NEW CUMBERLAND — While there has been much attention on the county’s budget in recent years, Hancock County commissioners are looking into the possibility of investment in digital currency.
As part of their meeting Thursday, commissioners approved a memorandum of understanding between the Hancock County Commission and Steel Valley Bitcoin LLC.
“This is to let someone act on our behalf to seek business in that industry,” explained Commission President Eron Chek.
Bitcoin is a decentralized cryptocurrency first launched in 2008, with its first use as a form of currency in 2009.
According to the memorandum, Steel Valley Bitcoin is a West Virginia-based consulting firm, with the goal of the agreement for the agency to represent Hancock County at a conference focused on the Bitcoin mining industry “to attract investment and foster economic development opportunities in the county.”
Objectives for the agreement include promoting the county for opportunities in Bitcoin mining operations, artificial intelligence data centers and Decentralized Physical Infrastructure Networks.
SVB also is tasked with engaging those in the bitcoin and crypto industry and potential investors to drive job creation and gather intelligence on emerging technologies and regulatory trends which could benefit the county.
In turn, the county commission agrees to compensate SVB in the event any operations related to the industry locate within the county.
“The compensation structure shall be negotiated in good faith and formalized in a separate agreement, based on the scope and value of the investment secured,” the memorandum notes.
The memorandum notes the agreement is only in effect until April 30, unless terminated earlier by mutual written consent by either party.
Founded by Shekinah Apedo, Steel Valley Bitcoin bills itself as being located in Weirton, according to its website. It was registered as a limited liability company with the West Virginia Secretary of State’s Office in November, with addresses listed in Weirton and Elkins.