Miami Mayor, Francis Suarez and his team worked with the City of Miami Beach to offer the city’s excess electricity to Chinese Bitcoin miners, who are currently investing in the cryptocurrency. The plan is to supply the Chinese miners electricity using the excess power the city produces by running the city’s nuclear plant, which could potentially cost the city $1.5 million a year.
In addition to being a lot of fun, Bitcoin mining can be an environmentally-conscious way to make money. While video games like World Of Warcraft can be played on computers or consoles, Bitcoin mining is done with specialized mining computers, called ASICs, which are designed to mine bitcoins. These ASICs are so efficient, they sometimes consume more electricity than they produce.With the growing concentration of bitcoin (BTC) mining in North America, Miami Mayor Francis Suarez wants to position his city as a crypto-currency mining hub. In an interview with CNBC on Thursday, Mayor Suarez said he is inviting foreign mining companies to consider establishing data centers in the city. Suarez said the presence of sufficient nuclear power in Miami should be attractive to bitcoin miners who want to use clean energy sources for their operations, especially given the current focus on the alleged carbon footprint of mining cryptocurrencies. Mayor Suarez has spoken out on the issue before, saying in March that 90 percent of bitcoin mining comes from dirty energy. At the time, the mayor of Miami argued that shifting the concentration of mining activities to the United States could help alleviate environmental problems. As part of efforts to attract bitcoin miners from abroad, Mayor Suarez said city officials are working with energy companies to lower energy costs. Other incentives, such as preferential taxes and minimum regulations, are being considered, the Miami mayor said. With cheap, clean energy and crypto-friendly regulations, Miami could compete with other emerging mining destinations in Texas and Wyoming. The plan could also help spread cryptocurrencies in Miami: The city aims to become the bitcoin and cryptocurrency capital of the world. Mayor Suarez himself is a supporter of cryptocurrencies and has previously stated that he owns both bitcoin and Ether (ETH). As Cointelegraph previously reported, Miami’s mayor bought BTC after Congress passed a $1.9 trillion stimulus bill in March. Related: A city in Sichuan province has reportedly ordered cryptocurrency miners to cease their activities while it investigates. Suarez’s open invitation to foreign miners also comes at a time when Chinese authorities are placing increasing restrictions on mining in cryptocurrencies. On Friday, reports surfaced that cryptocurrency miners in Yaan, a city in Sichuan province, had been ordered to cease operations. With authorities in Beijing appearing to be dismissive of cryptocurrency mining, more hospitable climates like Miami may prove attractive to miners leaving China. In fact, some miners are already considering leaving the country, and a spokesman for BTC.top told Cointelegraph: Yes, we want to go abroad.
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