About $5,000 worth of MiamiCoin is transferred to the city’s cryptocurrency wallet every 10 minutes
Miami’s city commission voted in favor of admission on Monday about $5 million Miami-specific cryptocurrency – and MiamiCoin’s worth of counting.
For each MiamiCoin that cryptocurrency engineers use (or create), a base cryptocurrency called Stack, which has its own token, Miami receives money that elected leaders can use to improve the quality of life for the city’s residents. can do.
Miami Mayor Suarez wrote in a tweet on Monday, “@CityofMiami’s decision to accept gift contributions generated by the @mineCityCoins protocol—currently valued at $4.3M—a major milestone in Miami’s quest to become a crypto innovation hub.” it shows.” “Fund that will directly impact the lives of all our residents!”
MiamiCoin is a specific version of CityCoin, a city-based token with plans to expand to cities other than Miami. MiamiCoin is also the first Citicoin to exist, although CitiCoin has no partnership with Miami. Instead, the cryptocurrency is completely community-sourced and community-driven.
Bitcoin, Ethereum, Dogecoin All High in Early Trading on Tuesday
About $5,000 worth of MiamiCoin is transferred to the city’s cryptocurrency wallet every 10 minutes, with an average of 35 miners competing to create MiamiCoin within the same period, and 30% of those newly minted MiamiCoins go to the city itself. , Patrick Stanley, the creator of CityCoins, told Granthshala Business.
In other words, the city has made about $5 million from the people who create the cryptocurrency, Stanley explained.
Bitcoin Promotes Cryptocurrency Debate in El Salvador
“Essentially, it generates one donation for the city every 10 minutes,” he said. “… This [$5 million] The number will change after 10 minutes from now.”
CityCoins said Monday blog post City of Miami Commission and Mayor Francis Suarez, who has dubbed Miami the crypto capital of the world, already committed to allocating funds to initiatives targeting disadvantaged communities, climate change and rising sea levels, and crypto education However, none of these funds have been spent so far.
Get Granthshala Business on the go by clicking here
Suarez’s office did not immediately respond to Granthshala Business’s inquiries.
Stanley described the MiamiCoin initiative as an “ultra-citizen project.”
“I think the whole city of Miami — from the homeless — is going to benefit from this, so I’m really proud of what we’ve done here as a community,” he said, “and I think … the city is going to make anywhere from $50 to $70 million of this over the next 12 months, so how they spend it is going to be very interesting.”
Speaking as a Los Angeles resident and former San Francisco resident, Stanley said Miami’s leadership is ahead of other technologically progressive cities in terms of cryptocurrencies.