REPORT: Bitcoin Miners to Blame For Falling Real Estate Prices in Florida
A new report blaming Bitcoin miners for falling real estate prices in Florida is stirring more controversy on social media. The report attributes decreasing demand for residential real estate in Florida to Bitcoin miners causing "intentional climate change" leading to a trend in milder winter temperatures across the entire United States.
As temperatures averaged nearly 60 degrees F across the Midwest and parts of the northern United States this Christmas, many families have been asking themselves the question, "Do we REALLY need to uproot our family and move to Florida?" Apparently this development isn't just the catalyst for snarky climate change memes. Data from Zillow and Redfin shows interest in single family listings located in Florida have declined as much as 40% in Q4 2023. "The search activity and clicks for Florida listings are down considerably" a spokesperson for Zillow told The Bugle. Florida based real estate agents confirmed these numbers. Prices for new listings and price adjustments for existing listings correlate to these reports, as well.
The main, if not the only, attraction to living in Florida is the weather. But according to the report, Bitcoin miners are contributing to improved weather everywhere from North Dakota to Boston, especially in the winter. The phenomena can be traced to what scientists are calling "intentional climate change", the act of warming the planet through use of Bitcoin mining computers which not only enrich their owners financial standing but also their lives.
"I used to hate winter" a Bitcoin miner located in Wisconsin told The Bugle. "I used to spend thousands of worthless fiat dollars each year to take my family to Sarasota, Florida and Boca Raton. However, if it's going to be too warm to snow in January, I can save money and still wear my cargo shorts." He added. The development is creating new incentives for Bitcoin miners to increase their hash rate and thus the hash rate of the entire network. Total returns on hash as well as well as the cost of energy for miners is no longer the determining factor for whether or not mining is "worth it." "I am willing to eat a small loss on my mining operation, short term, because I believe the Bitcoin price will ultimately increase and because warmer Wisconsin weather means my quality of life will increase and so will my current home value".
Intentional climate change has already been outlawed in Canada as well as several European Union member countries but the future of these laws in Europe are uncertain amidst soaring energy costs to heat homes in countries like Germany due to the Ukraine war. "If we can reduce the cost of energy in the winter due to warmer temperatures AND subsidize those costs by mining Bitcoin, it may be a no brainer to re-think our laws" a German member of parliament said.
For now, Governor Ron Desantis, known for his support of Bitcoin and Bitcoin mining, is mute on the issue. If real estate prices keep trending down and Governor Desantis' position in the polls for the 2024 presidential race remain low, he may pivot. Bitcoin miners in Florida aren't turning their rigs off just yet, however. They see it as an opportunity to buy cheap homes to house their new mining rigs even if it contributes to an exodus from the Sunshine state.
