According to the city of Virgina Beach, Bcause LLC, a privately-held company established in Virginia Beach in 2013, will expand its operations and move its corporate headquarters to 5465 Greenwich Road in Virginia Beach. The new location offers 84,000 square feet of space that will house its corporate headquarters and the computers and systems necessary to mine digital currency for the global financial market and support other data processing needs of the company.
The company plans to add 100 new full-time jobs with average annual salaries of $60,000 with this expansion. Virginia Beach competed with Pennsylvania, Montana and Turkmenistan for the digital mining operation.
"Virginia Beach is again on the forefront of innovative technology, and we are extremely pleased that Bcause LLC will remain here," said Virginia Beach Economic Development Director Warren D. Harris. "The cryptocurrency market is rapidly expanding, and we anticipate Bcause LLC will be at the forefront of this emerging financial system."
Fred Grede, CEO of Bcause LLC, said: "Bcause is pleased to locate what we expect will be part of the largest cryptocurrency mining operation in North America here in Virginia Beach. The region has a growing reputation for innovation and technology, and we believe that our state-of-the-art operation will add to that reputation. We have been pleased to work with the City's economic development staff over the last several months. After looking at many facilities across the globe, we were able to find one that met all of our requirements for floor space, proximity to power and access to highly skilled people that a facility like ours requires to be successful."
The Virginia Beach Development Authority has approved an Economic Development Investment Program grant in the amount of $500,000 based on the company's capital investment. Additionally, the company will be 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 company has also requested additional assistance from the Virginia Economic Development Partnership.
From Virgina Beach: https://tinyurl.com/y93e7xkz
From Virgina Beach: https://tinyurl.com/y93e7xkz