Global Policy | Virginia Beach allocates $500,000 to support Bitcoin mining farms

The city of Virginia Beach has allocated $500,000 to help build a new Bitcoin mine in the area.

On Tuesday, the Virginia Beach Development Authority revealed that in order to create more jobs for locals, the government will provide financial support to Bcause LLC. The Bitcoin mine is currently under construction and will be put into production as early as late this month. According to The Virginian-Pilot, the project has invested nearly $65 million.

The grant is noteworthy because it shows the extent to which the public sector will integrate the promotion of employment and the cryptocurrency sector. In addition to the financial support, Bcause can also apply for tax deductions for computer and other expenses related to the data center being built.

“Once again, the City of Virginia Beach is at the forefront of innovative technology, and we are thrilled to have Bcause remain here,” Warren Harris, director of economic development for the city of Virginia Beach, said in a statement. “The cryptocurrency market is evolving rapidly, and we look forward to Bcause taking a leading role in this emerging financial system.”

Last June, the Montana state government provided a $416,000 grant to a local Bitcoin mining company with the goal of increasing local employment opportunities by developing new data center resources.