Digital Assets: Miami Mayor Suarez Wooing Crypto Miners With Promise Of Cheap Nuclear Power
Chinese miners looking to relocate might find Mayor Francis Suarez’s offer attractive.
While the national average for the cost of electricity is $0.13 per kilowatt hour, it is just $0.10 in Miami. One reason is the Turkey Point Nuclear Plant (pictured above), which helps power Miami. In fact, in Florida, nuclear is the second biggest energy source after natural gas. Besides, nuclear energy is a very clean form of energy unlike other, fossil-based sources such as coal. Dirty energy and related emissions have accounted for a lot of the recent bitcoin-bashing in recent days. All reasons for Mayor Suarez to promote Miami as a hub for crypto mining. (CNBC)
China crackdown on miners
With Chinese leadership riding herd on crypto miners in the country, the hunt is on for finding a new home – preferably with cheap electricity. Crypto miners depend for their profitability on cheap power, their single biggest input cost. Mayor Suarez has shrewdly anticipated the exodus of miners from China, the country accounting for the largest chunk of bitcoin mining globally.
So he’s laying out the red carpet.
“We want to make sure that our city has an opportunity to compete,” he said in a CNBC interview. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’”
His main carrot is Miami’s nuclear power – which is clean and inexpensive.
“The fact that we have nuclear power means that it’s very inexpensive power,” Suarez added. “We understand how important this is…miners want to get to a certain kilowatt price per hour. And so we’re working with them on that.”
There could be other attractions too. These include incentives such as enterprise zones specifically for crypto mining, with benefits such as tax breaks, infrastructure incentives and scaled-back regulations.
Related Story: Dirty, Dirty Bitcoin
Image of Turkey Point Nuclear Generating, Units 3 and 4, near Homestead, FL: Flickr
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