Miami Tries to Lure China’s Bitcoin Miners—Will They Bite?

[Cristiano]

Chinese Bitcoin miners account for 65% of the network’s hashrate. But as their government pulls the plug on much of their industry, Chinese mining farms may have to move abroad to stay afloat.

Come to Miami, says Mayor Francis Suarez, who welcomed the persecuted Chinese miners to the Magic City in an interview with CNBC published on June 17.

To miners tired of dragging computers up chilly Xinjiang mountains or across humid hydroelectric dams in Sichuan, always threatened by a government crackdown, Suarez promises near-limitless supplies of cheap nuclear energy and a stable home.

“The fact that we have nuclear power means that it’s very inexpensive power,” Suarez told CNBC this week. “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.”

Electricity per kilowatt-hour (kWh) costs 10.7 cents in Miami, lower than the national average of 13.3 cents. The US government thinks that nuclear energy is the most reliable energy source by a large margin, as well as one of the most environmentally friendly.

And Suarez has heavily advertised Miami as Bitcoin City. He uploaded the Bitcoin whitepaper to his city’s website, and a county commissioner dangled a “campus dedicated to Bitcoin” before an audience at a major Bitcoin conference earlier this month.

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