Company Gets $500K to Open Mining Hub in Virginia Beach

Bcause LLC plans to add 100 new full-time jobs with average annual salaries of $60,000 with opening a headquarters in Virginia Beach
19 January 2018   437

The Virginia Beach Development Authority announced on Thursday that it granted $500,000 to Bcause LLC, a company that provides a digital mining facilities along with spot market, to create a data center.

Bcause LLC will be also eligible to take advantage of the City's recently reduced business property tax rate for computers and peripherals used in data centers, which is now $0.40 per $100 of 40% of assessed value, the government stated.

Virginia Beach is again on the forefront of innovative technology, and we are extremely pleased that Bcause LLC will remain here. The cryptocurrency market is rapidly expanding, and we anticipate Bcause LLC will be at the forefront of this emerging financial system.

 

Warren D. Harris

Virginia Beach Economic Development Director

The company plans to add 100 new full-time jobs with average annual salaries of $60,000 with this expansion.

Recently, Bcause LLC stated that the company and its customers will make a $64.8 million capital investment for business property, digital mining equipment and construction. ​

Cheap Hydropower in Oregon Attracts Miners

During few months, a few bitcoin miners have been heading to regions in North America
23 February 2018   102

According to the local press, miners are starting operations in the area because of concentrations of cheap electricity.

In the state, there are roughly 12 more mining operations. For instance, in a small town called Dalles located the biggest mining operation in the state called Oregonmines, which is operated by Terrence Thurber. It is an industrial-sized operation with over 2,750 mining rigs in a warehouse with no windows. Robert McCullough of Portland General Electric (PGE) stated that more companies are on the way. He is not impressed by the mining movement in Oregon. In his opinion, Oregon may become the center of crypto-mining in the world.

We may find our burgeoning surplus of energy will make us quite a capital for useless servers solving useless puzzles. It’s not as if we have a huge amount of employment attached. It’s not as if you’re going to have a big staff and a lot of smart people working on it.

Robert McCullough

Portland General Electric consultant 

One of the biggest reasons miners are attracted to Oregon is because of the Columbia River hydropower system. The hydro-powered electricity costs 3 to 4 cents per kilowatt-hour. It is almost the lowest price in the U.S.

According to the Oregonmines founder, the location is also helpful because the facility is close to a major metro, and weather patterns are favorable.