U.S. City of Miami Attracts Bitcoin Miners to Settle Down, Willing to Provide Cheap Nuclear Power Support

The mayor of Miami, Florida, Francis Suarez, says Miami is open to Chinese bitcoin miners.

U.S. City of Miami Attracts Bitcoin Miners to Settle Down, Willing to Provide Cheap Nuclear Power Support

Analysis suggests that these bitcoin miners are now shifting battlegrounds after the Chinese government blocked bitcoin mining activities and trading practices. Bitcoin mining activities consume a lot of energy, and more than half of the world’s bitcoin miners are currently based in China, but after Chinese regulators cracked down on bitcoin mining activities, a large number of bitcoin miners began to exodus. However, the direction of their exodus is unclear at this time.

Suarez claims he hasn’t personally received any calls from Chinese miners interested in coming to Miami to make their homes, but he hopes to support the mining activities of willing miners by boosting the city’s largely unrestricted supply of cheap nuclear energy.

“We want to make sure our city has a chance to compete,” he said, “and we’re talking to a lot of companies and telling them, ‘Hey, we want you to come here.’ “

Bitcoin mining activities require a lot of electrical energy consumption, so the cost of electricity determines the profit margins for miners. Suarez’s offer to support miners with cheap and unrestricted nuclear power is certainly part of his strategy to attract bitcoin miners to locate in Miami.

For years, Suarez has been an enigmatic follower of digital cryptocurrencies. He began venturing into bitcoin and ethereum after the U.S. federal government passed a whopping $1.9 trillion U.S. revitalization plan, which he believed would inevitably lead to inflation in the U.S. as it kicked off implementation. And as it turns out, inflation in the U.S. is now happening.

Suarez emphasized that Miami’s energy source is clean, cheap nuclear power. In a media interview at Miami City Hall, he said, “Nuclear energy, which we rely on, is very cheap electricity.”

The Turkey Point Nuclear Plant, less than an hour’s drive from Miami City Hall, supplies power to Miami, according to energy regulators. Figures reported by the U.S. Bureau of Labor Statistics show that the average price per kilowatt-hour in Miami is 10.7 cents, compared to the national average of 13.3 cents per kilowatt-hour in the United States.

Throughout Florida, nuclear power is the second largest source of electricity supply after natural gas. Suarez has begun talks with Florida Power & Light Company, parent company of the Truckee Point nuclear plant, to find ways to further reduce the price of electricity.

We understand how important it is to reduce the price of electricity, and bitcoin miners want it to come down to a certain level,” he said. To that end, we are in talks with the company.”

He is also considering a range of other incentives to attract bitcoin mining miners to locate in Miami, such as establishing a corporate campus for bitcoin mining activity businesses. This park offers tax incentives, infrastructure incentives and reduced regulation to companies that locate there, in the hope that these incentives and concessions will encourage investment and job creation.

Suarez said, “Building a bitcoin mining business is similar to building a data center, and it’s not something that can be done well overnight.”

Suarez’s policy of attracting bitcoin miners to locate in the area also faces challenges from competitors. States such as Texas and Wyoming are also quickly becoming popular destinations for bitcoin mining activity business due to their cheap energy mix and friendly policies toward bitcoin mining operations.

Miami is not only attracting bitcoin miners, it is also looking to become a focal point for a variety of professionals interested in digital cryptocurrencies.

To attract these professionals, Suarez has been advocating for the introduction of policies that use bitcoin, pay employees in bitcoin, enable residents to pay taxes in the cryptocurrency, and allow bitcoin to be used universally. The Miami government is considering holding bitcoin as a financial asset.

Suarez said his administration is working toward promoting the use of bitcoin.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/u-s-city-of-miami-attracts-bitcoin-miners-to-settle-down-willing-to-provide-cheap-nuclear-power-support/
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