- The City of Miami is looking to use cheap and clean nuclear power
- Mayor Francis Suarez hopes that the city’s adoption on cheap energy will attract Bitcoin miners to settle in the area.
Miami mayor Francis Suarez revealed that the city is looking to adopt cheap and clean nuclear energy, enticing Bitcoin miners to migrate to the area. Suarez said the aim of promoting the city’s unlimited supply of low-priced nuclear power is to ensure that Miami is able to compete with other cities. He added that the purpose is to make Miami home for several companies.
The new move by the mayor of Miami came as China forces more miners to shut down amid a Bitcoin crackdown. Although Xinjiang province has the largest Bitcoin mining hash rate in the world, the Chinese regulators have ordered the shutdown of all crypto mining operations in the location. This is a growing trend in the Asian country.
Notably, over 50 percent of miners are based in China. However, they are now migrating to other places that support their mining business, especially where the power is cheap.
Miami seeks cheap nuclear power to attract Bitcoin miners
Now, Miami seems to be an enticing location for Bitcoin miners as the mayor boasts of the city’s reliance on nuclear power as a source of clean and cheap energy. While speaking in an interview, Suarez said:
The fact that we have nuclear power means that it’s inexpensive power.
According to the Bureau of Labour Statistics, an average electricity per Kilowatt-hour cost 10.7 cents in Miami. This is about 2.6 cents cheaper than the national average of 13.3 cents. In addition, Suarez is currently discussing with Florida Power & Light Company to find a way to further reduce the price of energy in Miami. He revealed that the city understands the importance of cheap energy to miners.
Furthermore, Suarez mentioned Miami’s physical infrastructure as a feature that will help the city to meet Bitcoin miners’ needs. He noted that Miami is one of the few cities in the world to build a data center, which is similar to a mining hub. However, he agreed that constructing a mining facility is “not something that happens overnight.”
Apart from Miami, Texas and Wyoming are also enticing destinations for Bitcoin miners as they also offer cheap energy.
Crypto businesses flood Miami
Earlier this month, US crypto exchange Blockchain.com announced it would be moving its US headquarters to Miami. The exchange platform promised to create as many as 300 jobs in its new location over the next 18 months. With the city increasingly promoting crypto-related business, more and more companies are taking the offer to move their companies and businesses to Miami.
Commenting on Blockchain.com’s movement to Miami, the city’s mayor stated:
There have been some that have doubted the impact that crypto can have in transforming our economy into a tech-forward economy. To them I would say this: How many companies like Blockchain.com are coming into the market hiring hundreds of people at this salary range. That’s happening because of this crypto movement.