City of Virginia Beach invests $500K into Bitcoin Mining Operation
My hometown of Virginia Beach, Virginia has emerged as a new player in the global bitcoin mining marathon. This week the Virginia Beach Development Authority awarded a $500,000 grant to bitcoin mining startup Bcause, LLC to facilitate bring their $65 million investment project to fruition.
This is a pretty amazing development from an economic development standpoint. With China actively pushing bitcoin mining out of their country, many investors are looking across the globe for governments that are open to the future potential of the world's highest valuated cryptocurrency. The mayor of Va. Beach will undoubtedly be receiving some phone calls in the next few weeks from entrepreneurs across the world about the potential of setting up more bitcoin mining operations in the region.
Wow, really? I can't believe municipalities are getting into Bitcoin! That's pretty cool. And per the article you directed me to, I had no idea that, " . . .bitcoin was classified as a legal, convertible decentralized virtual currency in 2013 by the U.S. Treasury." It's going to hire 100 people. Look at Bitcoin creating JOBS! I never thought of the far reaching implications of Bitcoin becoming an industry.
Yeah, it's a really progressive step but there is a lot of money behind it. Could seriously bring a lot of overseas investors to the US. Hope to see more cities jump on. Exciting times!