Connect with us

Published

3 years ago

on

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.”

Related Topics:
Continue Reading

Environment

EV battery makers get a $1 billion boost in the EU – but there’s a catch

Published

2 hours ago

on

December 4, 2024

By

EV battery makers get a billion boost in the EU – but there's a catch

northvolt germany gigafactory

The European Commission is throwing a lifeline to its emerging EV battery sector with a hefty boost of €1 billion ($1,05b). But companies relying on Chinese materials are likely to be cut out. Question is, is it too late to save Northvolt?

The new proposal is one of the first new measures to be launched in the first week of the EU Commission’s new term, and is part of a sweeping package of €4.6 billion aimed to boost net-zero technologies, EV battery cell manufacturing, and renewable hydrogen.

“All three calls include new resilience criteria to boost European industry,” said Teresa Ribera, the commission’s new executive vice president in charge of the clean transition. “The batteries call and hydrogen bank auction will also include specific resilience criteria to protect Europe against dependency on a single supplier.”

Companies interested in applying for subsidies have until April 24, 2025 to do so, and those who will receive a grant should have a signed agreement by the first quart of 2026. For now, the EU Commission isn’t saying what the maximum amount of funding would be per project.

As Europe’s “green dream” Northvolt has been bleeding out for months, this move seems to be a nod to the difficulties in the sector. The Commission stated that “multiple instruments are needed to overcome some of the economic barriers that the battery value chain in Europe, including its gigafactories, is currently facing. The Commission will continue to deploy instruments at hand and engage in new avenues, including in the short term, for addressing barriers to large-scale industrial scale up.” 

All of this enthusiasm has been fueled by a vision to cut dependency on China by creating greener EV batteries using 100 percent recycled nickel, manganese, and cobalt. But at this time, it’s uncertain if these funds will arrive in time to save Northvolt.

Northvolt has filed for bankruptcy protection in the US after a rescue package failed to go through, leaving the battery maker with just one week’s worth of cash in the account. Cofounder and CEO Peter Carlsson, who spearheaded a costly expansion, has also recently quit. The Swedish-owned battery maker filed for Chapter 11 in the Southern District of Texas, with $5.8 billion debt. Today, Reuters reports that Northvolt now seeks to sell its business by year-end, a devastating loss to what was one of Europe’s best-funded startups and recipient of the largest-even green loan in the EU.

Of course, other battery makers have hit hard times as well, including Stellantis-backed Automative Cells Company, which has stopped construction on factories in Germany and Italy. Volkswagen too has recently scaled back its plans to build battery cell factories in Europe and North America as well.  

If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Rad Power Bikes and Upway now let you trade-in other brands for a new Rad e-bike

Published

3 hours ago

on

December 4, 2024

By

Rad Power Bikes and Upway now let you trade-in other brands for a new Rad e-bike

If you’ve been hoping to snag a new Rad Power Bike electric bicycle for a discount – and if you happen to have another older e-bike to trade in – Upway has a deal for you. The electric bicycle marketplace known for selling used and overstock e-bikes at steep discounts has partnered with Rad Power Bikes to turn the brick-and-mortar RadRetail locations into physical trade-in points for older e-bikes.

“We’re excited to partner with Rad Power Bikes to bring Upway’s innovative Trade-In Program to select RadRetail locations nationwide,” explained Maxime Renson, General Manager at Upway. “The partnership simplifies the e-bike upgrade process for RadRetail customers while extending the life cycle of e-bikes and reducing waste. By refurbishing e-bikes and offering a 1- ear warranty on traded e-bikes, we are able to offer premium brands at a discounted price and give access to electric mobility to an even larger group of people. The program represents another step forward in Upway’s commitment to sustainability and a circular economy, where certified e-bikes are resold instead of disposed of, cutting down on the environmental impact associated with production and disposal. By reducing demand for new resources, Upway is helping to conserve energy, lower greenhouse gas emissions, and lead the way toward a more sustainable future.”

Upway’s Trade-In Program uses a proprietary pricing algorithm to deliver valuation estimates for over 200 brands within seconds, simplifying the trade-in process and enhancing customer service. And now Upway’s business model is meshing with Rad’s retail footprint.

At select RadRetail locations, customers can bring in their current e-bike, and Rad staff can use Upway’s real-time pricing tool to quickly determine its value. Customers can either sell their e-bike on Upway’s website or trade it in for an instant discount on a new Rad e-bike at the store. The traded bikes are then transported to an UpCenter for refurbishment and resale, promoting a circular economy while making e-bike upgrades more convenient and cost-effective.

Rad seems just as eager as Upway to launch the new partnership, which it hopes will drive more customers into its retail stores to snag a more affordable e-bike by trading in their older model.

