(CNBC) Miami is courting Bitcoin miners to transfer from China by offering lower electricity costs sourced from nuclear energy.
Mayor Francis Suarez said Miami will compete to host Bitcoin miners set to leave China after government crackdown on crypto. A massive exodus is already underway.
Suarez said talks are being held on power requirements of Bitcoin miners, as activities are energy intensive. Suarez has touted the city’s cheap nuclear energy to supply the demand.
Suarez is looking at incentives such as establishing enterprise zones for crypto mining which will grant lower tariffs and looser restrictions. Profit margins are a major consideration of crypto miners.
Miami is assessing the possibility of holding cryptocurrencies as an asset in its balance sheet. The plan is now under the “Request for Proposal” stage.
Miami will have to compete with other areas in North America also looking to host crypto miners.
BTC/USD is down 4.03%, ETH/USD down 4.37%, and XRP/USD down 2.47%
