MiamiCoin generates $ 2K for the city every 10 minutes, Mayor says

(MiamiCoin) Miami Mayor Francis Suarez celebrated the success of a recent initiative to fund urban projects with revenue from a city-specific cryptocurrency protocol built on top of the Bitcoin (BTC) blockchain.

On September 13, Miami City Commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, launched by CityCoins in August, a coin powered by Stacks, an open source network of decentralized applications and smarter Contracts that uses the Bitcoin blockchain as a programmable base layer.

Hardcoded into the MiamiCoin protocol is a requirement that 30% of all coins mined be transferred to a city-specific digital wallet. These funds will be used for projects such as climate change reduction projects, funding initiatives for disadvantaged communities and investments in electricity education.

Fox Business estimated last week that about $ 2,500 of stacks (STX), valued at $ 1.50 at the time, would be transferred to the city’s wallet every 10 minutes. In an interview with Fox on Sept. 20, Mayor Suarez confirmed the ballpark numbers, saying that mining is making more than $ 2,000 every 10 minutes and “more than $ 5 million in the last 30 days.”

When it voted to accept the funds raised since August, the Miami City Commission has not yet voted to spend them. Instead, it accepts USD equivalents and keeps them available for future editions by the city. The switch to fiat currency ensures that the city does not deposit cryptocurrencies directly. In an interview with Fox, Suarez spoke about the initiative:

“It’s exciting because it’s not an involuntary tax, it’s not a charity, it’s something completely different and could revolutionize the way governments are funded in the future.”

He added, “The city could theoretically generate enough taxes through MiamiCoin that our residents don’t have to pay a penny in taxes.”

Other metrics seem to suggest that Miami has attracted more tech jobs over the summer, according to data from Antonio Delgado, vice president of Technology Partnerships and Innovation at Miami Dade College:

Related: Civic Engagement and Cryptocurrency MiamiCoin: Miami Reveals Its Own Digital Coin

In line with Mayor Suarez’s many pro-crypto initiatives, a Miami-Dade County commissioner backed a resolution this spring to allow residents to use cryptocurrencies like Bitcoin to pay local taxes. The mayor proposed a formal solution in February that would make Bitcoin an accepted form of payment in various parts of the city government. The committee agreed to examine the feasibility of the proposal instead of taking immediate steps to implement it.