The Virginia Beach Development Authority announced on Tuesday that it was granting $500,000 to Bcause LLC to help create a new bitcoin mine in the large resort town.
More state and city officials in the U.S. are eying the domain of cryptocurrency as a way to promote job growth. Last summer, Montana subsidized $416,000 to a bitcoin mining operation in a similar attempt to stimulate the economy.
Tom Flake founded BCause LLC in 2013. The company, which provides global financial market solutions for the cryptocurrency ecosystem, will invest close to $65 million in funds to the project. The mining facility will be the first major data center on the East Coast to target bitcoin customers, and if things go according to plan, the facility will be the largest of its kind in North America.
The new data center will accommodate thousands of computers. The company also plans on providing leases for mining equipment. BCaus LLC will open up a hundred new positions with an average salary of $60,000, says Flake. The bitcoin futures and options for the company will soon be available to over 150,000 traders via CQG’s data platform. The mining operation could be up and running as early as next week.