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Miami, one of the most crypto-friendly cities in the United States, is getting its native digital currency MiamiCoin (MIA). The announcement comes within two months of Miami conducting its Bitcoin conference.
Miami Mayor Francis Suarez has been much vocal about his support for Bitcoin and the overall cryptocurrency technology. The Mayor has initiated several crypto-friendly measures while attracting miners and other players from the crypto industry.
Today @JoinFreehold and members of the Stacks community are announcing CityCoins (https://t.co/y1GN8LjGNy) with MiamiCoin ($MIA) being the first CityCoin.
CityCoins let you invest in your favorite city while earning for yourself.
Here’s how: 🧵👇
— patrickwstanley.btc (@PatrickWStanley) June 2, 2021
The Miami Mayor noted that the MiamiCoin will further help the city in enhancing its “tech ecosystem”. To accomplish this project, the Miami administration joined hands with CityCoins.
The reason for choosing CityCoins is that it also allows users to mine coins of their favorite city. CityCoins allows users to generate two types of cryptocurrencies – Bitcoin (BTC) and stack tokens (STX). This will allow miners to divert their funds to the treasuries of specific cities.
Working of MiamiCoin
As said, CityCoins has built the MiamiCoin using its own programmable blockchain Stacks (STX). Starting Tuesday, August 3, users on the blockchain can start mining the MIA coins.
However, 30% of the revenue generated through mining shall go to Miami. The city will use these funds in further projects for its welfare and overall development.
Interestingly, on the remaining 70%, owners of MiamiCoin (MIA) can lock the remaining 70% to earn rewards in BTC and STX. Local news publication The Miami Herald was the first to discuss this coin last month. Explaining the use of MiamiCoin (MIA), Michael Sarasti, Miami’s chief information officer and its director of innovation and technology said:
“We could use it for roads, parks, regional resilience — the idea is [MiamiCoin users] are making an investment in the quality of the city’s future. They’re betting on Miami to be successful, and from a holder perspective, when Miami does better, their coin does better.”
Speaking to Fox Business last month, Maimi Mayor Francis Suarez said that this is a win-win for all stakeholders and can potentially bring millions of dollars in revenue for the city. He further added:
“Miami has now become … the bitcoin capitol of the world, and we’re focusing on differentiating our economy by creating the new wave of technological products that will incentivize people to move to Miami and be part of our tech ecosystem”.
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