The MiamiCoin project sets apart 30% of miner rewards for the city
The US city of Miami has accepted a $4.5 million crypto fund donated in the form of new cryptocurrency coin MiamiCoin, according to CityCoins and as reported by local news outlets.
According to the news reports, the city’s commissioners voted to accept the crypto contributions on Monday, with the funds now ready for use in several designated city projects.
The city’s Mayor Francis Suarez applauded the commissioners for giving the initiative a nod.
The Mayor added that the vote to accept the funds represented “a major milestone in Miami’s quest to become a crypto innovation hub”. According to him, the money withdrawn from the crypto wallet will be used to change lives across the city.
In an interview quoted here, Suarez said the cryptocurrency’s decision to fundraise for the city shows how the crypto community views Miami. He added that the leadership would now consult on how to utilise the funds, adding that their next steps would “be abundantly careful”.
Entrepreneur and investor Anthony Pompliano noted that the vote to accept the funds represented a milestone for crypto.
What is MiamiCoin?
MiamiCoin is a mineable cryptocurrency that runs on top of Bitcoin and has seen increased interest around Florida as miners seek to be part of the crypto-funded development projects.
Miners contribute 30% of their mining rewards to a wallet earmarked for Miami, with the value of the coins then determined in relation to the market value of the Stacks (STX) token.
In the past month, the project has raised over 3 million MiamiCoins. Going by the STX value of $1.50, the funds were worth around $4.5 million at the time the Commissioners voted.
But CityCoins later updated the amount, stating that the funds were now over $5 million.
“Just broke $5,000,000 reserved for Miami. At the current rate MiamiCoin will offset 5-7% of the City of Miami’s annual budget,” the platform said.
CityCoins expects the funds to keep increasing.