Miami’s mayor looks to woo Chinese bitcoin miners with low energy prices and clean nuclear power

Published

4 years ago

June 19, 2021

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MIAMI – Mayor Francis Suarez says Miami’s doors are open to bitcoin miners in China who are currently scrambling to find a new home after Beijing made it clear that their days are numbered.

Mining is the energy-intensive process which both creates new coins and updates the digital ledger of all transactions of existing tokens. More than half of all miners are currently based in China, but a mass exodus is already underway. Where they’re going, however, isn’t yet clear.

While Suarez told CNBC he hasn’t personally received any calls from Chinese miners, the mayor is looking to patriate this mining diaspora by promoting the city’s essentially unlimited supply of cheap nuclear energy.

“We want to make sure that our city has an opportunity to compete,” he said. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here,’” he said.

Rolling out the red carpet

Bitcoin miners are location agnostic; all they need is a rig and a good internet connection. What varies place to place, however, is the cost of energy. And ultimately, what miners care about most is finding the cheapest source of power out there to drive up their profit margins.

That’s why Mayor Suarez, one of the most crypto-friendly politicians in the United States, is making big promises on the cost of doing business in Miami. Suarez has been a crypto believer for years, but he took the plunge into investing in bitcoin and ethereum once he saw the federal government pass a $1.9 trillion American rescue plan, because he “realized that what was inevitable – and already happening – is inflation.”

He emphasized the city’s reliance on nuclear power as a source of clean, inexpensive energy.

“The fact that we have nuclear power means that it’s very inexpensive power,” Suarez told CNBC in an interview from a second-floor conference room in the Miami City Hall building.

Less than an hour from City Hall is the Turkey Point Nuclear Plant, which helps to power Miami, according to data from the Energy Information Administration. The Bureau of Labor Statistics reported an average electricity per kilowatt hour cost of 10.7 cents in Miami, versus the national average of 13.3 cents.

Florida Power and Light workers Juan Madruga (R) and Pehter Rodriguez (L) confer at the Turkey Point Nuclear Reactor Building in Homestead, Florida May 18, 2017.

Rhona Wise | AFP | Getty Images

Across the state of Florida, nuclear energy is the second-biggest power generator, after natural gas. Suarez is already in talks with Florida Power & Light Company to figure out how to further drive down the price of energy.

“We understand how important this is…miners want to get to a certain kilowatt price per hour. And so we’re working with them on that,” Suarez told CNBC.

The mayor is also considering a mix of other incentives, like enterprise zones specifically for crypto mining. Enterprise zones are areas in which tax concessions, infrastructure incentives, and scaled-back regulations are offered to companies, with the hope that these breaks will encourage investment and create jobs.

Miami is not alone in its ambitions to capture the attention of bitcoin miners.

“There is demand in North America…so the question will be one of capacity,” said Alyse Killeen, founder and managing partner of bitcoin-focused venture firm Stillmark.

Where physical infrastructure and capacity is concerned, the mayor is optimistic the city can meet the needs of miners.

“We were one of the first cities in the world to have a data center, and a mining hub is very similar to a data center,” he said.

But even Suarez admits that a lot needs to happen first.

“Building a mining facility is similar to building a data center. It’s not something that happens overnight,” Suarez told CNBC.

Miami is also not competing in a vacuum here in the U.S. States like Texas and Wyoming are also fast becoming hot mining destinations, thanks to their cheap energy mix and crypto-friendly policies.

The pollution debate

Mayor Suarez isn’t alone in championing the benefits of using nuclear power.

The federal government calls nuclear energy “a zero-emission clean energy source,” and tech billionaire and climate change evangelist Bill Gates previously told CNBC that nuclear power will “absolutely” become politically acceptable again. Gates said that new innovations are making it safer and more affordable.

