- The mayor of Miami has approved a crypto-coin that is centred on the city
- Concerns about high energy consumption are addressed by the mayor.
- Provides a nuclear option for lowering environmental effect.
The mayor of Miami, Francis Suarez, recently approved a new cryptocurrency called Miami Coin, and now he has proposed that Bitcoin mining facilities be built near the Turkey Point nuclear power plant in Florida’s south side to avoid the environmental impact of Bitcoin mining using non-renewable energy.
Bitcoin production is expected to generate between 22 and 22.9 million metric tonnes of carbon dioxide emissions per year in the near future, according to a study published in the scientific journal Joule in 2019.
According to a press release, Suarez proposed the proposal on Tuesday, September 28. The city of Miami has granted access to over $5 million (around Rs. 37 crores) in Miami Coin (MIA), which is based on Bitcoin technology, according to the statement.
Mining is expected to pick up in and around Miami, according to the city, but this will also result in significant energy use.
Suarez was prompted to offer to build Bitcoin mining facilities near the nuclear power plant as a result of this.
Nuclear energy is on the verge of being recognized as a legitimate environmental, social, and corporate governance (ESG) answer in terms of energy, according to the news website Latest News Today.
The news comes before a major crypto event named “Bitcoin 2022,” which will be held in Miami in April of next year. According to its official page, this will be the world’s largest conference devoted to Bitcoin, the world’s most valuable cryptocurrency, which is now trading at over Rs. 34 lakh (approximately $46,000) according to the Gadgets 360 tracker.
Many countries, notably China, Russia, and Morocco, have expressed worry about the large energy consumption required by mass-level crypto trading and its consequences on greenhouse gas emissions.