Bcause launches largest cryptocurrency mining facility in North America - The Industry Spread

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

bcause

Bcause launches largest cryptocurrency mining facility in North America

February 13, 2018

World’s first full-stack cryptocurrency ecosystem Bcause LLC launched the first component of the ecosystem: a state-of-the-art cryptocurrency mining facility and data center in Virginia Beach, the largest of its kind in North America. Bcause will launch spot trading in the first half of 2018.

Bcause will host, maintain and service the high-powered computers, known as mining rigs, with substantial efficiencies due to its scale. Larger customers, however, will have to supply their own mining rigs.

Fred Grede, Chief Executive Officer of Bcause
Fred Grede, Chief Executive Officer of Bcause

Fred Grede, Chief Executive Officer of Bcause, 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.”

The data center supports digital mining of bitcoin and other leading cryptocurrencies for a broad range of customers from all over the world, including beginners who may choose to participate in ‘mining pools’ and institutional market participants and professional miners.

Regarding the process of moving ownership, mining cryptocurrencies is similar to credit card companies which process transactions by moving value from the buyer’s ledger to the seller’s ledger. The cryptography in mining allows rigs to solve complex math problems in a specified period of time, which may result in the rigs’ owners receiving cryptocurrency as an award for their work.

In addition to the digital mining facility, Bcause’s full-stack cryptocurrency ecosystem will include a spot market, regulated derivatives exchange, and clearinghouse, pending regulatory approval. The company has already 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).

With regulatory approvals 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.

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