Bitcoin miners pushed out of China after Beijing made it clear that their days are numbered could find a new home in Miami with more incentives, said mayor, Francis Suarez. Furthermore, Suarez emphasizes the city’s reliance on nuclear power as a source of cheap and clean energy, saying “The fact that we have nuclear power means that it’s very inexpensive power.”
Bitcoin miners who are ousted from China with the latest crackdown could move to Miami with an essentially unlimited supply of cheap nuclear energy, said Miami mayor, Francis Suarez.
In fact, the mayor wants to utilize the region’s cheap nuclear energy to “make sure that our city has an opportunity to complete” saying:
“We are talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’ The fact that we have nuclear power means that it’s very inexpensive power.”
Although Suarez admitted that the current prices are still higher than those in China, he assured on working towards lowering the mining costs:
“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.”
Cryptocurrency miners relocating to Miami might receive some additional benefits like enterprise zones that offer tax concessions, infrastructure incentives, and scaled-back regulations to encourage investments and create jobs.
In fact, Suarez highlights that Miami was one of the first cities in the world to build a data center, similar to that of a crypto mining hub.
But for things to take into concrete forms, Suarez admits that a lot needs to happen first:
“Building a mining facility is similar to building a data center. It’s not something that happens overnight.”