It’s not just sun and fun in Miami. For Bitcoin miners, the Magic City is open for trading and business in a big way.
Miami Mayor Francis Suarez, one of America’s true Bitcoin believers and biggest proponents, recently announced that his city boasts a reliable, clean supply of nuclear energy. His city is ready to handle the intensive energy needs of Bitcoin miners, he says.
According to CNBC, Suarez’s attempt to woo the Bitcoin world to South Florida comes after the Chinese government made it clear that it does not want to tolerate Bitcoin trading. Considering that half of bitcoin miners are believed to be based in China, and with authorities there hammering down on the trade, Chinese miners will need somewhere else to go.
“We want to make sure that our city has an opportunity to compete,” Suarez said. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’”
Miami gets a good chunk of its energy from a regional nuclear power plant. Federal data says Miami has an average per kilowatt hour cost of 10.7 cents, versus the U.S. national average of 13.3 cents. Nuclear energy is the best and most green option to mine Bitcoin, leaving any ESG-labeled alternative energy source in the dust.
This potentially means bitcoin mining in Miami will be much cheaper, at least based on the cost of buying electricity to power the activity. Moreover, it means Miami is among the best places to be if you’re a bitcoin miner and you want to keep mining on-grid. There will be a handful of states competing for Bitcoin hash rate, and in our opinion the states that allocate part of their nuclear energy to mine Bitcoin, will be the ones winning and seeing the most progress & business opportunities consequently.
With all this in mind, it’s no secret why Citizens of Bitcoin keeps its primary HQ in Miami, where it can help Bitcoin miners leverage their assets into a different kind of awesome: global mobility via second citizenships, resident permits and more.
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