The Chinese Bitcoin miners ousted from China because of the latest crackdown might have found a new home in Miami, Florida. Francis Suarez, the city's mayor, mentioned that he is currently decreasing electricity's cost to attract more crypto miners to the city.
Is Miami the New Home for Crypto Miners?
In an interview with CNBC, Miami Mayor Francis Suarez touched on the city's crypto adoption, specifically Bitcoin. He mentioned that he wants to focus on crypto mining.
Suarez stated that he would like to put the region's cheap nuclear energy into good use and ensure that Miami city could have an opportunity that it can complete.
He added that they are currently talking to many companies, and they want them to stay in Miami. The fact that the city has nuclear power shows that it will be very inexpensive on the companies' end.
However, Suarez admitted that the recent prices are still more expensive than those in China. But the city mayor promises to decrease the power's cost to accommodate the miners' preference of getting to a specific kilowatt per hour.
Indeed, crypto miners who will relocate to Miami could receive better benefits and incentives.
One of the most sought-after incentives is crypto-tailored enterprise zones, which will help miners with their tasks.
These zones operate as areas wherein authorities provide various offers such as tax concessions, scaled-back regulations, and infrastructure incentives. These offers encourage future investments, and provide new jobs for workers.
Nevertheless, the city mayor outlined the complexity of his plans, stating that it is not a project that occurs overnight.
Suarez highlighted his support for the crypto market, and he has been doing so for the past few months. According to Crypto Potato, Miami City Mayor Francis Suarez also purchased Bitcoin and Ethereum shares, and urged Miami to become a crypto hub.
Why Chinese Crypto Miners Need to Relocate
Most of the Bitcoin hash rate has been coming from the world's most populated region for many years. Thanks to its cheap energy, China is a dominant nation within the market, responsible for over 60% of crypto mining.
However, China also has a highly adverse policy against the crypto market industry. In the past few months, the country's strict rules continue to escalate.
Bitcoin and the Entire Crypto Market's Struggle in China
The Bitcoin cryptocurrency has been banned in China for almost ten years, but the government took its rules and regulations implementation one step further in May. Certain areas banned Bitcoin mining, which means that crypto miners are left with no choice but to look for alternative spaces.
Crypto Potato also reported that the U.S. might take a considerable chunk of the pie, with Texas leading the crypto mining race.
Despite Texas' advancement, Miami is still very much pro-Bitcoin and crypto because of its mayor.
This article is owned by Tech Times
Written by Fran Sanders