Two Month’s Into Launch and MiamiCoin Protocol Generates $10 Million for Miami City

By Bhushan Akolkar
Published October 8, 2021 Updated October 8, 2021
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Two Month’s Into Launch and MiamiCoin Protocol Generates $10 Million for Miami City

By Bhushan Akolkar
Published October 8, 2021 Updated October 8, 2021

It’s just two months since the launch of MiamiCoin (MIA), the native crypto for the City of Miami, and the protocol has already generated $10 million in revenue for the city. The MiamiCoin has been powered by CityCoin using its own programmable blockchain Stacks (STX).

The revenue numbers show the high mining activity for the MIA by the citizens of MIA. As per the official announcement, 30% of the recebnue through mining has gone to the City of Miami. Meaning, the $10 million is just 30% of the total revenue generate through MIA mining. All of these money should go towards the development of the City and the welfare of the people.

Miami mayor Francis Suarez deserves a praise for creating a new revenue stream for the city. Last week in a podcast with crypto evangelist Anthony Pompliano, Suarez said that the protocol holds the potential to completely offset the city’s tax budget. The rate of growth of MiamiCoin ecosystem and protocol has been phenomenal.

The Rapidly Growing Miamicoin Protocol

Pomplian explains that just three weeks back, the city of Miami started officially accepting donation from MiamiCoin’s ongoing protocol. Back then it had generated $4.3 million for the city. The Miami city generated an additional $6 million in just the last three weeks. He further adds:

Best of all, MiamiCoin is built on Bitcoin through a smart contract made possible by @stacks. If you’re building a new type of civilization, it makes sense to settle on to Bitcoin as a base layer and ultimate ledger of truth. Public, decentralized, and immutable.

Apart from this revenue, Pomp says that the City of Miami earns millions of dollars worth of BTC by “stacking” their earned STX and without taxing any single resident.

Miami mayor Francis Suarez has been much vocal about his support for Bitcoin and crypto. Amid the China ban on Bitcoin mining, Suarez came forward to attract Bitcoin miners and give them a base to setup operations.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
768 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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