MiamiCoin has generated nearly $8 million for the City of Miami in two months of its introduction providing a continuing crypto revenue stream for the city.
MiamiCoin (MIA), a “city-centric” cryptocurrency introduced by CityCoins in early August, has already raised approximately $8 million for Miami.
CityCoins is a blockchain initiative that allows users to invest in cities by purchasing or mining the tokens that correspond to them. Users can earn Bitcoin (BTC) or Stacks (STX) tokens as a reward.
According to CityCoins, “MiamiCoin provides a continuing crypto revenue stream for the city, while also earning STX and BTC yield for $MIA holders.” “A wallet earmarked for Miami receives 30% of the STX from miners, while the remaining 70% can be stacked to gain STX and BTC.”
Miami’s very own cryptocurrency, CityCoins’ first of its kind, was created in early August. The Miami City Wallet balance was little over $7.86 million at the time of writing (6.415 million STX).
The crypto push in Miami
MiamiCoin is a natural fit for Miami Mayor Francis Suarez’s crypto goals, which include transforming the city into a “cryptocurrency innovation hub.”
Prior to MIA’s introduction, he stated that “the City of Miami might end up earning millions of dollars as a result of the popularity of MiamiCoin.”
Suarez noted at the time, “It’s like Bitcoin, and it’s on the blockchain system, so whenever that coin is mined, a part of the coin goes to the City of Miami by virtue of the programming.”
Miami’s city commissioners agreed to accept donations in MIA on September 13, a move CityCoins described as a “significant milestone” in a tweet.
Since its start, 1,248 miners have contributed their processing power to MiamiCoin, according to the project.
According to Suarez, who spoke to The Washington Post, MiamiCoin may earn up to $60 million for the city over the next year and “revolutionize” the way local programs are funded, assisting the city in addressing poverty and other social concerns.