Miami might just be trying to walk in the footsteps of El Salvador. Mayor Francis Suarez is looking to support miners, old and new, big time. He previously told reporters last week that his city would welcome miners with open arms. The mining industry has taken big hits recently, with China doubling down on its efforts to crack down on mining operations. Even extending its efforts to other provinces as well.
Suarez says that he is looking into many ways to entice miners to come, which includes lowering the prices of electricity. We all know how mining takes up a lot of energy, so much so that Iran had to ban crypto mining because the country just couldn’t handle the increased energy usage in the summer months.
The mayor is looking to establish special enterprise zones with lower tax rates and regulations to tempt bitcoin operations to set up shop. According to Suarez, “We want to make sure that our city has an opportunity to compete. We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’ … 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”.
Miami’s mayor is well known for being a big bitcoin fanboy. He has invested in both Bitcoin and Ethereum. Even though, the market is really down nowadays when experts saying that bitcoin might just drop below $30,000. He announced earlier this year that Miami was studying various ways to pay its city employees in bitcoin.
He has also emphasized many times the fact that Miami relies heavily on nuclear power as a source of clean, inexpensive energy. He said that “The fact that we have nuclear power means that it’s very inexpensive power”. The main issue Tesla had with bitcoin was that the number of carbon emissions just couldn’t justify the gains adopting bitcoin had for them. This is why the company stopped accepting bitcoin as payment for their cars.
Suarez is reportedly in talks with Florida Power & Light Company to figure out more ways to drive down energy prices to further entice miners to his city. According to him “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”.