Miami Mayor Wants City To Become Bitcoin Mining Hub

Interestingly, the contributions made by a Bitcoin miner to the blockchain society are ensuring a secure payment network. Some of these advantages might have spurred “Francis Suarez”, the Mayor of Miami into making plans to turn the city into a bitcoin mining hub. Optimizing mining activities can ensure that there is full control over Bitcoins at all times in the city.

Bitcoin not only secures the network but is also central to decentralizing the ethos of cryptocurrency and increasing transactions on the blockchain ledger. Miami can evolve into an active bitcoin mining hub with facilities to utilize its existing nuclear power capability rightly. Although mining digital currency is a new concept that might require some time to gain ground in any society, it will most likely help to put Miami on the radar of profitability.

Being a decentralized currency that ultimately permits fast transactions without interference from the government, bitcoin mining holds value and can generate streams of income based on the number of mining rigs utilized. However, mining technology is advanced and requires the latest hardware, power cost (electricity), and other market factors like Bitcoin price. These requirements might make the actualization of the Miami mining hub a bit of a herculean task. Since bitcoins cannot be counterfeited due to their nature as a digital currency, these ideas will most likely lower the cost of goods and services in the city as it is utilized more in daily transactions.

However, there is a need for an in-depth study on the use of Bitcoin and other cryptocurrencies and how they can be harnessed for maximal profitability before proceeding on actualizing the major’s statement of concern.

Do you think Miami can be transformed into a Bitcoin mining hub in the next two years?

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