Miami’s mayor looks to woo Chinese bitcoin miners

Shenzou

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

I think that this is a great move to actually encourage people to move and start mining, but i think it is going to take more than that to make it profitable for people to move from other states and move to Florida where property is expensive just to mine bitcoin, it may provide an incentive for people who are living in Miami to start mining, or the decision its self may create enough motion or publicity to push people into investing in bitcoin.

7788bitcoin

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Many countries will look at the migrating miners as an opportunity to create business and in these hard times you need to create jobs and the amount of money they will be spending to maintain will bring good money to their pockets so that they could run the state and i am expecting more open invitations by other countries as well in the near future.

temple

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Quote from: avikz on June 20, 2021, 11:14:39 AM

Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

Lol! While it's good for bitcoin but US will again see a plethora of Chinese aliens moving into US. I am sure local Miami residents wouldn't want that to hapoen. The hate crime against Chinese Asians are already quite high and it will continue to rise.

I think Miami mayor should put some caveats to ensure the mining operations have US partners before accepting any Chinese nationals into their state. Chinese people are indeed a threat to national security of US considering the tensions happened in South China Sea in recent times.

Now that China seems to be serious about their plans to shut everything down related to mining, I am quite interested to see whether the Mayor of Florida acts according to his words. Wink

It is his turn now!

I don't know the electricity prices in China, but I can imagine the difference between China and the US / Miami is quite significant. I don't know how well it would be received there if the people know that the Chinese get extremely cheap energy for their mining operations.

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

Lol! While it's good for bitcoin but US will again see a plethora of Chinese aliens moving into US. I am sure local Miami residents wouldn't want that to hapoen. The hate crime against Chinese Asians are already quite high and it will continue to rise.

I think Miami mayor should put some caveats to ensure the mining operations have US partners before accepting any Chinese nationals into their state. Chinese people are indeed a threat to national security of US considering the tensions happened in South China Sea in recent times.

temple

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

That would be quite an impressive move and would show one more time why Bitcoin can't be stopped. If one country cracks down on it, another country smells an opportunity. I am quite sure China will be very carefully consider whether they really want to put unbearable burdens on their massive mining industry. I am totally convinced that should that be the case not only the US would be welcoming the Chinese mining industry by offering the right incentives.

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Quote from: joniboini on June 19, 2021, 07:15:33 PM

Quote from: worle1bm on June 19, 2021, 05:12:23 AM

-snip-

Dude, maybe you want to fix your typing since your post is really hard to read, at least for me. Anyway, the electricity price has been mentioned above and there are a lot of users who claim that it is not cheap enough. If that's true, I doubt the majority of the miners would move there, even if they're protected by the law.

depends on how much profit the miners could make, if it could make at least 80% of their former profit when still residing in china then maybe that's doable but is it really big deal though when the hash power decreases due to china's crackdown of miners?
Back then people keep saying that bitcoin is too centralized since the mining power mostly coming from china, now that's not happening anymore and people are worrying about it although the mining difficulty dynamically changes based on the available hash power if I recall correctly.

titular

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Quote from: patientforzhou on June 18, 2021, 09:54:42 PM

Lol the power might be cheaper than china, but it's not cheap at all. 10.7 cents/kwh is expensive, and it's super inefficient to cool the servers with hot and humid miami air.
This is all fluff

I strongly disagree. Do you know how hot/muggy it can get in China. This will be a borderline vacation for them.

Dave1

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

$10.x cents per kilowatt hour? that's not attractive for Chinese miners to simply move to Miami. It's too expensive so it's tough to break even if that is the cost of electricity.

If the Mayor is really that serious, he has to work some bargain with so that the miners might consider expatriating. But who wouldn't love the Mayor though, his pro-bitcoin and pro-crypto stance should be copy by other states.

meanwords

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

How is the electricity cheap there though? It's more or less 30% more than the cost of electricity there than in china. Not to mention the labor cost + the additional factors such as the humidity and the location of the miner. Still, this publicity stunt shows that he is going to support Bitcoin for a long time which is good.

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Yeah, I would say that this is really a bold move coming from the mayor of a major US cities. No need to tell that the Mayor is pro-bitcoin, wonder if he himself holds some personally.

But I doubt that the can offer a very cheap electricity that will make some Chinese miners to move in the US though. As I have said, the cost of living in Miami is high, so I don't know how can the mayor problem electricity that cheap. And it should be abundant source of electricity. The mayor should be lauded though for his efforts.

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

That's a good initiative for the Mayor and the people who support bitcoins in his area will support him as well. this is a win-win situation for the Mayor himself. It will surely attract lots of Miners in their country when this is implemented in the future. I wonder if they can also apply to the other Altcoin miners, if they do, then the city will be filled with miners from all around the world because saving some capital is also in one of the major cities in the world.

