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   1739

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. ​

Mining Ban in China Won't Affect Bitmain & Canaan

This is said by the companies themself; also, Bitmain and Canaan did not indicate whether they intend to move the business abroad
11 April 2019   206

The prospect of a ban on mining in China will not have an impact on the operating activities of mining giants Bitmain and Canaan in the short term. This was stated by representatives of the press services of companies, 8btc reports.

At the same time, Bitmain and Canaan did not indicate whether they intend to move the business abroad, if the mining ban is set at the legislative level.

Note that China currently holds a dominant position in mining Bitcoin and Ethereum.

According to local cryptoexperts, mining equipment manufacturers will exist as long as Bitcoin has value.

Earlier in April, the National Development and Reform Commission of China issued a bill that called mining an “undesirable industry” and proposed banning it.

So far, the initiative has no legal force. Public discussion of the bill will last until May 7.