The community activation of mining for MiamiCoin is live, and the coin will soon be available for trading on Okcoin.
In a press release Tuesday, CityCoins announced the launch of its first token to hit the market. MiamiCoin ($MIA) mining has started and will soon be available to buy, sell or trade on cryptocurrency exchange Okcoin.
CityCoins says that “Now that the contract for MiamiCoin has been deployed to the Stacks mainnet, miners may activate the mining process. Once activated, all additional miners will be able to mine $MIA after a 150 block (~24 hours) countdown period.” The coin is designed to help bolster city funding in Miami. The money will be used to update or build new roads and parks along with regional resilience.
According to CityCoins, anyone looking to participate in $MIA mining and stacking needs to download the Stacks web wallet and get Stacks (STX) from Okcoin. No additional hardware is required to mine $MIA. To mint new tokens, “transfer STX tokens to MiamiCoin’s smart contract for a given block.”
MiamiCoin is the first CityCoin to launch, but the company has signed a deal with San Francisco as well, which will be next to debut down the road. The project was pushed by Miami Mayor, Francis Suarez, who has been a vocal supporter of cryptocurrency. The mayor states that holding $MIA is an investment in the city’s future.
$MIA available on Okcoin
At the time of launch, Okcoin will be the only cryptocurrency platform offering the sale or trade MiamiCoin. $MIA will be available for those living outside the UK, EU, Singapore, and Brunei. Deposits, trading, and stacking features will be rolled out over the next couple of weeks.
Okcoin states that 30% of the STX spent by miners is forwarded to a reserve wallet that benefits the city of Miami. The remaining 70% is gifted to Stackers who qualify based on the number of reward cycles they’ve locked in.
Speaking to BeInCrypto, CMO of Okcoin Haider Rafique said, “For cryptocurrencies to achieve true mainstream adoption, they need to have clear utility with a real-world impact. CityCoins has created an ecosystem that anyone can join and mine from day one while offering a financial asset that will drive civic engagement in cities they care about.” Rafique adds “We’re also seeing a lot of demand from our customers for assets tied to Bitcoin. I believe MiamiCoin’s success will help usher in more municipalities to adopt their local CityCoin as Bitcoin is the most secure network and the crypto the general public are most comfortable with.”