Northwest Arkansas offering $10K in Bitcoin to attract remote workers

by Gordon James

Recently, Northwest Arkansas has been offering $10K in Bitcoin to remote workers. This employment offer is being done with the goal of increasing productivity and reducing costs that would be associated by keeping a location-based workforce onsite. Whether this will resonate well among potential employees remains to be seen, but it’s an interesting move nonetheless.

The “bitcoin price” is a cryptocurrency that has been gaining in popularity. The Northwest Arkansas is offering $10K in Bitcoin to attract remote workers.

A cryptocurrency incentive scheme to attract IT experts and entrepreneurs ready to work remotely has been unveiled by the Northwest Arkansas Council, a group of industry executives working to promote growth in the area.

Nelson Peacock, the president and CEO of the council, announced on Wednesday that the region would be looking to increase the talent pool in the tech industry by offering $10,000 in Bitcoin (BTC) — or 0.23 BTC at the current price of $43,610 — along with a bicycle or membership to arts and cultural institutions. The second phase of the region’s Life Works Here campaign, “Bitcoin and a Bike,” is especially designed to welcome people working in blockchain-related industries. The initiative will provide the cryptocurrency incentive to eligible people who are prepared to reside in Northwest Arkansas for at least a year, most likely near to the cities of Fayetteville, Springdale, Rogers, and Bentonville.

The IT industry is now seeing even more dramatic development in northwest Arkansas, one of the states fastest-growing areas, according to Peacock.

“This expanded incentive offer […] not only embraces the growing trend toward the use of cryptocurrency as a payment option by employers, but also helps increase our pipeline of talent to benefit tech employers, startups, cities, local businesses and the region overall.” Bentonville, Arkansas from above. Source: Northwest Arkansas Council

The capacity to work remotely, relocating to the region within six months of acceptance, and having two years of experience in their present tech-related job are among the prerequisites for candidates. The Walton Family Foundation is funding the Bitcoin and a Bike initiative, and Walmart founder Sam Walton was a founding member of the council. Northwest Arkansas is also home to the University of Arkansas’ Blockchain Center of Excellence, which provides training in blockchain-enabled technology. 

According to Blockchain Center of Excellence director Mary Lacity, “next-generation talent is crucial to further turn our area into a center for up-and-coming digital innovators and enterprises.”

While the number of businesses in the city has significantly increased in the past year due to the growing interest, the growing interest has also led to rising rent and housing costs. Many reports have seemingly promoted Northwest Arkansas as an alternative to growing tech hubs in the United States like Austin, Texas. Although firms like electric car maker Canoo have declared intentions to establish headquarters in the state’s northwest, it may be too soon to declare an exodus from the midwestern state.

To oversee its digital currency strategy, Walmart is looking for a crypto product lead.

Many mid-sized U.S. communities launched such programs with monetary incentives before and during the epidemic, ostensibly in a bid to boost the regional economy. The Life Works Here project was launched by the NWA council in November 2020, although Tulsa, Oklahoma was one of the first cities to start offering certain people $10,000 to relocate beginning in 2018, and other cities in West Virginia, Kansas, Vermont, Connecticut, and Alabama soon followed.

I applied for the Bitcoin and a Bike program, full disclosure.

The “bitcoin mining” is a process that uses computer power to solve complex mathematical problems. This process generates new Bitcoins and is the basis for the cryptocurrency Bitcoin. The Northwest Arkansas Economic Development Council has offered $10K in Bitcoin to attract remote workers.

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