What’s better than chilling on a beach all day?
Making boatloads of money while you do it!
According to sources, Miami is trying to lure in all those Bitcoin miners who have been shut down due to China’s crackdown on crypto.
The prospect of moving half a world away is daunting, of course, but the prospect of continuing operations in what could be the next big mining hub is extremely alluring to some.
The mayor of Miami is behind the push to try and lure these miners in, and his plan may end up working, but we have to remember one thing: no mayor stays in power forever.
If these miners come in and the next batch of city administrators are not all for Bitcoin mining then they may get shut down just as quick.
Still though, the promise of cheap, clean, and reliable nuclear energy to mine with might just be a win for everyone involved, and would shut down critics who are concerned with the environmental sustainability of Bitcoin.
Here’s what has been happening as of late in Miami:
Miami Mayor @FrancisSuarez Lures #Bitcoin Miners With Cheap And Clean Nuclear Power.
Suarez said the goal of promoting the city's unlimited supply of low-priced nuclear power is to ensure Miami can compete with other cities. #BTC
3PHq4s4XVCL1hU3idWh5RqECmG7xJLmsZd#BNB #ETH https://t.co/ns1noLirqp
— El Cangri (@juanrfarias) June 18, 2021
Decrypt outlined the issue:
Chinese Bitcoin miners account for 65% of the network’s hashrate. But as their government pulls the plug on much of their industry, Chinese mining farms may have to move abroad to stay afloat.
Come to Miami, says Mayor Francis Suarez, who welcomed the persecuted Chinese miners to the Magic City in an interview with CNBC published on June 17.
To miners tired of dragging computers up chilly Xinjiang mountains or across humid hydroelectric dams in Sichuan, always threatened by a government crackdown, Suarez promises near-limitless supplies of cheap nuclear energy and a stable home.
Florida Power and Light operates multiple nuclear power plants. Is Miami going to use their excess nuclear energy to mine bitcoin? This would be a massive deal! https://t.co/hniVGhJYtf
— Lyle Pratt (@lylepratt) May 5, 2021
Bitcoin Will need nuclear power all around the world to Accommodate bitcoin transactions I hear https://t.co/NqLs21bU16
— Eddie Dee (@beatandtweet) June 19, 2021
“The fact that we have nuclear power means that it’s very inexpensive power,” Suarez told CNBC in an interview from a second-floor conference room in the Miami City Hall building.
Less than an hour from City Hall is the Turkey Point Nuclear Plant, which helps to power Miami, according to data from the Energy Information Administration. The Bureau of Labor Statistics reported an average electricity per kilowatt hour cost of 10.7 cents in Miami, versus the national average of 13.3 cents.
Across the state of Florida, nuclear energy is the second-biggest power generator, after natural gas. Suarez is already in talks with Florida Power & Light Company to figure out how to further drive down the price of energy.
“We understand how important this is…miners want to get to a certain kilowatt price per hour. And so we’re working with them on that,” Suarez told CNBC.
The mayor is also considering a mix of other incentives, like enterprise zones specifically for crypto mining. Enterprise zones are areas in which tax concessions, infrastructure incentives, and scaled-back regulations are offered to companies, with the hope that these breaks will encourage investment and create jobs.
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