“Nuclear has actually been safer than any other source of [power] generation,” Bill Gates told Andrew Ross Sorkin on CNBC’s “Squawk Box.” “You know, coal plants, coal particulate, natural gas pipelines blowing up. The deaths per unit of power on these other approaches are far higher,” Gates said.

But there are a few drawbacks to harnessing nuclear energy. While nuclear power reactors do not produce air pollution or carbon dioxide while operating, emissions are generated when constructing nuclear power plants and in the decommissioning of reactors.

And more often than not, the world’s cheapest energy sources are renewable. All factors considered, solar and wind energy sources are the lowest cost and most scalable, making them a natural fit for mining, according to Killeen.

“Miners’ capitalist motivations push them toward green energy,” she said.

Whether Chinese miners actually make the move to Florida remains to be seen, but there are signs of progress in Miami’s aspirations to become a mining hotspot. Mayor Suarez says he is currently fielding calls from different mining companies outside China that are considering a move to the sunshine state.

The establishment vs. bitcoin

Miami isn’t just after bitcoin miners. The city wants to become a crypto destination for all sorts of professionals interested in the space.

To draw them, the mayor has been trying to make bitcoin mainstream by advocating for policies that would enable city employees to be paid and residents to pay their taxes in the cryptocurrency. The city itself is considering holding it as an asset on their balance sheet. Suarez says they now have legal clearance to proceed, and his office is currently going through the ‘Request for Proposal’ stage, which is the next leg of the approval process.

Though the crypto world is often seen as anti-establishment and opposed to government, Suarez doesn’t think the movement is at cross purposes with his administration.

“That’s why I jumped in on crypto, and that’s why there was such a crazy response, because [people] saw that government was not antithetical; government was not trying to kill it,” he said. “On the contrary…the city of Miami understands how fundamentally important it is to our future and how it could change the paradigm in the way people live their lives.”

He also talked a little bit about climate change and the prospect of rising sea levels challenging the city’s existence in coming years. Miami is a low-elevation city, and “dry day flooding” has become common in recent years.

“100% Miami still exists in 20 years,” he said, emphasizing the money and effort Miami is putting into resilience.

“I do recognize it as a threat. You know, you can’t just put your head in the sand and pretend like it’s not happening, it doesn’t exist. We’re one of the few cities in the world that is actually putting up significant amount of resources, $200 million from our Miami Forever Fund.” He added, “And now our challenge is to be the most water resistant city on the planet.”

Environment

Oil prices shed 2% as Iran-Israel ceasefire eases concerns over supply, Strait of Hormuz closure

Published

4 hours ago

June 24, 2025

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Oil prices shed 2% as Iran-Israel ceasefire eases concerns over supply, Strait of Hormuz closure

Brent crude prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict, but they were still poised for a third straight week in the black.

Ilan Rosenberg | Reuters

Oil futures fell sharply on Tuesday as a freshly announced Iran-Israel ceasefire began to allay investor concerns over supply and shipping disruptions in the oil-rich Middle East.

The Ice Brent contract with August expiry was trading at $69.76 per barrel at 09:09 a.m. London time, down 2.41% from the previous session. The front-month August Nymex WTI contract was at $66.85 per barrel, 2.42% lower from the Monday settlement.

Oil prices had added roughly 10% over the mid-June start of Iran-Israel hostilities that were exacerbated in recent days by U.S.’ direct military involvement and Iran’s retaliatory strike against an American base in Qatar. Crude futures eased following U.S. President Donald Trump’s overnight announcement of an Iran-Israel ceasefire despite lingering questions over implementation and the future of Tehran’s nuclear program — the key cause of the recent hostilities cited by Israel and the U.S.

At risk throughout the offensives were supply in both Iran — which produced 3.3 million barrels per day in May, according to OPEC’s monthly oil market report released in June, which cites independent analyst sources — and the broader Middle East region, if the conflict spilled over.

