Virginia Beach Development Authority Pledges Support to Mining Company Through 500K Investment

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Bcause LLC announced plans on Tuesday to move their base of operations to Virginia Beach and add about 100 full-time employees.

The city’s Developmental Authority gave the company a $500,000 expansion grant in order to help foster employment in the area. Bcause mentioned that they are currently building the globe’s first full-stack cryptocurrency ecosystem.

They are also currently constructing a new data center in Virginia Beach that will be the home to thousands of computers, all running 24 hours per day. They also plan to let individual miners rent out machines at $4,800 dollars per year each.

The company decided to base their operations in Virginia Beach due to the reduction in the city’s property tax rate for data centers at the very end of 2017.  The Director of Economic Development for the city said the new property tax rate was going to turn the area into a hot spot for data centers.

Bcause is also making a $64.8 million dollar capital investment towards business furniture, property, and virtual currency mining equipment.

CEO Fred Grade said he was proud that Virginia Beach was going to be the home to what they project as the largest virtual currency mining operation in America while pointing out the area’s reputation for innovation and technology.

He said they chose Virginia Beach after “looking at many facilities across the globe.”

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