The City of Miami Gains $7.8 Million from Miami Coin

Read the original article by: Liam Frost

One week ago I wrote about how “MiamiCoin generated $2K every 10 minutes for the city, says mayor”, it was reported that “2,500 worth of the coin was being deposited into the wallet every 10 minutes, roughly 5 million dollars over the past 30 days”. Now more refined numbers are coming out from “City Coins” the company bringing Miami coin to life”.

City Coins is a project that is empowering citizens to invest in their city through buying or mining their corresponding coin, in return users earn passive tokens in either Bitcoin or stacks. According to the City Coins website “MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders,” “30% of miners’ forwarded STX is directed towards a wallet reserved for Miami, and the remaining 70% can be stacked to earn STX and BTC.”

It is being reported that roughly $8 million (6,415,317.93 STX) has been generated since the August launch. The project is the first of its kind, & is one of the city's first steps, to becoming what the Mayor calls a “cryptocurrency innovation hub.”. Before the launch of the coin Mayor Francis Suarez, speculated that “the City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin.” The program already has a reported 1,248 miners around the city, providing their computing power to the coin since launch.