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Government of Virginia Beach supports Bitcoin mine

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

19.Jan.18 12:06 AM
By Daria Zaytseva


Government of Virginia Beach supports Bitcoin mine

On Tuesday, the Virginia Beach Development Authority demonstrated that it was giving the funds to Bcause LLC to help create as many as jobs within Virginia Beach. The mine, which is currently under construction, but may open as soon as at the end of this month, according to the "Virginian-Pilot", is financed for about $65 million.

The grant is a noticeable, demonstrating a kind of convergence of public sector efforts to increase job growth and the cryptocurrency space. In addition to the funds, Bcause will have the right to seek tax cuts on computers and other costs associated with building a data center.

In June last year, the Montana State government awarded a grant of $416,000 for a bitcoin mining operation there. As in Virginia Beach, officials in Montana provided the funds to stimulate job creation by developing new data center resources.

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