MiamiCoin to generate Bitcoin for Miami residents
Miami Mayor Francis Suarez announced an exciting development in MiamiCoin: the city will give Bitcoin generated by MIA back to residents.
CityCoins benefit city residents
MiamiCoin, the world’s first CityCoin, was activated just a few months ago. The proceeds generated for the City of Miami are already approaching $30 million in value.
Now some of that value will flow back to residents.
How does MiamiCoin generate BTC for it's residents?
- CityCoins miners send STX for a chance to earn CityCoins
- 30% of STX goes to a city's reserved wallet
- The STX in the city's reserved wallet can be Stacked to generate Bitcoin
While there are still details to be determined, Mayor Suarez told CoinDesk that the city will be creating digital wallets for Miamians and working with exchanges to deliver Bitcoin to them.
This is a huge milestone not just for MiamiCoin, but for both crypto and financial policy making: A real, positive-sum outcome directly benefiting citizens, all powered by CityCoins. We applaud Suarez for his creative thinking.
Miami as a crypto capital
Mayor Suarez has repeatedly stated that he wants to establish Miami as the world’s crypto capital. MiamiCoin has been an integral part of that, alongside other wins including the city attracting companies like eToro and Blockchain.com to set up headquarters in Miami, relocating the Bitcoin Conference (the world’s largest BTC conference) to Miami, and recently negotiating a $200 million sponsorship with the FTX exchange for naming rights for the county’s arena.
“We’re trying to create a comprehensive Bitcoin and crypto ecosystem so that we can grab the mantle of the most crypto-friendly city in the US,” Mayor Suarez told CoinDesk.
Generating BTC for residents isn't the only way Miami could leverage their crypto treasury: Mayor Suarez pointed out that annualizing the (then) $21 million Miami had already earned from the MiamiCoin protocol lands somewhere around US$80M—almost 20% of Miami’s entire yearly tax revenue.
If MiamiCoin's growth continues, perhaps there’s a future in which all of the city's budget is covered by MIA, making Miami the first US city to run without taxes.
As NYCCoin and other CityCoins come online, more cities across the world are seeing the benefits of CityCoins. Mayor Suarez is leading the way for a new generation of forward-thinking leaders.