NYCCoin mining activates November 10
NYCCoin mining is officially ready to be activated!
Now that the smart contract for NYCCoin has been deployed to the Stacks mainnet, it will take 20 miners to interact with the contract and activate the mining process. Once NYC mining is activated, no mining will occur for 150 blocks. All miners will be able to start mining new NYC tokens after the 150 block (~24 hour) countdown period.
How can you mine NYCCoin?
There are no pre-mines or ICOs involved with CityCoins like NYC and MIA, and no hardware requirements, meaning everyone has a fair chance to participate in NYCCoin’s mining process.
If you want to start mining NYCCoin, note that:
- You will need to download and install the Stacks Web Wallet, a browser extension for Chrome/Firefox that interacts with the Stacks blockchain
- You will need to fund your Stacks address with enough Stacks (STX) with the amount that you plan to use for mining NYCCoin.
- Once you have STX, all you need to do is transfer STX tokens to NYCCoin’s smart contract for a chance to earn new NYC tokens for a given block. These STX are a one-way transfer and will not be returned.
- Be sure to read the mining docs before participating in mining.
What can you do with CityCoins like NYCCoin?
New York City is a city of dreamers and builders. NYCCoin is meant to help enable a new era of open collaboration and value creation.
The opportunities are endless: anyone can leverage a CityCoin to incentivize behavior, grow collaboration, and initiate projects. Creators today are using CityCoins for things like minting NFTs, programming web3 apps and marketplaces, and fueling city-specific smart contracts. Cities themselves can experiment with new tools that enhance civic engagement like voting DAOs, or reward citizens from their protocol donation fund.
If you are new to CityCoins, you can also check out these resources to learn more about the project:
- Welcome to CityCoins: a quick snapshot of the CityCoins project, including mining & stacking.
- The Big Idea Behind CityCoins: an overview of CityCoins’ underlying vision and purpose.
- Why CityCoins is Powered by Stacks: a deep dive into CityCoins’ design.
A bright future for crypto in New York City
New York City’s newly elected Mayor, Eric Adams, wants NYC to be a global crypto hub, and NYCCoin is poised to be a foundational part of that vision.
After half a decade of anti-crypto regulations in New York, we believe it’s time for NYC to truly become a crypto city.
The growth of the CityCoins project requires involvement from everyone — not just miners. If you’re interested in making a difference, join chat.citycoins.co to meet the community, and feel free to contribute without asking for permission.
The community is growing rapidly and buzzing with excitement for NYC’s future!