“We’re excited to collaborate with Upway to bring the Trade-In Program to our eight U.S. RadRetail locations,” said Pete Boudreaux, Vice President of Customer Operations and Supply Chain at Rad Power Bikes. “With more than 15 years of e-bike industry leadership and 650,000 riders and counting, delivering safe and high-quality e-bikes backed by an exceptional customer experience has always been our top priority. This partnership empowers us to offer more riders a seamless, efficient, and accessible way to upgrade their e-bikes using Upway’s cutting-edge tools and resources.”

The trade-in program will be supported at the following RadRetail locations:

  • Seattle, WA
  • Berkeley, CA
  • Santa Barbara, CA
  • Huntington Beach, CA
  • San Diego, CA
  • Salt Lake City, UT
  • Denver, CO
  • St. Petersburg, FL.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Electrogenic is giving Mazda Miata fans an EV version with its ‘Plug-and-Play’ conversion kit

Published

8 hours ago

on

December 4, 2024

By

Electrogenic is giving Mazda Miata fans an EV version with its 'Plug-and-Play' conversion kit

Mazda Miata fans rejoice! EV conversion specialist Electrogenic has introduced a new “plug-and-play” conversion kit for the Mazda MX-5 that makes the original model all-electric. This EV conversion kit keeps the soul of the beloved Mazda Miata, but adds more performance and playfulness to a car that is already renowned for being a joy to drive.

The Mazda MX-5, known by many in North America as the Miata, is a two-door, RWD roadster introduced by the Japanese automaker in 1989. Since then, the Mazda Miata has seen four design generations and has become one of the best selling two-door sports cars of all time.

Over the past 35 years, the Miata has sold over one million units, and although production has ceased to make way for a fifth generation model, sales continue for the previous versions. The MX-5 has garnered a loyal fanbase of owners who recognize the value and performance the two-door brings and as much of the industry goes electric, many of those fans have been wondering when Mazda will deliver a Miata EV.

In 2023, the automaker shared the next generation of the Miata would be electrified, but has not specified whether that means hybrid, PHEV, or BEV. Regardless, that model is expected to debut in 2026 as a completely new take on the MX-5. For those traditionalists who love the original Mazda Miata, who can now convert it to an EV using Electrogenic’s new conversion kit.

Electrogenic future-proofs first-gen Mazda Miata as EV

The first-generation Mazda Miata (MX-5) is the latest vehicle to receive Electrogenic’s “plug-and-play” EV capabilities from a conversion kit that contains proprietary powertrain technology and an integration software suite.

We’ve previously seen Electrogenic adapt its EV conversion technology in a 1960s Jaguar E-Type, a 1929 Rolls-Royce Phantom II, and most recently, the DeLorean DMC-12 from Back to the Future. Now, Electreogenic has delivered the potential for a Mazda Miata EV—something many in the MX-5 community have pined for.

Electrogenic’s drop-in kit creates an EV version of the original Mazda Miata, a model that remains quite beloved despite being over 30 years old. Electrogenic CEO Steve Drummond elaborated:

We’re delighted to introduce the latest addition to our world-leading range of ‘plug-and-play’, EV conversion kits. We’ve long been intrigued by the concept of a light, well-balanced, rear-wheel-drive electrified modern-classic, one that truly delivers when it comes to the old-school thrill of driving. It seems we weren’t alone, as we’ve received a great deal of interest in the idea of an MX-5 conversion over the years. It’s exciting to finally reveal our creation to the world and give MX-5 fans the chance to electrify one of the most popular sports cars in history.

To enable Mazda Miata EV conversions, Electrogenic created a package that is straightforward to install and can be fitted by a trained mechanic in just a few days. To accomplish this, the MX-5 was 3D scanned so the EV 42 kWh OEM-grade battery assembly could be placed precisely under the hood where the 1.8-liter four-cylinder engine was. Batteries were also installed in the rear, in place of the fuel tank, but Electrogenic was able to leave the trunk space untouched, so luggage capacity remains the same.

Per Electrogenic, the Mazda Miata EV conversion only weighs 100kg (221 lbs) more than the original ICE version (1,100kg). As such, the Miata EV’s weight distribution remains identical, while its power-to-weight ratio has been improved by 21%.

The 42 kWh battery pack powers an electric motor that sends 160 hp (120kW) into a single-speed, fixed-ratio gearbox, delivering 2,500Nm of torque to the Miata’s rear wheels. That EV power jumps from 116 hp in the original gas Miata and can propel the all-electric Mazda from 0 to 60 mph in six seconds. Like the original, the converted MX-5 can reach a top speed of 115 mph.

Additionally, the Mazda Miata EV conversion delivers 150+ miles of range in real-world driving and can fast charge in one hour using a CCS plug.

The EV conversion can be applied to both manual and automatic MX-5s. As with all Electrogenic conversions, the Miata’s original structure is entirely preserved; nothing is cut or drilled, and the installation is entirely reversible.

The kit has been designed specifically for Mk1 MX-5/Miatas and is now available globally via Electrogenic’s network of vetted installer partners. Learn more here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending