Named after an igneous rock composed of light-colored silicates, Rhyolite saw its start in early 1905. As people were rapidly moving to Bullfrog Hills where a prospecting discovery was made, all the gold-seekers, developers, miners and service providers settled in Rhyolite, one of the surrounding mining camps. After industrialist Charles M. Schwab bought the Montgomery Shoshone Mine in 1906, he invested in infrastructure, providing piped water, electric lines and railroad transportation that served both, the mine and the town. However, Rhyolite declined as rapidly as it rose, with mines starting to run at a loss by the end of 1910. As the mines closed completely in 1911, the population of the town decreased rapidly and within a decade, it was virtually non-existent.