Miami Earned More Than $5 Million Via CityCoins Mining

Miami earned more than $5 million thanks to mining CityCoins as Mayor Suarez worked to make Miami the crypto capital in the United States so let’s read further in our latest cryptocurrency news.

Miami earned more than $5 million via mining the CityCoins as the Mayor announced today. The first payment amounted to $5.25 million of crypto and another $15.9 million remains in the city’s wallet. New York took part in the CityCoins project as well and its wallet now has a balance of $20 million. Francis Suarez as the Mayor of Miami said that the city recieved its first crypto payout from CityCoins. He said that the city got $5.25 million in crypto from its mining efforts within the CityCoins project:

“This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation.”

The wallet which sent the transactions holds another $15.9 million of coins but it is unclear whether those funds are for the city itself or for the individual participants. The statements in the past suggest that the funds will be split 30%-70% between the city and the residents. Miami’s decision to take part in the CityCoins project was initially announced back in 2021. Early reports show that the participants could generate about $60 million but the city also received $7.1 million from CityCoins as an initial donation.

CityCoins uses proof of work mining recycled from the Bitcoin blockchain which means that the effort is quite sustainable. The project is built on the Stacks network which is a development layer for BTC. CityCoins aims to extend the partnership to other cities as well. New York under the governance of Eric Adams also expressed intent to work with the cityCoins project last November. The city’s CityCoin wallet now has a balance of $20 million. Both Adams and Suarez accepted their paychecks in Bitcoin and Adams recieved the first BTC paycheck at the end of January.

As recently reported, Miami has a vibrant nightlife and great weather whcih draws plenty of people to it but the reason why most companies choose it is because it offers really great conditions for crypto businesses. Cryptocurrencies are seen by many as the future of finance and Miami is strongly trying to become the world’s crypto capital in a direct threat to New York’s status as the financial hub but threatened the city’s dominance in finance.