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Miami Made $5 Million Mining CityCoins


Key Takeaways Miami Mayor Francis Suarez announced today that the city has received its first payout from CityCoins. The first payment was $5.25 million in cryptocurrency; another $15.9 million remains in the city’s wallet. New York is also participating in the CityCoins project. The wallet currently has a balance of $20 million. Share this article Miami Mayor Francis Suarez announced today that the city has received its first cryptocurrency payout from CityCoins. city ​​to partner with an innovative project that creates resources for our city through innovation and not tax,” he wrote on Twitter. The wallet sending the transactions also contains an additional $15.9 million worth of crypto. It is unclear whether these apply to the city itself or to individual participants. Past statements suggest the funds will be split 30%-70% between Miami and its residents. CityCoins effort began in August. Miami’s decision to participate in the CityCoins project was first announced in August 2021. Early reports suggested that its participation could raise as much as $60 million. The city also received $7.1 million from CityCoins as an initial donation. CityCoins uses Proof-of-Work mining “recycled” from Bitcoin’s blockchain, meaning the effort is environmentally sustainable. The project is built on the Stacks network, a development layer for Bitcoin. CityCoins wants to expand its partnerships to other cities. New York City, under the administration of Mayor Eric Adams, notably expressed its intention to partner with the project last November. New York CityCoins wallet currently has a balance of $20 million. Both Adams and Suarez have also accepted certain salary payments in Bitcoin. Adams received his first Bitcoin salary on January 21. Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information contained on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. A Week in the Metaverse: Miami Art Week 2021 Reviewed Crypto Briefing explores the NFT and Metaverse events that coincide with Miami Art Week 2021. On the Ground during Miami Art Week Miami is a magical place during the winter months…. Mayor of Miami unveils plans for “Bitcoin revenue” to residents Miami Mayor Francis Suarez suggested in an interview this morning that a “Bitcoin revenue” for city dwellers is on the way soon. The Initiative Is Part Of Suarez’… FTX Is Likely To Get Name Rights To Miami Heat’s Arena Crypto exchange FTX Is Likely To Get Name Rights To Miami Heat’s Sports Arena, According To The Miami Herald. FTX Buys Stadium Rights In recent weeks, FTX has… What’s Rare: A DAO for NFTs Once dismissed as a crazy and expensive sector, NFT’s creators are giving access to global markets in a way never before possible, and it’s all thanks to blockchain.The well-known…
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