Miami Mayor Francis Suarez said the city is welcoming Chinese bitcoin miners as a new home for bitcoin mining, CNBC reported Thursday.
“Hey, we want you here,” Suarez, the Republican mayor and one of the most crypto-friendly politicians in the United States, told an interview with CNBC Mining Activities on Thursday.
As China’s regulators tighten domestic bitcoin mining and illicit power generation, many Chinese bitcoin miners are reportedly migrating from China. It is estimated that over 50% of Bitcoin miners are from China. According to CNBC coverage, Texas could be one of the preferred travel destinations among the cheap electricity and crypto-friendly states in the US
Bitcoin mining requires stable internet connections and highly efficient processors to support this energy-intensive and very demanding process. Suarez said Miami enjoys nuclear power as a clean and inexpensive source of energy and hopes the city will attract more investment and create more jobs.
“We understand how important this is … miners want to get a certain kilowatt price per hour. And so we work with them on it; We want to make sure that our city has a chance to compete. “
Suarez stressed that he has not received personal calls from Chinese BTC miners and admits that his ambition cannot be achieved overnight. Still, he is optimistic and believes the city can meet the needs of bitcoin miners by promoting their unlimited and cheap nuclear power supply.
Its administration is also considering various incentives for developing crypto mining, including establishing corporate zones with tax breaks, infrastructure incentives, and reduced regulations for crypto mining.
Nuclear power is the second largest source of energy in the entire state of Florida after natural gas. Miami is already negotiating with state-owned companies how to reduce energy prices.
Similarly, El Salvador is considering using a volcanic energy generation system to solve the energy sustainability issue, as the Central American country was the first to introduce bitcoin as a flat rate.
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