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That's a bold move from the Miami mayor Suarez. When politicians are in a state of thinking about further plans on cryptocurrency usage, he has jumped in to establish it. I find him having a clear plan of implementation.

He has taken into consideration each and everything associated with the mining process. The electricity, pollution and overall his plan is not just to create mining hubs. He's much into making it a data center for all sort of professional activities associated with the cryptospace.

joniboini

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Quote from: worle1bm on June 19, 2021, 05:12:23 AM

-snip-

Dude, maybe you want to fix your typing since your post is really hard to read, at least for me. Anyway, the electricity price has been mentioned above and there are a lot of users who claim that it is not cheap enough. If that's true, I doubt the majority of the miners would move there, even if they're protected by the law.

worle1bm

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

Miami mayor Francis Suarez is Crypto enthusiast and we all know about it.With China outrage against btc the miners are looking for other optins to migrate but they are looking for the cheap electricity option and Francis has invited them to Miami with their rig setup and promised them to lower the electricity cost from 10.7 cents per Kwh and in talks with Florida Power and Light company for the same but it's not sure whether it will be possible.He has stated that they can use unlimited nuclear energy sources for mining process which are renewable and energy efficient without any pollution.Moreover the one thing I liked about his statement was opening seperate industry zone for Bitcoin mining with other incentive like taxation relaxation, infrastructural incentives and other regulations.But despite all these he has not got any calls from miners because there is reason for that.The miners have been looking for some other options aslo as advised by Mining Rigs company to move to Texas or Kazakhstan with cheap electricity option and crypto friendly environment.But still we can see some miners accepting his proposal.

clint25n

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This is a good first step, if they want to lobby the Chinese government to return to using bitcoin. And this is a success for the mayor of Miami. If so, convince the Chinese government to reuse bitcoin as a digital currency.

Fortify

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

Unless Miami is able to cover half the state in solar panels and somehow pay that off dirt-cheap then it simply does not compare to what they can find elsewhere. Hydro-electricity is currently one of the cheapest forms of energy production with few ongoing costs beyond construction. When China allowed it there were miners making many millions from certain dams and their costs were insignificant. Miners have so many other places to move to before they ever consider the vastly expensive US energy prices - other parts of Asia, South America or even massive solar farms within the Middle Easy would make way more sense. It is a publicity gimmick by a Mayor with little knowledge of what is required.

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Quote from: davis196 on June 19, 2021, 01:05:58 AM

--snip--
I get that he wants to bring crypto investors/miners in Miami,but I'm pessimistic that Miami can compete with China.

Miami is already famous for the crypto conferences, right. And Miami isn't really competing with China as China is essentially kicking those miners out and they don't have the access to cheap electricity like they had earlier.

The reason this won't workout is because a lot of these Chinese mining farms run with bare minimum manpower which is paid pretty low for the maintenance and running activities. The labor laws and minimum wage requirements will not be acceptable to the so-called Chinese "entrepreneurs" who are accustomed to treating their workers like they own them.

This will work best if the barriers to Chinese miners essentially takes them out of business resulting in decrease of demand for miner hardware and cheaper hardware for American miners. The US miners can then take the mantle and afford to run additional farms.

davis196

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Quote from: Paisleyvn on June 18, 2021, 08:41:33 PM

Mayor Francis Suarez told CNBC that Miami is working to lower the cost of electricity in order to entice bitcoin miners to make the move to Florida.
Suarez is looking to patriate China’s mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

This is just a bold promise made by a politician.
Suarez is major or Miami,not governor of Florida.He can't lower the cost of electricity.
The "city's essentially unlimited supply of nuclear energy" is actually NOT unlimited,because the city and other cities in Florida are consuming that nuclear energy.No nuclear power plant is going to offer 100% of it's energy to cryptocurrency miners.
I get that he wants to bring crypto investors/miners in Miami,but I'm pessimistic that Miami can compete with China.

Kittygalore

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Quote from: btc78 on June 19, 2021, 12:02:49 AM

Quote from: Kittygalore on June 18, 2021, 11:59:30 PM

~

they will prioritize their people of course .and let them be because the impact is what we need here.

I don't think that these Chinese mining companies are going to be looking forward to hiring people that aren't from their country because there will definitely be a language barrier plus it's cheap labor if you hire someone from your country.

pakhitheboss

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If a few miners shift to Miami and start their rigs from China then more will follow them. Such encouragement will not only help miners but also help Bitcoin. China has been banning and unbanning Bitcoin for a few years now. It is a possibility that later on they realize what a big mistake they committed when these miners move to other parts of the world.

BTW Qatar and Nigeria have the cheapest electricity in the world.

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