Miami Mayor Francis Suarez has said that the city is working to lower the cost of electricity to entice bitcoin (BTC) miners who are looking for a new home.
His statement came as China imposed stricter regulations against bitcoin mining and trading, setting off the so-called “the great mining migration.” The East Asian nation is home to more than half of the world’s bitcoin miners, but amid the crackdown against individuals and companies mining cryptocurrencies, a mass exodus is already happening.
Cheap nuclear energy
It is not yet clear where the Chinese miners are going, but Suarez told CNBC that he wants to make Florida an attractive mining hub with his city’s unlimited supply of low-cost nuclear energy.
“We want to make sure that our city has an opportunity to compete,” he said. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’”
According to the Bureau of Labor Statistics, the average electricity per kilowatt-hour in Miami costs just 10.7 cents. In comparison, the national average costs 13.3 cents. Suarez attributes the cheap cost of electricity to nuclear power.