His statement came as China imposed stricter regulations against bitcoin mining and trading, setting off the so-called “the great mining migration.” The East Asian nation is home to more than half of the world’s bitcoin miners, but amid the crackdown against individuals and companies mining cryptocurrencies, a mass exodus is already happening.
Cheap nuclear energy
It is not yet clear where the Chinese miners are going, but Suarez told CNBC that he wants to make Florida an attractive mining hub with his city’s unlimited supply of low-cost nuclear energy. According to the Bureau of Labor Statistics, the average electricity per kilowatt-hour in Miami costs just 10.7 cents. In comparison, the national average costs 13.3 cents. Suarez attributes the cheap cost of electricity to nuclear power. The Turkey Point Nuclear Plant, located about 25 miles south of Miami, helps power the coastal metropolis. Even with the already low energy cost, Suarez said that he is negotiating with the Florida Power & Light Company for solutions to further reduce the price of energy, well aware that miners prefer locations with the cheapest power source to increase their profits.
Crypto-friendly politician
Suarez is one of the most crypto-friendly politicians in the United States. The Republican mayor is promoting his city as the world’s cryptocurrency capital. In February, Suarez also proposed that Miami pay its workers and accept tax payments in bitcoin. Previously, he also said that the U.S. needs to mine more bitcoins due to national security reasons. [binance] [robinhood]
