Riot acquired the 190,000 square-foot site in April.
The Lone Star state’s proposed cease-and-desist order would bar BlockFi from offering interest accounts without registering with the state’s securities regulator.
A June 10 notice from the Texas Department of Banking told state-chartered banks they can work with crypto companies.
Marathon cited Texas’ favorable regulatory climate and low energy prices, as well as environmental considerations as key factors in the decision.
Texas is quickly becoming a major hub for American mining.
The firm is acquiring the facility with the goal of “increasing the American footprint in the global bitcoin mining landscape.”
"The pitch is relatively simple – invest a little, gain a lot, and don’t worry about risk," the Texas State Securities Board said.
The land purchase was made via the acquisition of a New York firm.
A rare winter storm in Texas has knocked out most of the bitcoin mining facilities in the Lone Star State.
Argo said the new Texas facility will have access to up to 800 megawatts of cheap, renewable energy.
The scheme allegedly included offering bitcoin at “half market price.”
Many of the alleged crypto scams had a common tactic: savvy social media posts to draw victims in.