Bcause LLC will expand its operations and relocate its corporate headquarters to 5465 Greenwich Road in Virginia Beach. Founded in Virginia Beach in 2013, the privately-held company’s new location will offer 84,000 square feet of space to house its corporate headquarters, as well as computers and systems necessary to mine digital currency for the global financial market and support the company’s other data processing needs. The City of Virginia Beach competed with Pennsylvania, Montana and Turkmenistan for the digital mining operation. Bcause plans to add 100 new full-time jobs to its workforce, with an average annual salary of $60,000 with the expansion.
The company is developing the world’s first full-stack cryptocurrency ecosystem, which is available only in digital form, and includes bitcoin. Cryptocurrency is a digital asset that uses cryptography to secure transactions, control the creation of additional units and verify the transfer of assets. In 2013, the U.S. treasury classified bitcoin as a legal, convertible and decentralized virtual currency, which works without a central repository or single administrator.
Bcause has leased 84,000 square feet of the new location, the site of the former Hoffman Beverage building, and has an additional 21,000 square feet of space available for expansion. The company and its customers will make a $64.8 million capital investment for business property, furniture, fixtures, and digital mining equipment and construction. The Virginia Beach Development Authority has approved an Economic Development Investment Program grant of $500,000 based on the company's capital investment.