Miami’s native crypto coin, MiamiCoin, reached a total income of $10 million. CityCoin’s programmable blockchain stacks are used to power MIA.
The government of Miami has gained these extra $10 million which can be used to improve the infrastructure of the city.
Big Interest in Mining
The city of Miami has been a witness to high mining activity by its citizens for their native crypto coins. It was reported that the city of Miami profited a good 30% of all generated revenue through mining. In other words, this sum of $10 million given to the city, represents only 30% of MIA mining’s entire revenue.
A New Way of Earning for Miami
Francis Suarez, the major of Miami, was the initiator of creating new ways to make money for the city. This originated in a podcast talk between the major and investor and entrepreneur Anthony Pompliano where they discuss Miami’s native coin.
With a significant growth rate of MiamiCoin’s protocol and ecosystem, MIA could regulate the city’s tax budget, states the major.
The conversation regarding MiamiCoin followed on Twitter where Anthony Pompliano used his account to tell that the City of Miami started embracing MiamiCoin, its protocol, and donations for about three weeks now. The city benefited a revenue of $4.3 million from it, with an additional $6 million on the way.
Powered by Bitcoin
MiamiCoin is built on Bitcoin, thanks to a smart contract by Stacks, explains Pompliano on the nature of the respected crypto coin. It is understandable to have a new coin powered by the leading cryptocurrency which is Bitcoin, as it includes the main elements of decentralization as well as immutability, adds Pompliano.
In addition to that, Miami also has a profit of millions of dollars worth of BTC by stacking the STX it has earned, all without the need to tax any of its residents.
BTC Getting Big Support
Miami’s major has embraced the crypto industry, being a firm supporter of not only Bitcoin but all types of crypto. He plans to make Miami the center of cryptocurrencies in the US and is especially fully supportive of MiamiCoin. Major Suarez predicts that Miami’s native coin could reach around $60 million of revenue next year. He even presented the idea of Miami turning into a tax-free place for its citizens resulting from its friendly approach towards crypto.
Also read: Ethereum Miners Holding Onto Their Record Levels of ETH, Not Willing to Sell