Miami, a tourist city, known for its beaches, is rapidly transforming into a new encrypted business technology center.
The Bitcoin movement initiated by the Mayor of Miami, Francis Suarez, set off a new wave of trends, demonstrating his strong support for the transformation of Miami into the next cryptocurrency city.
Welcome Chinese miners
In March of this year, the Mayor of Miami, Francis Suarez, expressed in a media interview that he hoped Miami could become the center of Bitcoin mining. However, 90% of Bitcoin mining should not be outside the United States, and the city's nuclear power can be used as a clean Energy that conducts Bitcoin mining activities.
Following China's Inner Mongolia, Xinjiang, Qinghai, and Yunnan provinces successively introducing regulatory policies for virtual currency mining, the Mayor of Miami recently stated that Miami is working hard to reduce electricity costs to attract Bitcoin miners to move to Florida. In addition, it also hopes to attract Chinese Bitcoin miners by promoting the city's unlimited supply of cheap nuclear energy.
The Mayor of Miami also considered a series of other incentives, such as a corporate area dedicated to crypto mining. In addition, the enterprise zone is an area that provides tax incentives, infrastructure incentives, and reduced supervision to enterprises. It is hoped that these incentives will encourage investment and create job opportunities.
However, apart from Miami, states such as Texas and Wyoming are also rapidly becoming popular mining destinations, thanks to their cheap energy mix and friendly cryptocurrency policies.
Accept bitcoin
In Miami, cryptocurrency is becoming an essential contributor to urban infrastructure and sponsored transactions.
The Dubai-based IBC Group has allocated $4.8 billion in bitcoin funds for Miami to establish the Miami 2.0 Blockchain Strategic Foundation and support other projects.
The home arena of the NBA superstar team Miami Heat will be renamed the FTX Arena in the 2021-22 season. Through a $135 million transaction, Hong Kong-based cryptocurrency exchange FTX became the main sponsor of Florida Sports. This is the first rename of the arena since 1999.
In June, the exchange and wallet company Blockchain.com announced that it is moving its US headquarters from New York to Miami. The company plans to create as many as 300 jobs at its new US headquarters in the next 18 months.
Miami Lakes now accepts cryptocurrencies to pay for municipal expenses, including Bitcoin, Litecoin, Ethereum, or Bitcoin Cash. It is reported that the current credit card company PayPal in the town has implemented this new payment method in March 2021. Consumers with PayPal personal accounts and PayPal Crypto accounts can "check out with cryptocurrency" to pay for licenses, business licenses, facility leases, etc.
In addition, in early June, Miami also held the largest Bitcoin conference in history.
Although the cryptocurrency world is often seen as anti-establishment and anti-government, Mayor Francis Suarez does not believe that this Bitcoin movement conflicts with the government. "The City of Miami understands how important it is to our future and how it changes the paradigm of people's lifestyles. That's why I joined cryptocurrency, and that's why there is such a crazy reaction because people see it in parallel with the government. Not antagonistic."