The Miami City Council voted to open access to the use of the MiamiCoin cryptocurrency accumulated within the framework of the CityCoins project for municipal projects.
MiamiCoin, the first CityCoin of the Stacks Project (STX), came out with plans to expand to cities other than Miami. Under the terms of the project, the cryptocurrency is wholly owned by the city and managed by the community of Miami citizens. Over the next 12 months, the city is expected to receive up to $ 70 million in cryptocurrency revenue.
CityCoins community founder Patrick Stanley believes that this is a simple and effective way for Miami residents to support the city’s municipal projects and increase its cryptocurrency treasury. In other words, the city has already earned almost $ 5 million only thanks to the citizens who created the cryptocurrency.
MiamiCoin provides a steady stream of cryptocurrency mining income for the city and also earns STX for MIA holders. According to the Stacks (STX) project site, MIA mining is carried out by blocking STX coins in a smart contract based on CityCoins. About 30% of STX immediately goes to a crypto wallet created for the city of Miami, and the remaining 70% can be used by citizens for personal purposes, for example, to store or use STX and BTC to earn money.
Every 10-15 minutes the city wallet receives up to $ 5,000 in cryptocurrency, thus about $ 5 million was accumulated and the city authorities decided that it was time to use the funds to improve the quality of life of city residents. Stanley described the MiamiCoin initiative as a “hyper-civic project.”
“The City of Miami’s decision to leverage the charitable contributions generated by the MineCityCoins protocol, currently valued at $ 4.3 million, is a milestone in Miami’s quest to become a hub for crypto innovation. These are funds that will directly affect the lives of all our residents! ”- wrote the Mayor of Miami Suarez (Francis Suarez) in his tweet.
The @CityofMiami decision to accept the gift contributions generated by the @mineCityCoins Protocol-currently valued at $4.3M-represents a major milestone in Miami’s quest to become a crypto innovation hub
Funds that will directly impact the lives of all our residents! https://t.co/pcrY4PwD06
— Mayor Francis Suarez (@FrancisSuarez) September 14, 2021
Critics of the MiamiCoin project believe that part of the reason for launching the project and supporting it by the city administration was not so much the struggle for Miami’s place as the “cryptocurrency capital” of the United States, but rather huge problems in the city’s energy industry. These are the abandoned coal power plants, which desperately need any tenant, and energy companies, keenly interested in the receipt of any income.
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