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World Miami, looking to be next crypto hotspot, hosts huge bitcoin event

06:20  05 june  2021
06:20  05 june  2021 Source:   afp.com

Iran bans crypto mining after summer power cuts strike early

  Iran bans crypto mining after summer power cuts strike early Iran is facing another widespread wave of power outages, and the government is blaming Bitcoin miners again.President Hassan Rouhani said on Wednesday that all crypto mining operations in Iran – including legal ones – must shut down until the end of the sixth Iranian calendar year on September 22.

Thousands of people have descended on Miami for a massive two-day bitcoin conference that opened Friday -- a sign that the US city, in the midst of a tech boom, is hoping to become the next cryptocurrency hub.

Jack Dorsey holding a sign: Jack Dorsey, CEO of Twitter and co-founder and CEO of Square, was one of the keynote speakers at Bitcoin 2021, a massive trade show in Miami, which hopes to be the next cryptocurrency hub © Marco BELLO Jack Dorsey, CEO of Twitter and co-founder and CEO of Square, was one of the keynote speakers at Bitcoin 2021, a massive trade show in Miami, which hopes to be the next cryptocurrency hub

"I don't think there's anything more important in my lifetime to work on" than bitcoin, given the flexibility it offers, billionaire entrepreneur Jack Dorsey, the co-founder of Twitter and payments firm Square, told a crowded auditorium.

High Energy Consumption: After hours of power outages: Iran prohibits mining of crypto currency

 High Energy Consumption: After hours of power outages: Iran prohibits mining of crypto currency the reduction - "mining" - from crypto currency like Bitcoin is a million business, too and above all in Iran. However, because the procedure requires enormous power, it should be co-responsible for the last hourly power outages. The consequence: a four-month ban. © AFP / Justin Tallis Hundreds of millions of US dollars is to earn the Iran hit by sanctions hard with crypto currency The Iranian government prohibits the mining of Bitcoin and other crypto currencies for four months.

Tyler Winklevoss et al. sitting in front of a sign: Tyler Winklevoss (L) and Cameron Winklevoss (R), founders of cryptocurrency exchange Gemini, believe bitcoin is gold 2.0 © Marco BELLO Tyler Winklevoss (L) and Cameron Winklevoss (R), founders of cryptocurrency exchange Gemini, believe bitcoin is gold 2.0

"We don't need the financial institutions that we have today. We have one that is thriving, that is sound, that is owned by the community, that is driven by the community," said Dorsey, one of the keynote speakers at Bitcoin 2021.

a man looking at the camera: Miami Mayor Francis Suarez is keen to make his city a tech hub, and specially a center for the cryptocurrency trade © Marco BELLO Miami Mayor Francis Suarez is keen to make his city a tech hub, and specially a center for the cryptocurrency trade

Dorsey tweeted Friday that Square was considering making a hardware wallet for safely storing bitcoin.

With 12,000 participants and all speaker sessions sold out, the Bitcoin 2021 trade show features exhibits from crypto mining companies, crypto traders and bitcoin exchange networks.

British police seek hemp plantation - and finds bitcoin-mining farm

 British police seek hemp plantation - and finds bitcoin-mining farm high power consumption, ventilation systems and heat - everything indicated an illegally operated hemp plantation. But what the police found in Birmingham then was a bitcoin mining farm. © West Midlands Police confiscated bitcoin mining equipment. What hemp plantations and bitcoin mining farms occurs is their high power consumption. When creating a kilogram of grass, calculations should be used around 5,000 kilowatt hours of energy. The bitcoin exceeds this .

The conference was originally scheduled to take place in Los Angeles, but was moved due to tougher coronavirus restrictions in California.

The line to get into the Mana Convention Center in Miami's trendy Wynwood neighborhood wrapped around the building. Everyone was in high spirits and there were no face masks to be seen.

a sunset over a body of water: Miami is attractive to tech investors due to Florida's tax code, the city's multicultural work force and its proximity to Latin America © CHANDAN KHANNA Miami is attractive to tech investors due to Florida's tax code, the city's multicultural work force and its proximity to Latin America

Beyond Dorsey, two of the other speakers were Cameron and Tyler Winklevoss, twin Harvard classmates of Mark Zuckerberg who sued him over claims he stole the idea for Facebook from them, and now run cryptocurrency exchange Gemini.