Throughout the hostilities, investors also watched whether Iran would proceed with closing the Strait of Hormuz linking the Persian Gulf and the Gulf of Oman — a key route for Iranian and other Middle Eastern shipments, including those of the world’s largest crude exporter Saudi Arabia, and the United Arab Emirates, Iraq, Kuwait and Bahrain.

Iran’s parliament on Sunday approved the closure of the Strait of Hormuz, according to a report from Iran’s state-owned Press TV that CNBC could not independently verify, though a final decision rested with the country’s national security council.

“The potential closure of Strait of Hormuz remains a tail risk in our view, but we maintain that oil prices would race past $100/b in such a scenario, due to limited avenues to bypass the narrow passage and the constraints it would pose to the marketability of spare capacity,” Barclays analysts said in a Tuesday note, just as Trump announced a tentative ceasefire.

They further added that oil prices came under pressure “as the threat of wider regional conflagration did not materialize despite the US action against Iranian nuclear sites.”

Amid risk to supply, the International Energy Agency previously reassured it had 1.2 billion barrels of emergency stockpiles it could resort to. As part of a strategy decided prior to the Iran-Israel escalations, some producers from the influential OPEC+ alliance have also been raising output and have additional spare volumes that could be brought online.

Environment

Smart new Raleigh ONE e-bike unveiled with GPS, anti-theft, & fast charging

Published

5 hours ago

June 24, 2025

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Smart new Raleigh ONE e-bike unveiled with GPS, anti-theft, & fast charging

Raleigh is rolling out a new chapter in its long legacy of bicycle design with the launch of the Raleigh ONE, a sleek, smart e-bike aimed squarely at the European urban mobility market. Officially unveiled today, the Raleigh ONE combines classic British cycling heritage with modern connected tech, delivering what the company calls “the only e-bike you’ll need in the city.”

Taking a page out of Big Tech’s playbook, Raleigh is also offering a membership program to unlock extra features. But will riders pay up, or will they balk?

While it’s debuting first in Germany, the Netherlands, and the UK, the Raleigh ONE seems clearly designed for global appeal. It’s a one-size, one-speed, minimalist-style urban e-bike built with high-quality components and a suite of smart features accessed via an app and membership system.

Think of it as a mix between a timeless European utility bike and a Silicon Valley tech platform.

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We’ll get to that tech, but first let’s dive into what makes it an e-bike. On the powered side of things, the Raleigh ONE sports a 360Wh removable battery that offers up to 80 km (50 mi) of range in eco mode and around 50 km (31 mi) in boost. That battery powers up a 250W Mivice rear hub motor, one of the nicer and more sophisticated hub motors on the market. The maximum assisted speed is 25 km/h (15.5 mph), keeping with European e-bike regulations.

The bike uses a Gates carbon belt drive for low-maintenance, grease-free operation and includes hydraulic disc brakes for confident stopping power.

Lighting is fully integrated and smart-enabled, with wraparound rear lights and a dual front beam. The riser bars, wide tires, and upright geometry give the Raleigh ONE a comfortable ride posture designed for all-day city use, even over rough pavement.

The bike is equipped with an SP Connect mount for the rider’s phone, allowing for hands-free use of Raleigh’s new app, which acts as a digital control hub for both ride data and security features.

Raleigh is leaning heavily into connectivity with the Raleigh ONE. Once registered through the app, users can enable auto-unlocking, journey tracking, alarm features, GPS location, and theft alerts. The system supports wireless updates, and security functions are controlled via handlebar buttons or the app itself.

Joining a growing trend among some connected e-bikes in 2025, the Raleigh ONE introduces a membership model to use some of its more desirable features such as sharing digital unlock access.

Base (free) with essential features including Ride dashboard, “basic security,” Bluetooth updates, and manual stolen mode.
Core (€7.99/month) with expanded services including automatic stolen mode activation, smart maintenance, and bike sharing access for one additional rider.
Icon (€14.99/month) includes all of the above plus over-the-air updates, bike sharing access for up to four other riders, remote arming, and full insurance coverage (provided by Hepster).

