The Virginia Beach government is funding what it plans to be the largest cryptocurrency mining center in the entire United States.
The city of Virginia Beach has joined the boom in bitcoin mining. For this purpose, it reduced taxes to data centers or mining pools that operate in the city and granted a total of 500 thousand dollars to the financing of a mining farm in the spaces of Bcause LLC.
Bcause LLC is the name of a company that has been operating since 2013 in Virginia. This week has announced that it will invest almost 65 million dollars to expand its functions and venture into the new digital economy, through bitcoin mining. For this reason, the city’s Economic Development Authority has shown interest in the project and its director has stated that “Virginia Beach is once again at the forefront of innovative technology, and we are very pleased that Bcause LLC stays here” .
To achieve its mission, the company will move to Greenwich Road, in a space where they will also locate their offices and which will measure around 26 thousand square meters. With this initiative some 100 new employees will be incorporated into the entity that will earn about $ 60,000 a year in salary, according to a local source. So far, only progress has been made in adapting the space where the farm will operate.
The CEO of this company, Fred Grede, said for a local media that the company has been working satisfactorily hand in hand with the city government to create the largest mining facility in North America.
So far, about 10 thousand computers have been ordered from China and are in the company’s warehouses, so they say mining operations could start next week.
Similarly, Bcause will offer a rental service, with which users can lease a machine to mine cryptocurrencies for them for an approximate of $ 4800 per year. He has recently introduced his documentation to the US Commodities Futures Trading Commission. UU and is currently awaiting approval.
In early January, Bifury and Hut 8 Mining Group announced a project to install and maintain more than 50 data processing centers to mine cryptocurrencies on US soil. In the medium term, this could be the largest mining project in the United States.
In the course of this month, the United States has also appeared in the news regarding the exchange houses. In the framework of anti-terrorism policies and against money laundering, the Treasury Department and the Internal Revenue Service announced that it is adapting its mechanisms to also evaluate the platforms where cryptocurrencies and fiduciary money are exchanged.