Bitcoin, the world’s most valuable digital asset, has been in the news lately due to concerns regarding the use of energy in its mining. Elon Musk, CEO of Tesla, termed Bitcoin as a highly centralized cryptocurrency in a recent tweet due to the dominance of Chinese Bitcoin miners.
However, the latest statement from Francis Suarez, Mayor of Miami, shows that authorities are working on possible solutions for Bitcoin’s energy problems. During a recent interview with CNBC, Suarez said that Miami can provide clean energy for BTC mining.
“The fact that we have nuclear power means that it’s very inexpensive power. We understand how important this is, Bitcoin miners want to get to a certain kilowatt price per hour. And so, we’re working with them on that. Building a mining facility is similar to building a data center. It’s not something that happens overnight,” Suarez told CNBC in the latest interview.
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Suarez is one of the biggest supporters of Bitcoin and other digital currencies. Earlier this month, Miami Mayor revealed his cryptocurrency holdings and mentioned that he purchased Bitcoin at a price above $30,000.
Miami as a Bitcoin Hub
During the first week of June 2021, Blockchain.com, a leading cryptocurrency services provider, announced that the company is shifting its US HQ to Miami due to the crypto-friendly nature of the city. Peter Smith, Co-Founder and CEO of Blockchain.com, termed Miami as a prime location for crypto innovation. During the latest discussion with CNBC, Suarez mentioned that the city is planning to reduce the electricity cost in the region to attract global Bitcoin miners including Chinese crypto mining companies. “We want to make sure that our city has an opportunity to compete. We’re talking to a lot of companies,” Suarez added.
Chinese Bitcoin miners are currently uncertain about the regulations of the government related to the mining of cryptocurrencies. In May 2021, Huobi Mall and BTC.TOP announced the suspension of their Chinese crypto mining operations.