MiamiCoin generated $ 2 every 10 minutes for the city

MiamiCoin raised $ 2 every 10 minutes for the city - 47OK7YM4FJHQZCUIIFUGLKKMPUMiami Mayor Francis Suarez celebrated the success of a recent initiative to fund municipal projects through the proceeds of a city-specific cryptographic protocol built on the Bitcoin (BTC) blockchain.

What is MiamiCoin

On September 13, Miami City Commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, launched in August by CityCoins. The coin is built on Stacks, an open source network of decentralized apps and smart contracts that use the Bitcoin blockchain as a programmable foundation layer.

Hardcoded in the MiamiCoin protocol is the requirement that 30% of all mined coins be routed to a designated digital wallet for the city. These funds will be earmarked for spending on projects such as projects to mitigate the risks of climate change, funding initiatives for disadvantaged communities, and investments in crypto education for tech entrepreneurs.

Fox Business estimated last week that about $ 2.500 worth of Stacks (quotation STX) at its value of $ 1,50 were transferred to the city wallet every 10 minutes. In an interview with Fox on Sept. 20, Mayor Suarez confirmed the ballpark figure, stating that mining proceeds have generated over $ 2.000 every 10 minutes and "over $ 5 million in the past 30 days."

No more taxes in Miami?

In voting to accept the funds raised since August, the Miami City Commission has not voted to spend it, at least not yet. Instead, he has accepted the dollar equivalent of the proceeds and will keep them in reserve for future municipal expenses. Converting to fiat currency ensures that the city does not directly hold the cryptocurrency. In his interview with Fox, Suarez said of the initiative:

"It's interesting because it's not an involuntary tax, it's not philanthropy, it's something completely different and it could revolutionize the way governments are financed in the future."

He added: "It is theoretically possible that the city could generate enough taxes through MiamiCoin so that our residents no longer have to pay a dime in tax."

Other metrics seem to indicate that Miami attracted more tech jobs over the summer, according to data shared by Antonio Delgado, vice president of partnerships for innovation and technology at Miami Dade College:

“It's great to see #Florida as the # 1 state with the highest growth in tech jobs and # 7 in AI jobs from 8/2020 to 7/2021. It's even better to see #Miami in the Top 10 for #technology jobs as posts change in metropolitan areas. #MiamiTech is trying to do more and @MDCollege is ready! "

In line with Mayor Suarez's many pro-crypto initiatives, a Miami-Dade County commissioner backed a resolution this spring that aims to allow residents to use cryptocurrencies such as Bitcoin to pay local taxes. The mayor had proposed an official resolution that would see Bitcoin become an acceptable payment tool in various parts of the city government in February. The commission agreed to study the feasibility of the proposal rather than take immediate action to implement it.