Bitcoin mining has been around in North America for years. It’s something thousands of people, and companies, are heavily invested in because of the financial rewards on offer. And, as the popularity of mining BTC grows, expanding across the country, Miami wants to get in on the act in an official capacity, a move that will undoubtedly be music to the ears of homegrown miners and those from overseas.
Francis Suarez, the current Miami mayor, is determined to position the city as a crypto mining hub. He is keen to attract foreign mining firms to the area to establish themselves. Miami has the nuclear electrical power capacity to support large-scale mining operations. It will prove to be a draw for those wanting to access clean energy for their activity. It’s a positive to consider, as many point out the carbon footprint crypto mining delivers.
Suarez’s approach is a clever one in many respects, as he was quoted several months ago insisting that 90% of Bitcoin mining operations came via “dirty energy.” So, he suggested there needs to be a shift in the approach across the US, as it will ease concerns many have about the impact on the environment. Alongside reducing energy costs across Miami to attract miners, the city’s mayor hopes minimal regulations and attractive tax rates will very much seal the deal.
Texas and Wyoming are two other locations that are fast emerging as crypto mining hubs, so Miami’s shift to low-cost clean energy, with its crypto-friendly approach to regulations, are the trump cards in their hand. Suarez is aiming to take Miami global when it comes to crypto mining. His plan is for the city to be the hub companies from all over the world want to be a part of, and he believes his plan is the blueprint for future success.
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You could suggest that Suarez has personal interests that will further his determination and motivation to develop Miami as a crypto mining hub. The mayor is publically known for being heavily invested in cryptocurrencies such as Bitcoin and Ether, making substantial purchases when the $1.9 million Stimulus Bill got the nod from Congress back in March.
Suarez’s announcement to the world that he wants crypto miners from overseas to head to Miami and set up comes at the perfect time for those active in China, as the authorities in the country continue to clamp down on the activity. As a result, many mining operations have been forced to cease operations, with others warned to follow suit or face the consequences.
So, while unfortunate, the situation in China presents the opportunity for operations to move overseas when Miami is throwing open its doors with a plan that will bring success on a global scale, according to the city’s mayor. And, throw cheap and clean energy into the mix, and a location where regulations are perfect for crypto-miners, and you can see why some companies in China and elsewhere are already considering making the switch.