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Miami, the future hub of cryptocurrencies?

Mon 21 Jun 2021 ▪ 8h30 ▪ 3 min read — by Nathan Combamines

Texas is not the only state that wants to become a hub for cryptocurrency mining in the United States. The city of Miami also has similar ambition. Its mayor, Mr Francis Suarez, has announced that he would offer a supply of clean and cheap nuclear energy to Chinese Bitcoin miners.

Miami, a city of positives

Mr. Francis Suarez is visibly determined to transform Miami into a hub for crypto mining activity. In an interview with CNBC, he said he is sending an open invitation to all foreign companies specializing in Bitcoin mining. He wants them to settle in his city.

But what can Miami offer mining companies? The mayor relies mainly on the abundant supply of nuclear electricity available to the city. In a context where cryptocurrencies’ energy usage is causing much controversy, this offer has come at the right time.

For the mayor, mining will no longer use “dirty energy”, but rather renewable and clean energy. Thanks to the nuclear energy offered by the city, it could not only attract miners, but it could also become a competitor to other regions, such as Texas and Wyoming.

Moreover, if Mayor Suarez’s project comes to fruition, Miami has every chance of becoming the world capital of Bitcoin and cryptocurrency. To achieve this, Mr Francis Suarez intends to implement a policy based on favourable taxes for miners, as well as regulations adapted to their needs.

Miners who dream of freedom

If the transformation of Miami into crypto hub becomes a reality, it will partly be because its mayor is himself pro-crypto. A few days ago, after the US Congress passed a $1.9 trillion stimulus bill, Mr Suarez used his stimulus cheque to buy Bitcoin.

Miami is targeting Chinese miners first. This comes as the chinese state cracks down on them. On Friday, according to reports, cryptocurrency miners in Ya’an, a city in Sichuan province, were ordered to shut down their mining rigs. These miners and many others are already dreaming of new destinations.

Leaving China to mine Bitcoin and other cryptocurrencies is something that many people are interested in. A spokesman for BTC.top told the Cointelegraph team that miners dream of going elsewhere. “Yes, we want to go overseas,” he said.

In a context where repression is intensifying against miners in several countries, including China, Miami’s plan to host companies specialising in cryptocurrency mining seems to have come at the right time. A strong advocate of digital currencies, Francis Suarez, is ready to invest his time and energy to put Miami on the crypto map.

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Nathan Combamines avatar
Nathan Combamines

Mon premier métier c'est le design, mais ma passion les cryptos. A la fois créatif et geek, je fais preuve de créativité pour vulgariser ce milieu pas toujours facile à comprendre mais captivant !

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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