How it works
Bitcoin mining entails setting up machines specifically to use software to solve math problems; they help to ensure valid record-keeping of all bitcoin transactions in general. In exchange for being the first miner to correctly solving a math problem, a certain number of new bitcoins are issued to the bitcoin address associated with the mining machine that succeeded. There is a finite amount of bitcoin — 21 million — available to be mined; about 17 million has been mined so far, according to Neeraj Agrawal, director of communications at the Washington, D.c.-based think tank Coin Center.
300 employees to its current staff of 1,200 over the next three years. The company will pay an average hourly wage of $30.55 and make a total capital investment of $7 million.
Cascade Financial Technology Corp.
Approved tax abatements: $216,768 Cascade Financial Technology Corp. manages prepaid card services and person-to-person mobile payments, among other services. It also has developed a prepaid card that allows bitcoin users to pay with bitcoin for products or services in dollars. The company started in Chatsworth, California, in 2014 and moved its operations to Nevada in 2016. The company plans to expand from a current staff of 15, hiring 64 full-time employees within two years at an average hourly rate of $26.64. Cascade expects to make a capital investment of $1.3 milliom.
Delphi Automotive Systems
Approved tax abatements: $203,490 Delphi Autonomous Systems is a subsidiary of Aptiv PC. Aptiv’s initial investment would include 50 employees within two
years with an average hourly wage of $32.31 and an initial capital investment of $1.6 million.
Aptiv is considering developing a Global Mobility Command and Operations center in Nevada, a centralized facility that would deploy, manage, and control automated vehicles in cities across the globe “and would literally put Nevada at the Global Center of one of fastest growing and most critical technologies,” according to its tax abatement application.
The board approved more than $37.7 million in tax abatements to five companies locating to Northern Nevada.
Contact Nicole Raz at nraz@ reviewjournal.com or 702-380-4512. Follow @Journalistnikki on Twitter.