Memberships are optional, but the more advanced functionality (especially security and insurance) lives behind a paywall. Just like your friendly neighborhood dealer, Raleigh offers the Icon plan with a free trial (30 days) to help get you hooked. For those ready to jump in with two feet, the paid plans also have lower annual rates.

With a €2,699 / £2,399 price tag, the Raleigh ONE positions itself competitively among other premium urban e-bikes like those recently unveiled by VanMoof, especially considering its inclusion of fast charging (50% in 1 hour, full in just over 2 hours), built-in lights, belt drive, and theft protection ecosystem.

One of the standout value points is Raleigh’s dealer network and after-sales service, a major advantage over many online-only e-bike startups. Add in Raleigh’s 130+ year reputation in the cycling world, and the ONE looks like an interesting option for urban riders who want a worry-free, future-proof ride.

Accessories like front carriers, baskets, and integrated AXA locks round out the ecosystem, with more to come.

Selin Can, EVP of Mobility at Accell Group (Raleigh’s parent company), called the Raleigh ONE “a bold fusion of heritage and innovation.” That seems to be the goal here: take Raleigh’s deep cycling roots and plug them into a modern electric, digital, app-connected future.

With the launch of the ONE, Raleigh isn’t just releasing a new e-bike, it’s making a play to reclaim relevance in a world of smartphones, theft alerts, and mobility-as-a-service. The inclusion of basic tech features for free is important to prevent alienating its customers completely, though many riders may feel frustrated at having to pay extra to access hardware or features already designed into the bike.

What do you think? Is the Raleigh ONE an e-bike of the future, or a warning of what could be coming in a future walled garden? Let’s hear your thoughts in the comment section below.

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Environment

CNBC Daily Open: A confusing ceasefire forged by missile attacks

Published

6 hours ago

June 24, 2025

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CNBC Daily Open: A confusing ceasefire forged by missile attacks

Supporters of regime change in Iran rally outside the Wilshire Federal Building on June 23, 2025 in Los Angeles, California, U.S.

Mario Tama | Getty Images News | Getty Images

It’s a strange thought that launching attacks on other countries could lead to peace, but that seems to be the logic behind the abrupt escalation in conflict in the Middle East beginning Saturday. And now there’s a confusing ceasefire.

“Very confusing! Does Israel have 12 more hours to strike based on his [Trump’s] first announcement? Or are they supposed to be in ceasefire now? Even after the deaths in Beersheva and Iran’s barrage after the deadline? No one knows!” Dan Shapiro, former U.S. ambassador to Israel, posted on X.

Here’s a quick recap.

On Saturday, U.S. President Donald Trump authorized air strikes on Iranian nuclear sites, pushing America into Israel’s war with Tehran.

On Sunday, Iran’s Foreign Minister Abbas Araghchi said Tehran “reserves all options to defend its sovereignty, interest, and people.”

On Monday, Iran launched a retaliatory strike against America, targeting a U.S. military base in Qatar. Later that evening stateside, Trump announced a ceasefire.

On Tuesday, Iran’s Foreign Minister Foreign Minister Seyed Abbas Araghchi denied that the country had agreed to a ceasefire — but said Iran was open to halting its military operations if Israel, which has yet to respond publicly to Trump’s statement, stopped its “aggression against the Iranian people.”

Trump, on Tuesday morning stateside, declared the ceasefire was in effect.

While Iran continued striking Israel on Tuesday morning local time, Tehran’s state-aligned media reported them as “the last round of Iranian missile attacks … before the ceasefire began.” CNBC, however, was unable to independently verify the claim.

Iran also gave the U.S. “early notice” of its attack on the military base in Qatar, according to Trump. It was a “retaliation that was expected,” Republican House Speaker Mike Johnson said. Qatar also received advanced warning from Iran, according to The New York Times, which cited three Iranian officials familiar with the matter.

