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.