In a continued effort to draw cryptocurrency miners to South Florida, Miami Mayor Francis Suarez is in talks with local energy officials.
Suarez highlighted that Miami provides many clean energy options amenable to investors with a heightened concern environmental, social and governance, or ESG. These options include solar power, hydroelectric power, and especially nuclear power. Suarez noted that environmental concerns about Bitcoin mining “come from the fact that a lot of the mining was being done in coal-producing countries.”
Suarez also emphasized that he is trying to capitalize on a major shift toward mining cryptocurrencies in the US. This is particularly true of wooing miners currently fleeing a widespread crackdown on such activities in China. “The turning point is now,” Suarez said. “It creates an incredible opportunity for America.”
Energy talks
Part of this investment would require the cooperation of the nearby nuclear-power plant owned by Florida Power & Light Co., a subsidiary of NextEra Energy Inc. Suarez spoke with Florida Power & Light Co. CEO Eric Silagy about luring crypto businesses to the area, saying he has tried to “put people together” with the NextEra Energy Inc. subsidiary to look into mining opportunities.
Additional talks with Florida Power & Light officials have included whether mining facilities should be located near the nuclear plant. Challenges include the lack of cheap land to build big warehouses for mining gear, Suarez noted.
Suarez’s efforts
During his tenure, Suarez has been working to establish Miami as a key hub for the emerging crypto economy. Earlier this year, Suarez announced that the local authorities would explore integrating Bitcoin, such as paying employees in bitcoin, and investing city treasury in bitcoin. Later in the summer, Miami hosted the year’s largest Bitcoin conference. Additionally, the city announced the launch of a ‘MiamiCoin,’ to help bolster city funding.
Miami has also been successful in luring crypto firms and representation in the area. For instance, crypto exchanges eToro and Blockchain.com have offices in South Florida. Additionally, local sports teams have also taken to crypto branding, with Inter Miami CF’s jerseys bearing the logo for crypto finance firm XBTO and the NBA’s Miami Heat playing home games at FTX Arena.
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