This, essentially, is “the peace through strength strategy,” Helima Croft, head of global commodity strategy at RBC Capital Markets, told CNBC.

In other words, there’s a small chance tensions in the Middle East might truly cool down following a carefully calibrated and symbolic exchange of strikes that projects strength from all parties, while also providing Iran an off-ramp to de-escalate tension.

Judging by stock markets worldwide and oil prices — which rose and fell, respectively — investors are indeed hopeful this missiles-led peace will likely stay.

What you need to know today

Iran says it’s prepared to stop attacks
Trump said early Tuesday morning stateside that the ceasefire between Israel and Iran — which he had announced Monday evening — was “now in effect.” Iran’s Foreign Minister Seyed Abbas Araghchi had earlier said there was “NO ‘agreement’ on any ceasefire or cessation of military operations,” but signaled that Tehran had “no intention” to continue armed conflict. Israel has not publicly confirmed that they have accepted Trump’s ceasefire timeline.

Iran strikes Israel and U.S. military base in Qatar
Iran on Tuesday fired a “final round” of missiles at Israel before the 12 a.m. ET ceasefire with Israel came into effect, Iranian state-aligned media announced Tuesday. CNBC was unable to independently verify the claim. On Monday, Iran launched an airstrike on United States’ Al-Udeid military base in Qatar, the largest American military installation in the Middle East, with around 10,000 service members.

Prices of oil post a huge drop
Oil prices fell sharply Tuesday during Asia hours on news that Iran was prepared to halt military operations. As of 1:30 p.m. Singapore time, U.S. crude oil was down 3.04% at $66.43 per barrel, while Brent had shed 2.99% to $69.34, with both benchmarks adding to the previous day’s losses of more than 7%. Trump on Monday demanded that “everyone” keep oil prices down or they would play “into the hands of the enemy.” Trump didn’t specify who he was referring to, but he seemed to be addressing U.S. oil producers.

Markets in U.S. rise on de-escalation hopes
U.S. stocks rose Monday as investors seemed hopeful of de-escalation in the Israel-Iran war. The S&P 500 climbed 0.96%, the Dow Jones Industrial Average added 0.89% and the Nasdaq Composite gained 0.94%. Tesla shares popped 8.2% after the company launched its robotaxis in Austin, Texas, on Sunday — but regulators are looking into reports of robotaxis driving erratically. Asia-Pacific markets climbed Tuesday, with South Korea’s Kospi index jumping 2.73% at 2:40 p.m. local time.

[PRO] Wall Street’s thoughts on robotaxis
Wall Street closely watched Tesla’s robotaxi launch in Texas over the weekend. Analyst outlooks on the event vary widely. While Wedbush’s Dan Ives, who rode in the robotaxis over the weekend, said it “exceeded our expectations,” Guggenheim’s Ronald Jewsikow called the event “baby steps.” Here’s what analysts think about what the robotaxis mean for Tesla’s stock.

And finally…

An Airbus A350-941 commercial jet, operated by Emirates Airline, at the Paris Air Show in Paris, France, on Monday, June 16, 2025.

Matthieu Rondel | Bloomberg | Getty Images

Airlines divert, cancel more Middle East flights after Iran attacks U.S. military base

Airlines diverted more Middle East flights on Monday after Iran’s armed forces said the country launched a missile strike on a U.S. military base in Qatar, as the region’s military conflict continued to disrupt airlines’ operations.

Dubai-based Emirates said that some of its aircraft rerouted on Monday and told customers that delays or longer flights were possible as it would take “flight paths well distanced from conflict areas,” while operating its schedule as planned.

Air India said it had halted all flights in and out of the region and to and from the east coast of North America and Europe “until further notice.”

Earlier, major international airlines including Air France, Iberia, Finnair and others announced they would pause or further postpone a resumption of service to some destinations in the Middle East.