Bcause LLC, creator of the world’s first full-stack cryptocurrency ecosystem, today announced that it has successfully launched its state-of-the-art cryptocurrency mining facility and data center in Virginia Beach. The facility represents the first component of the ecosystem to launch.
The data center will support digital mining of bitcoin and other leading cryptocurrencies for a broad range of customers from all over the world – from beginners who may choose to participate in “mining pools,” to institutional market participants and professional miners. Bcause is able to host, maintain and service the high-powered computers, known as mining rigs, with substantial efficiencies due to its scale. Larger customers supply their own mining rigs.
Bcause CEO Fred Grede commented:
We’ve seen tremendous demand for this service, with inquiries coming in from all over the world. I’m pleased to report at launch that our Virginia facility, initially outfitted with 84 megawatts of capacity, is already completely allocated. This validates our business plan, and as we provide our new customers with the highest level of service, we are taking steps to support the incredible demand by adding new capacity in Virginia and elsewhere in the coming weeks. We have the ability to make mining substantially more economical for customers – whether they have large numbers of mining rigs or are trying their hand at mining with one machine.
Just as credit card companies process transactions by moving value from the buyer’s ledger to the seller’s ledger, mining is a similar process of moving ownership of a cryptocurrency through a process called cryptography. The process allows the high-powered machines, or rigs, to solve complex math problems in a specified period of time, which – if successful – may result in the rigs’ owners receiving cryptocurrency as an award for their work.
In addition to mining, Bcause intends to offer spot trading and a regulated derivatives exchange and clearing house, pending regulatory approval.