[Technology] This Bitcoin mining company rents office space in Miami Beach
- Posted by Marie Le Berre
This is the second location for Bit Digital, which bills itself as one of the largest Bitcoin "mining" companies in the world, in the United States outside of its New York City headquarters. CEO Bryan Bullet said Mayor Francis Suarez's campaign to recruit crypto-currency companies to the Miami area was a factor in Bit Digital's decision. "The Miami metro area has become a leading hub in the blockchain ecosystem, in large part due to Mayor Suarez's forward-thinking initiatives," he said.
Bit Digital 's chief strategy officer, Sam Tabar, told the Business Journal that he and Bullet will work from the Miami Beach office, which other employees will also use as needed. He said Bit Digital is "always looking for talent" and will likely make new hires in the city.
A host of investment firms and crypto-currency players have set up shop in Miami in recent months, including BlockTower Capital, eToro and Blockchain.com. Suarez recently told CNBC that he wants to welcome bitcoin miners to the city after China, a mining hub, banned the practice earlier this year.
Bitcoin mining involves creating new "tokens" via a complex algorithmic process that requires huge amounts of energy.
Bit Digital offers a "sustainability-focused" approach and aims to increase the use of renewable and carbon-free energy sources in the future, according to a U.S. Securities and Exchange Commission filing. The company, which initially launched in China, suspended its mining operations in the country as of June 21. "Naturally, our first order of business is to secure and repatriate our China-based infrastructure. As a result, we are accelerating our migration strategy to North America."
Source: South Florida Business Journal
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