Francis Suárez, Mayor of Miami (Florida), who seeks to position the city as a center for cryptocurrency mining, announced this week that he is inviting foreign mining companies, including Chinese, to establish your data centers in the locality.
“We want to make sure our city has the opportunity to compete,” declared in an interview with CNBC. “We’re talking to a lot of companies and saying, ‘Hey, we want you to be here‘”he added.
Cryptocurrency mining is a process in which miners use computing power to process transactions and obtain digital currency. They are not location dependent – all they need is a computer and a good internet connection. However, what varies from place to place is the cost of energy. And ultimately, what matters most to them is finding the cheaper energy source to increase your profits.
The official – who is a proponent of crypto and owns both bitcoin and ether – highlighted the importance of nuclear power in Miami as a source of cheap and clean energy. “The fact that we have nuclear power means that it is a very cheap energy“He said. He noted that he is in discussions with Florida Power & Light Company to decide how to further reduce the price of energy.” We understand how important this is. The miners want to come up with a certain price in kilowatt hours. And we are working with them on that, “he stressed.
Suárez is also considering a combination of other incentives, such as specific business zones for crypto mining. These are areas in which companies are offered tax concessions, infrastructure incentives and a reduction in regulations, in the hope that these exemptions will encourage investment and create jobs.
In addition, Miami wants to become a crypto destination for all kinds of professionals interested in this space and to attract them, the mayor has tried that bitcoin becomes the main currency, advocating for policies that allow city employees and residents to pay their taxes in this cryptocurrency. The authorities are studying the possibility of having it as an asset on their balance sheet.
Measures against the sector
Suárez’s statements came at a time when repressive measures against the sector are increasing, especially in China, which represents more than half of the world’s Bitcoin production.
This Thursday, miners in Ya’an, one of the main cryptocurrency mining centers in China’s Sichuan province, received an inspection notice requiring closures. Inner Mongolia, Xinjiang and Qinghai they previously ordered the closure of mining operations.
At the same time, in the face of the growing commitment of the international community to the protection of the environment, worries that the production of the cryptocurrency has a big negative impact on efforts to prevent climate change.
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