Miami may soon become the latest hotspot for crypto mining, as its mayor welcomes foreign mining companies to build data centers in the city.
The city’s mayor, Francis Suarez revealed to CNBC in an interview that Miami’s abundant nuclear energy supply serves as an attractive hub for bitcoin miners that are looking for a more efficient source of energy for their activities. Suarez, who is an advocate of cryptocurrencies and owns both ether and bitcoin, also said that the city’s officials are discussing the possibility of cutting energy costs alongside power companies for miners, as well as other incentives, such as minimal regulations and favorable tax rates.
Suarez’s latest vision of turning Miami into a crypto capital of the world comes amid a wider crackdown on the crypto industry, particularly in China. The communist country recently shut down a number of bitcoin mining operations in the Sichuan Province, with a number of other provinces slated to follow suit. In addition, bitcoin has been the face of a recent onslaught of criticism regarding the industry’s intensive carbon footprint.
Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.