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

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

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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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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