invezz.com
The crypto industry is showing great signs of adoption throughout the world, with some countries being an obvious exception. China, for example, is becoming increasingly intolerant of Bitcoin (BTC/USD) miners, especially now, as its digital yuan is approaching its launch.
Meanwhile, a number of other countries are opening their doors to crypto. El Salvador famously recently decided to make Bitcoin a legal tender, and Iran also said that it is open to the idea. In the US also, some states have started moving towards being extremely crypto-friendly. The latest example is Florida, as Miami Mayor, Francis Suarez, says that Miami would be happy to bring in crypto miners that are being kicked out of China.
From China to Miami
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
As many are likely aware, mining is the process of releasing new cryptocurrencies into circulation, and it involves receiving rewards in exchange for processing transactions within a blockchain network. When it comes to Bitcoin, specifically, more than half of its existing miners are based in China. The reason being that the country offers cheap electricity, which is important as mining is a very energy-intensive process.
However, China has been becoming more and more hostile towards miners, bringing new bills, laws, and regulations that have been extremely limiting for the miners, and it has come to the point where they can no longer operate in China’s provinces.
Suarez, on the other hand, decided to open the doors of Miami to China’s crypto miners, offering the city’s unlimited supply of clean nuclear energy. While he said that he personally did not receive and calls from the miners as of yet, he expects it to be only a matter of time before they start showing up.
After all, mining doesn’t require any specific location — only the mining equipment, and cheap power. So, the invitation to come to Miami came at just the right time. The city’s reliance on nuclear power allows it to offer an essentially infinite amount of cheap energy. So, if the miners accept the offer, Florida might as well become the next biggest eco-friendly mining hub in the world.