MIAMI â Mayor Francis Suarez says Miamiâs doors are open to bitcoin miners in China who are currently scrambling to find a new home after Beijing made it clear that their days are numbered.Â
Mining is the energy-intensive process which both creates new coins and updates the digital ledger of all transactions of existing tokens. More than half of all miners are currently based in China, but a mass exodus is already underway. Where theyâre going, however, isnât yet clear.
While Suarez told CNBC he hasnât personally received any calls from Chinese miners, the mayor is looking to patriate this mining diaspora by promoting the cityâs essentially unlimited supply of cheap nuclear energy.
âWe want to make sure that our city has an opportunity to compete,â he said. âWe're talking to a lot of companies and just telling them, âHey, we want you to be here,ââ he said.Rolling out the red carpet
Bitcoin miners are location agnostic; all they need is a rig and a good internet connection. What varies place to place, however, is the cost of energy. And ultimately, what miners care about most is finding the cheapest source of power out there to drive up their profit margins.
Thatâs why Mayor Suarez, one of the most crypto-friendly politicians in the United States, is making big promises on the cost of doing business in Miami. Suarez has been a crypto believer for years, but he took the plunge into investing in bitcoin and ethereum once he saw the federal government pass a $1.9 trillion American rescue plan, because he "realized that what was inevitable â and already happening â is inflation."
He emphasized the city's reliance on nuclear power as a source of clean, inexpensive energy.
âThe fact that we have nuclear power means that it's very inexpensive power,â Suarez told CNBC in an interview from a second-floor conference room in the Miami City Hall building.
Less than an hour...