Mayor of Miami Throws The Door Open to Bitcoin Miners in China
Bitcoin miners in China who have been displaced following China’s heightened ban on crypto mining activities are being incentivized by Miami’s mayor, Francis Suarez. Francis Suarez has urged mining companies to consider Miami, a city in the US, as they migrate from China to other regions with favorable conditions for mining activities. Tokenhell reported some hours ago on June 18 that miners are considering pitching their tent in Texas state for their mining operations. China has lately stomped its feet heavily on mining activities forcing miners to seek alternatives.
Mayor of the American city, Francis Suarez had initially lobbied to make Miami a venue for the recently concluded 2021 Bitcoin Conference that was held on the 4th and 5th of June. He is also considering making the city a Bitcoin hub. Now, with the influx of crypto miners to Texas and other regions like Serbia, he is looking at attracting them to the city with its cheap nuclear energy.
According to reports, the mayor is deliberating on making electricity affordable for mining activities. This is one of the many attractions prompting the migration of these miners to Texas. A Texas politician had hailed the move of the miners to the American state saying their activities will be valuable to the economy.
Mayor of Miami Attracts Chinese Bitcoin Miners with Cheap Nuclear Energy
The mayor further emphasized on the need for a clean energy source to aid mining activities, citing the city’s cheap nuclear energy as an example. Another effect of China’s ban is the idea of mining Bitcoin with clean energy sources. Some miners in the country had hinted at seeking alternative power sources such as volcanoes and cow manure to mine the top crypto asset. El Salvador, first sovereign state to legalize the adoption of Bitcoin as a legal tender, is also looking at mining the digital asset with volcanoes, too.
Before the ban in China, it was responsible for 75% of Bitcoin mining as most miners were situated in the country. The country also contributed 65% of the monthly global hashing power for mining the digital asset. China’s ban on mining activities began in May. It has further issued a stern directive to miners saying that all mining activities must come to a close by the end of June. The ban on crypto mining is informed by the country’s decision to ‘go green’ or become carbon-neutral by 2060. It cited high energy consumption and environmental hazards as the major reasons for its ban on mining activities.
Miami’s Mayor to Offer Incentives to Crypto Miners
Mayor Suarez acknowledged that the cost of electricity in the city is still higher than China’s, however, he is working towards effecting low-cost electricity and other incentives like tax concessions and relaxed crypto regulations. He believes this would attract potential investors to the city thereby creating employment. The mayor admitted that it is not something that would take effect immediately. With the mayor’s proposed efforts, Miami and the state of Texas may take China’s place with respect to global hashing power. Meanwhile, US regulators are also looking to step up regulations on the cryptocurrency space.
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