The city of Miami recently approved a new cryptocurrency called Miami Coin, and now Francis Suarez, the mayor of Miami, has proposed the setting up of Bitcoin mining facilities near the Turkey Point nuclear power plant located in the south side of Florida to avoid the environmental impact of Bitcoin mining based on non-renewable energy. In 2019, a study by scientific journal Joule said that Bitcoin production is estimated to generate between 22 and 22.9 million metric tons of carbon dioxide emissions a year in the near future.
Suarez floated the idea on Tuesday, September 28, as per a press release. According to the release, the city of Miami has approved accessing around $5 million (roughly Rs. 37 crores) worth of Miami Coin (MIA), which runs on Bitcoin technology.
The city hopes that mining will pick up pace in and around Miami – but this, in turn, will lead to high energy consumption too.
This has nudged Suarez to offer to establish Bitcoin mining facilities near the nuclear power plant.
As per the news website Latest News Today, nuclear energy is on the brink of being recognised as a true environmental, social, and corporate governance (ESG) solution in terms of energy.
The development comes ahead of a mega crypto event called “Bitcoin 2022” that Miami is set to host in April next year. As per its official page, this will be the world's largest conference focused on the world's most-valued cryptocurrency, Bitcoin which is trading at over Rs. 34 lakh (roughly over $46,000) as per the Gadgets 360 tracker at the time of writing.
The massive energy consumption required by mass-level crypto trading and its effects on greenhouse gas emissions has been concern-worthy for many nations including China, Russia, and Morocco among others.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Affiliate links may be automatically generated - see our ethics statement for details.
For details of the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile World Congress in Barcelona, visit our MWC 2024 hub.