Mayor Francis Suarez said Miami is happy to welcome Chinese Bitcoin miners who are unable to find a suitable location after Beijing made it plain that they will no longer be permitted to do so in China.
The most important thing for Bitcoin miners is finding the cheapest source of power
Bitcoin miners are location independent, they can take their mining equipment anywhere. What varies from place to place, however, is the cost of energy. Ultimately, what is the most important for miners is finding the cheapest source of power out there to increase their profit margin. Right now, more than half of the Bitcoin miners are located in China, but with the ongoing restrictions in the country, it is very likely that many of them will pack their bags. Where they will go, however, is not yet clear.
The mayor of Miami is trying to attract those miners to his city by promoting the city’s essentially unlimited supply of cheap nuclear energy. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here,’” he said. He is known for being one of the biggest politicians to support cryptocurrencies in the United States. The mayor is also playing a very active role in trying to turn Miami into a crypto hub, similar to what Silicon Valley was for tech companies. It seems like attracting miners plays a role in this plan, along with attracting crypto-related businesses and users.
Suarez has been in talks with Florida Power & Light Company
Nuclear energy is the second-largest source of electricity in Florida, behind natural gas. Suarez has been already in talks with Florida Power & Light Company about ways to significantly lower energy prices. It remains to be seen whether Chinese miners will locate in Florida, but Miami’s ambitions to become a mining hub are there. Mayor Suarez says he is currently receiving calls from several mining companies outside of China that are considering a move to the sunny beach of Florida.