$ 53,162
$ 4,141.4
$ 1.090

Miami mayor tempts Chinese bitcoin miners with cheap nuclear power


After the measures taken by many Chinese provinces towards Bitcoin miners, many Chinese miners are looking for a second refuge and a fertile environment that provides them with cheap energy and a favorable climate.

Recently, Mayor of Miami Francis Suarez stated that Bitcoin miners who were expelled from China due to the recent crackdown can find a place in Miami, Florida.

He told the city’s mayor, he’s working to reduce electricity costs in order to attract more miners to the area.

Miami tempts Bitcoin miners:

In recent interview with CNBC, Francis Suarez spoke about the city’s adoption of bitcoin, but this time he focused specifically on mining.

He also touched on the issue of using clean energy.

The mayor of Miami wants to use the area’s cheap nuclear power to make sure the city has a chance in bitcoin mining.

The mayor of Miami also stated during the interview:

We talk to a lot of companies and just tell them:

Hello, we want you to be here.

The fact that we have nuclear power means that it is very inexpensive energy.

Although the mayor acknowledged that current prices are still higher than those in China, he promised to work on cutting costs because miners want a certain price per kilowatt-hour.

Miners who already relocate to Miami may receive additional benefits, including allotment of enterprise zones designed for crypto.

They function as areas where authorities offer tax concessions, infrastructure incentives, and reduce regulations to encourage investment and job creation.

The mayor of Miami has been highlighting his support for the crypto space for several months now.

He recently admitted buying bitcoin and ethereum for less than $40,000 and $1,500, respectively, and urged his city to become a bitcoin hub.

Why do Chinese miners need a new home?

The majority of the bitcoin hash rate comes from the most populous country in the world for years.

China dominated the market with its cheap energy, accounting for more than 60% of mining.

However, the country has also shown a very opposite policy against the industry, which has escalated in recent months.

Bitcoin has been officially banned in China for a while, but the authorities took an additional step in May.

Certain regions have begun to ban bitcoin mining, prompting miners to look for alternatives.

Some reports have suggested that the US could actually get a big slice of the pie, with Texas leading the race so far.

Miami and its pro-bitcoin mayor can also lure miners with the cheap nuclear power it offers.

Related Posts