In just over a month, the city of Miami has generated $5 million from its new cryptocurrency. Now it’s up to the commissioners to decide how to spend it.
“We’re going to have conversations with the commission as more money is generated of what is the most effective means of using those funds,”
According to Miami Mayor Francis Suarez, who spoke to the Miami Herald.
“It’s a very, very new technology. We want to be safe. We’ve done significant due diligence, but we want to be abundantly careful.”
The funds are the outcome of MiamiCoin, CityCoins’ first and so far only coin. CityCoin is a cryptocurrency developer that collaborates with cities to create tokens that can be mined, stacked, borrowed, and lent.
When tokens are successfully mined, 30% of the $STX provided to the Stacks protocol by miners is put into a wallet allocated for Maimi.
The remaining 70% is set aside for miners to distribute or stack in exchange for rewards in $STX or bitcoin.
OKcoin is presently the only platform that allows you to trade MiamiCoin.
Although Miami does not officially promote the coin, commissioners agree to accept funds in the designated wallet.
ProChain Capital’s president, David Tawil, stated. “I think that it’s a very low-cost experiment to gain public support and momentum for a great cause,”
Suarez, who has long supported crypto adoption, is also interested in boosting mining prospects in South Florida. In recent weeks, he has been speculating on clean energy mining ventures, such as those powered by solar or nuclear energy, to promote his intentions for Miami to become America’s bitcoin and crypto centre.
“Unlikely, until Miami has notched some measurement of success. Maybe a few other cities that have vocally embraced crypto. Some places in Wyoming,” he said. “But, I would expect that Miami will be unique in its full-throated support for crypto generally for some time.”