to guarantee a 10-year lease, despite having limited capital. He broke ground in November 2019 with Bitcoin prices at just $4,100—far below their previous highs.
Pandemic Construction Challenges
Harris implemented two key strategies to build through the pandemic:
First, Whinstone performed most work in-house rather than outsourcing. The company built its own electrical interconnect and substation, saving months of delivery time.
Second, Harris cultivated supplier relationships by placing large orders early and paying promptly. He ordered all available 4-inch conduit in the U.S. before even securing the land lease. This ensured priority treatment during supply chain disruptions.
Innovative Cooling Technology
Whinstone pioneered industrial-scale immersion cooling technology—a major advance over standard air cooling. Miners are submerged in specialized fluid that circulates to keep temperatures optimal.
The system offers two significant advantages: it extends equipment lifespan from three to five years, and it increases mining efficiency by up to 50%. The immersion-cooled section will account for 200 MW of Whinstone’s 400 MW expansion.
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Life in Rockdale
Harris has embraced the Rockdale community, even convincing local restaurants to improve their burger recipes. He continues his passion for gravel biking, often riding at night with a friend driving behind to illuminate the road.
He’s particularly pleased that local barbecue restaurateur Brett Boren is running for mayor. "Brett’s an all-or-nothing guy like me," Harris says.
As a former landscaper, Harris has made efforts to beautify the mining site. He has planted about 300 trees and installed irrigation systems. "When I’m finished, it will look like a botanical garden," he says.
Frequently Asked Questions
What makes Texas ideal for Bitcoin mining?
Texas offers extremely low electricity costs, business-friendly regulations, and abundant space for large-scale operations. The grid structure allows for flexible power arrangements that benefit energy-intensive industries like cryptocurrency mining.
How does immersion cooling improve Bitcoin mining?
Immersion cooling extends equipment lifespan by maintaining optimal temperatures and can increase mining efficiency by 25-50%. It also reduces noise and makes maintenance easier than traditional air-cooled systems.
What percentage of Bitcoin does Whinstone mine?
Currently, Whinstone represents about one-seventh of the global Bitcoin network's computing power. The company believes it could eventually reach 10% of total Bitcoin production.
How has Bitcoin mining benefited Rockdale, Texas?
Mining operations have increased municipal tax revenues by approximately 25% monthly and funded community improvements. The facility has also created technical jobs in an area that suffered significant job losses.
What were the biggest challenges in building the world's largest Bitcoin mine?
Securing financing during periods of low Bitcoin prices was particularly challenging. The COVID-19 pandemic created supply chain issues that required innovative solutions like early ordering and in-house construction capabilities.
How profitable is Bitcoin mining at current prices?
With Bitcoin around $40,000 and operating costs of approximately $15,000 per coin, mining remains highly profitable. However, profitability depends heavily on electricity costs and mining efficiency.
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Harris's journey from New Orleans landscaper to Bitcoin mining pioneer demonstrates how vision, perseverance, and willingness to take calculated risks can transform both individual fortunes and entire communities. His success has helped establish Texas as a global leader in cryptocurrency mining while bringing economic revitalization to a town that had experienced significant hardship.