u.today
According to FOX Business, the authorities of Miami, the city famous for having a pro-Bitcoin mayor, have voted to gain access to more than $5 million worth of the city-based crypto – MiamiCoin (MIA).
Using these funds, elected political leaders in the city will be able to improve the quality of life of Miami residents.
MiamiCoin is mined using Bitcoin-based crypto
MiamiCoin is a crypto based on the Stacks, Bitcoin-powered protocol, and so far this is the first CityCoin rolled out.
According to the Stacks (STX) project site, MIA is mined by locking STX coins in a CityCoins-based smart contract. 30 percent of the STX sent by miners goes to a crypto wallet created for each city participating in the project. The remaining 70 percent can be used for earning STX and Bitcoin by stacking the coins.
Miami now can get funding in crypto that can be used by elected city leaders for improving the lives of Miami residents, according to the recent tweet of local pro-crypto mayor Francis Suarez.
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 🚀
— Mayor Francis Suarez (@FrancisSuarez) September 14, 2021
Funds that will directly impact the lives of all our residents! https://t.co/pcrY4PwD06
35 miners competing to produce MiamiCoin
Approximately $2,500 in Stacks is sent to Miami’s city wallet every 10 minutes. There are about 35 miners who are rivalling to mint MIA. The CityCoins project is working without a partnership with the Miami authorities, it is totally community sourced and is driven by the community too.
The MIA produced by the miners is transferred to the Miami wallet, according to the CityCoins author Patrick Stanley.
Stanley reckons that the city of Miami is going to make $50 million to $70 million from its MIA and the whole city, starting from the local homeless, is going to benefit from this.
As reported by U.Today earlier, this year, Miami mayor Francis Suarez allowed municipal employees to get paid in Bitcoin.