Virginia Beach Government Backs Bitcoin Mine With $500K Grant

The U.S. city of Virginia Beach has granted $500,000 to help establish a new bitcoin mine in the area.

On Tuesday, the Virginia Beach Development Authority revealed that it was giving the funds to Bcause LLC in an effort to help generate as many as jobs within Virginia Beach. The mine – which is currently under construction but could open as soon as later this month, according to The Virginian-Pilot – is being funded to the tune of nearly $65 million.

The grant is a notable one, demonstrating a kind of convergence between public-sector efforts to boost job growth and the cryptocurrency space. In addition to the funds, Bcause will be eligible to seek reduced taxes on computers and other expenses related to the data center being built.

“Virginia Beach is again on the forefront of innovative technology, and we are extremely pleased that Bcause LLC will remain here,” Virginia Beach Economic Development director Warren Harris said in a statement. “The cryptocurrency market is rapidly expanding, and we anticipate Bcause LLC will be at the forefront of this emerging financial system.”

Last June, Montana’s state government provided a $416,000 grant to a bitcoin mining operation there. As is the case in Virginia Beach, officials in Montana provided the funds in an effort to spur job creation through the development of new data center resources.

Image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

South Korea Legitimizes Blockchain Industry With Major New Classification Standards South Korea Legitimizes Blockchain Industry With Major New Classification Standards
The History of Tezos: The Infamous ICO Trying to Rebound Amidst Lawsuits and Disputes The History of Tezos: The Infamous ICO Trying to Rebound Amidst Lawsuits and Disputes
BIS Chief Bashes Cryptocurrency Again in Scathing Review of Its ‘Failure’ as Money BIS Chief Bashes Cryptocurrency Again in Scathing Review of Its ‘Failure’ as Money
Former Jefferies Asia CEO to Lead $1 Billion EOS VC Arm Former Jefferies Asia CEO to Lead $1 Billion EOS VC Arm
IBM Signs $740 Million Deal With Australian Gov’t to Use Blockchain for Data Security IBM Signs $740 Million Deal With Australian Gov’t to Use Blockchain for Data Security
Deadline for Implementing Indian Central Bank’s Ban on Crypto Dealings Ends Deadline for Implementing Indian Central Bank’s Ban on Crypto Dealings Ends
Collectable Crypto Game Introduces Personalized Artist-Designed Avatars Collectable Crypto Game Introduces Personalized Artist-Designed Avatars
Immutability in Doubt: Do We Need to Protect Blockchain Data? Immutability in Doubt: Do We Need to Protect Blockchain Data?
© 0991 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.