The aspirations of Miami City as noted by Suarez to be a Bitcoin mining hub are in complete contrast to the recent position taken by China’s Inner Mongolia.
The Mayor of Miami Francis Suarez has noted his desire to turn the city into a Bitcoin (BTC) mining hub as he expressed confidence in the city’s energy potentials. Speaking in an interview with Laura Shin, a crypto-journalist and host of Unchained Podcast, Mayor Suarez said Bitcoin mining is considered a “dirty” activity because 90% of it is done in countries that run on dirty energy.
There has been a growing clamor amongst climate change advocates about the environmental impact of Bitcoin and general cryptocurrency mining, as these activities remarkably consumed more energy than some countries around the world. While the context of dirty energy by the Mayor remains obscure, he believes it is easy to reconcile his interest in Bitcoin with the climate change concerns of the city he loves dearly.
“We have the ability to supply clean energy to Bitcoin mining centers and data centers. It would be to benefit the crypto community if we did more mining in the US because we produce clear energy so it would change that narrative and that dynamic and also in the future you will see solar and other kinds of clean technology. In my opinion, technology is going to make Bitcoin mining more efficient,” Suarez said in the interview.
Besides the energy considerations, Mayor Suarez also pointed out the National Security concerns, which he noted that 90% of the mining activities should not be done outside of the United States.
Suarez has a deep affinity for Bitcoin as he has always been vocal about his attempts to usher in policies that will help foster the speedy growth and integration of the revolutionary money and payment system. Amongst his notable plans is to get the city’s workers to have the liberty to choose Bitcoin as a payment alternative, a position in which the city’s commissioners voted on to study before proceeding with.
Miami Aiming to Be a Bitcoin Mining Hub as Inner Mongolia Switches Gear
The aspirations of Miami City as noted by Suarez to be a Bitcoin mining hub are in complete contrast to the recent position taken by China’s Inner Mongolia, a region that is renowned for its BTC mining activities.
In a bid to comply with energy requirements, Inner Mongolia is shutting down all cryptocurrency mining activities by April as earlier reported by Coinspeaker. China as a whole accounts for about 65% of all Bitcoin mining activities in the world, putting enormous pressure on the country’s energy production. Sequel to the move by Inner Mongolia to suspend crypto mining operations, about 21 sites engaged in this activity were stripped of electricity incentives back in August 2020, a signal to discourage both old and new miners from the act.
With the trust in its nuclear energy power, however, Mayor Suarez believes the city of Miami will have nothing to worry about as electricity can be supplied to mining farms “in perpetuity.”
Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead
The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.
In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT
“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”
Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.
“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.
At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.
That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”
At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.
s are now selling ‘way more’ US Dollars to buy Bitcoin
President Nayib Bukele shared this new development on Twitter based on the data acquired from El Salvador’s in-house wallet service, Chivo. President Bukele said:
“People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.”
He also urged media outlets to independently confirm the above information by visiting the ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”
2 new Chivo Facts:
1. People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).
2. Today, we received 24,076 remittances, adding up to $3,069,761.05 (in one day).— Nayib Bukele 🇸🇻 (@nayibbukele) October 16, 2021
The increase in USD to Bitcoin conversions within the jurisdiction reflects a change in investor sentiment, which initially faced resistance during adoption from the general public. Moreover, the Salvadorean government offers various subsidies for using Bitcoin such as fuel subsidies and tax exemptions.
El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada.
A Cointelegraph report shows that El Salvador exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, mainly to facilitate local Bitcoin transactions and Bitcoin to U.S. dollars conversions.
Recently, the Salvadorean government announced to build a $4 million veterinary hospital using the profits attained during the Bitcoin bull market. According to President Bukele, the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area: “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”
Why Bitcoin ETF Is Such A Big Deal and May Push Bitcoin Above $100k?
Amid a global regulatory crackdown on cryptocurrencies, the U.S. SEC’s approval of a Bitcoin (BTC) Exchange-Traded Fund (ETF) has come as a pleasant surprise to the Bitcoin community. The most awaited ProShares Bitcoin Strategy ETF is reportedly launching as early as Monday, October 18. This ETF is going to be traded with a ticker symbol of BITO and will track Bitcoin futures.
Bitcoin rallies towards $100K
Instead of achieving regulatory green light, Bitcoin price crossed $62K this morning with a slight correction, BTC continued to stand strong at $61.5K, at the time of reporting. The market is raging with speculation of Bitcoin crossing $100K with this ETF. The timing could not have been better as the fourth quarter has commenced the holiday season bull run, with trader bonuses flooding in as cryptocurrencies take to an upward graph. Since the beginning of October, when the potential BTC ETF began gaining mass traction, the impact on Bitcoin prices also became evident.
According to a Bloomberg report, this Bitcoin ETF will further the institutional adoption of the decentralized sphere, specifically focused on Bitcoin. “An ETF should provide greater ease-of-use for retail investors looking to ride Bitcoin’s often hair-raising ups and downs. Like securities tracking oil and gold, it will change hands on relatively familiar U.S. stock-market venues, rather than in cryptocurrency or futures exchanges whose workings are imposing to some users.”
Regulatory approval can make or break a token
The frequently validated fact that regulatory approval radically helps the growth of cryptocurrencies, despite it being a decentralized and unregulated market, continues to gain credibility. XRP is one of the most prominent examples of how drowning in a regulatory puddle may keep certain tokens into a bear rut, while the rest of the industry leaps into the bullish phase. Due to the ongoing XRP lawsuit against Ripple, the XRP community continues to suffer as the fourth quarter has not helped XRP so far. The community blames the SEC for stretching the lawsuit intentionally so that XRP skips this bull run.