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If you're not in Miami, you can still watch a livestream of the dropping of the Big Orange in Miami. Above, the Big Orange is prepared to be raised onto the side of the Hotel InterContinental in 2012 in Miami. Joe Raedle/Getty Images

The Times Square Ball Drop in the Big Apple on New Year's Eve may be the more well known of the time balls to be lowered on New Year's Eve, but that doesn't mean the Big Orange in Miami is any less exciting. In fact, it's considered one of the top 10 New Year's Eve events in the United States - and you don't have to be in Miami to watch it, either. Here's how you can watch the dropping of the Big Orange, via live stream and from the comfort of your home.

Every year for more than three decades, the iconic Big Orange is lowered from the roof of the InterContinental Hotel at Bayfront Park. It's the focal point of New Year's Eve events there, which includes free live music and fireworks. TimeOut.com has described the Big Orange drop as "Miami's most enduring New Year's Eve tradition." You can watch a live stream of the event here:

This year, Pitbull will perform at Bayfront Park Miami as part of its New Year's Eve celebrations, according to the Facebook page for Bayfront Park Miami. Other performers include Puff Daddy & the Family, Timbaland, Shawn Mendes and Earth, Wind & Fire. As Sean Combs, better known as Puff Daddy, told USA Today, "I think what Pitbull is doing for the city is great because there’s no better weather in the world than Miami on New Year’s Eve, and it’s one of the entertainment capitals of the world, so it’s only right that it’s one of the places where New Year’s is brought in."

Other things to do include visiting a food festival, which is offering a wide range of cuisines.

The nearby island of Miami Beach ranks as one of the most expensive places to celebrate New Year's, according to a survey released Tuesday. Only Cancun and Dubai were more expensive.