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Algorand, the most carbon-negative blockchain, has noticed top growth in recent times. At the time of writing, the company is trading at $1.88, which is an increase from the start of the year of $0.40. Launched in 2019, Algorand is now capable of handling over 1 million transactions per day. The self-sustaining blockchain is home to many applications that provide real-world solutions to users. One of its most exciting attributes is its carbon-negative policy. Unlike many other chains, it uses an efficient energy-consuming, permissionless pure proof-of-stake (PPoS) protocol; hence, it hosts applications at the same time as promoting a greener planet.
Currently, Algorand's head offices are in Boston, but a recent development indicates that Miami City could be the company’s next global hub. Keep reading as this guide explores why Miami could be Algorand's next center for innovation.
Miami Government Officers Support Digital Currency
One of the major indications that Miami will be the next Algorand hub is the mayoral support digital currencies have received there. Mayor Francis Suarez of Miami has shown a great deal of interest in crypto on several occasions. Indeed, he has plans to turn Miami into a major global hub for crypto innovation. One of the major currencies that the mayor has an interest is Algo, having once shown on camera how efficient the Algorand wallet is. Other high commissioners have also been supportive of crypto developments. In February 2021, they agreed to allow the residents to pay fees using these currencies.
Currently, Miami City has its own crypto Miami Coin, which aid revenue collection. According to the Mayor, the coin will help the city collect $60 million by next year. Furthermore, recently, Miami announced plans to start paying employee wages in Bitcoin as the use of crypto in such activities will drive innovations in the city. Since the mayor is specifically interested in Algorand, it might be among the top cryptos used for such innovations.
Cheap Nuclear Energy Aligns with Algorand's Green Blockchain
Another factor is the city’s cheap nuclear energy supply. Of course, the rise of crypto brings with it questions about environmental sustainability, and extortionate electricity costs have made it almost impossible to sustain crypto’s growth. Today, the amount of energy involved in mining some classes of crypto assets is very high. Moreover, the majority of the energy that is used during this activity is quite destructive to the environment.
The City of Miami has nuclear energy in the form of a nuclear power plant that is self-sustainable. This energy can help the situation in the crypto arena. In fact, the aforementioned mayor suggested that Bitcoin mining rigs be should set up near the Turkey Point Power Plant. In addition, there are plans to bring solar and hydrogen-powered energy supplies into the city. All three of these energy supplies are fairly eco-friendly. At this point, it is useful to remember that Algorand is the most eco-friendly blockchain network, and its developers created it such a manner as to ensure it has minimal impact on the environment. Algorand's carbon-negative plan merges well with Miami's use of clean energy; hence, in the long term, it seems plausible that the city will prefer to use Algorand and its chain for various services.
Investments From Crypto Venture Funds
The venture funds in Miami are also inevitably leading it to become the next Algorand hub. Indeed, top networks have been investing in Algorand-related projects, and the most popular of these is the $400 million venture fund Borderless Capital. The fund announced plans to relocate its head offices from Miami to Atlanta, yet the network wants to take advantage of the growing crypto interest within the city. This move will increase the crypto adoption rate in Miami City. Furthermore, teports show that Borderless Capital invested $25 million in Miami-based decentralized finance (DeFi) and blockchain startups. So, how is this funding connected to Algorand? The $25 million will help fund upcoming decentralized projects based on the Algorand chain. Together with startups, these funds have helped to develop the Algorand Miami Accelerator.
During their recent move, Borderless Capital merged forces with Circle, which is another prevalent force in the crypto network. The investment made by Circle and Borderless Capital will help set up a good base for Algo in Miami. Most startups based in Miami that are geared towards being utilized in the city will use Algo; hence, Miami will be the centre of innovations for Algorand.
Miami's Crypto Savvy Residents
Of course, crypto cannot grow if people do not support it. Like their mayor, Miami residents are very supportive of blockchain projects. According to the statistics, Miami has a vast population of expatriates. Moreover, some reports state that Miami residents prefer using crypto payment systems over traditional forms of banking; in fact, the large Miami expatriate population is one of the major drivers of crypto adoption. Basically, most of them use crypto to send money to their home countries. Because of this Miami’s residents will enjoy using Algorand to host their projects, which might include wallets and shopping decentralized applications (DApps).
Final Word
This guide has explored the possibility of Miami being the next hub for innovation with regard to the Algorand blockchain. Most importantly, crypto and Algorand have received a lot of support from the Miami government; the mayor, officers, and citizens are all supportive of the company and have adopted crypto-friendly policies.
Miami also produces massive amounts of clean energy that can improve the green credentials of crypto mining. The Algorand network has a carbon-negative policy where the main aim is to protect the environment. Moreover, top crypto networks have invested heavily in Miami Algo-based developments. As crypto regulations continue to be relaxed and funding increases, Algorand will make Miami their global innovation home.