"We think bitcoin is gold 2.0," Tyler said at a panel discussion. "When we get to Mars, what is the currency going to be in Mars? Dollars? No. Bitcoin."

- 'A movement' -

So where does Miami fit into the picture?

Chinese trading apps want to make Robinhood in the Krypto area Competition

 Chinese trading apps want to make Robinhood in the Krypto area Competition in China device trading in crypto currencies is increasingly under pressure - but the interest of users worldwide has risen sharply. Two Chinese trading apps are now ranging to US customers. © Shutterstock Trading apps rely on persistent crypto pool. The Chinese Trading Apps Futu and Tiger Brokers have apparently requested licenses for trading with crypto currencies in the US and Singapore. The Robinhood competitors want to become more attractive for international users.

For David Abner, Gemini's global head of business development, Miami is "centrally located, especially in the Americas, and there's a lot of political support here."

"I think they've spent time to understand it and think about the ramifications of bitcoin. And so they're very supportive of the economy," Abner told AFP, adding that cryptocurrency could revolutionize remittances sent back to Latin America.

Miami Mayor Francis Suarez, who opened Bitcoin 2021, has become a bit of a celebrity in tech circles, for his intense efforts to turn the Magic City into a beachfront Silicon Valley.

In February, the Republican mayor announced that the city would explore ways to do some of its financial transactions using cryptocurrency, including paying salaries to employees.

Earlier this week, venture capital firm Borderless Capital announced it was moving its headquarters from Atlanta to Miami and launching a new $25 million fund for local startups using blockchain technology.

And the mayor announced the launch of MiamiCoin, a Miami-specific cryptocurrency that will allow investors to boost the city's coffers while making money themselves.

Male Millennials Dominate Crypto Investing; Elon Musk Tweets Getting SEC Attention

  Male Millennials Dominate Crypto Investing; Elon Musk Tweets Getting SEC Attention Males outnumber females about 86% to 14% in the crypto market, while millennials, ages 25 to 35, make up 41.5% of Bitcoin investors. Meanwhile, Elon Musk keeps tweeting, and the SEC is taking notice.Young males are the largest cohort investing in Bitcoin, a report by CryptoParrot found.

"This is not a moment. This is a movement," Suarez said Friday.

- 'A bit wary' -

Since late last year, Miami has been attracting techies away from Silicon Valley and New York for a variety of reasons -- thanks to Florida's lack of state taxes and relatively lax coronavirus precautions, along with the city's multicultural work force and proximity to Latin America.

It's not exactly clear how many have moved, but there are signs of growth  -- home prices are soaring, up nearly 35 percent in just a year, according to the Miami Association of Realtors.

But not everyone is happy. The Miami Herald warned in an editorial of the possible pitfalls of the city's embrace of all things crypto.

"Don't get us wrong. We hope cryptocurrency -- and the flashing neon welcome mat we've set out for the tech industry -- elevate this city to new prosperity," the paper said.

"Just don't blame us for being a bit wary," it said. "Because Miami has history, folks. We've been a smugglers' paradise, the epicenter of the cocaine trade, a mecca for money laundering, ground zero for mortgage fraud..."

"We worry about going through another boom-and-bust cycle or a wave that crashes and takes us all down with it. If we're staking the city's future on this, please, let’s not repeat the past."

lm/sst/caw

Bitcoin Over $ 35,000: El Salvador makes Bitcoin as the first country to the legal tender .
El Salvador made the controversial crypto currency Bitcoin as the first country worldwide the legal tender. Parliament voted in the night of Wednesday with a broad majority for a corresponding proposal by President Nayib Bukele. "This will bring financial inclusion, investment, tourism, innovation and economic development for our country," tweeted bukele shortly before the vote in the Congress, which is controlled by his party and allies.

usr: 3
This is interesting!