Virginia Beach has given half a million dollars to aid the development of a brand-new Bitcoin mine in the local area.

The Virginia Beach Development Authority recently confirmed it would be sending the money to Bcause LLC, in a bid to create and maintain jobs in and around Virginia Beach. Although the Bitcoin mine is under construction, reports have suggested that it could have an opening date later this month. In addition to this, it is rumoured to have cost over $65 million. 

This is just the latest example of cryptocurrency joining forces with the public sector in order to increase jobs. Furthermore, Bcause LLC will also be allowed reduced taxes for expenses relating to the building of the bitcoin data centre. Warren Harris, Virginia Beach Economic Development director, explained that once again, the beach is at the forefront of investigating innovative technology. He continued, saying that Virginia Beach believe Bcause LLC will remain at the cutting edge of this exciting and fast-developing financial system. 

This latest Bitcoin news comes after Montana\'s state government gave over $416,000 to a bitcoin mining development, last June. In a similar scenario, Montana officials gave the money in an attempt to increase jobs on the back of the development of a new data and technology centre.