Bcause LLC announced that it has launched its cryptocurrency mining facility and data center in Virginia Beach today. The facility is the largest of its kind in North America and 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 serve the high-powered computers, known as mining rigs, with substantial efficiencies due to its scale. Larger customers supply their own mining rigs.
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.
“We’ve seen tremendous demand for this service, with inquiries coming in from all over the world.” Bcause CEO Fred Grede said in a press release. “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.”
In addition to mining, Bcause intends to offer spot trading and a regulated derivatives exchange and clearing house, pending regulatory approval.
Bcause LLC is creating the world’s first full-stack cryptocurrency ecosystem, which will include a digital mining facility, spot market, regulated derivatives exchange and clearing house. Bcause has filed with the U.S. Commodity Futures Trading Commission to become a designated contract market (DCM) and intends to file with the Commission to establish a derivatives clearing organization (DCO). The company is headquartered in Virginia Beach, with operations in Chicago.