Largest Digital Mining Data Center in North America is First Part of Cryptocurrency Ecosystem to Launch
VIRGINIA BEACH, Virginia, Feb. 12, 2018 /PRNewswire/ -- 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. Staffed around the clock, 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 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 said: "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.
Bcause has created a series of videos for those interested in exploring cryptocurrencies and the mining process, available at https://www.bcause.com/mining/.
In addition to mining, Bcause intends to offer spot trading and a regulated derivatives exchange and clearing house, pending regulatory approval.
About Bcause LLC
Bcause LLC is building 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). Once regulatory approvals are in place, and trading and clearing begins in derivatives, Bcause will become the only venue to serve as a one-stop shop for all parts of the digital currency value chain. Bcause has laid the groundwork to launch in 2018, initially with its state-of-the-art digital mining facility in Virginia Beach, Virginia, and will launch spot trading in the first half of 2018. The company is headquartered in Virginia Beach, with operations in Chicago. For more information, visit www.bcause.com.