Only two months after its launch, MiamiCoin (MIA), the native crypto for the city of Miami, has generated $10 million in revenue. The coin is powered by CityCoin, using its programmable blockchain stacks (STX).
The $10 million is an extra revenue stream for the city government that can be utilized to improve the city’s infrastructure.
High Mining Activity
Data has shown high mining activity for MiamiCoin by the citizens of Miami, with official estimates stating that 30% of the revenue that has been generated through mining has gone to the city of Miami. This means that the $10 million given to the city is just 30% of the total revenue that has been generated through MIA mining.
A New Revenue Stream For The City Of Miami
The credit for creating a new revenue stream for the city goes to Miami’s mayor, Francis Suarez. The mayor discussed MiamiCoin in a podcast with well-known crypto-evangelist Anthony Pompliano and stated that MiamiCoin and its protocol could potentially offset the city’s entire tax budget, with a phenomenal growth rate of the coin’s ecosystem and protocol.
Anthony Pompliano took to his Twitter handle to talk about MiamiCoin, stating that the city of Miami officially started accepting donations from MiamiCoin and its protocol only about three weeks ago, and it had generated $4.3 million for the city, and the further generated an additional $6 million.
Built On Bitcoin
Pompliano further elaborated on the infrastructure behind Miamicoin, stating,
“Best of all, MiamiCoin is built on Bitcoin through a smart contract made possible by Stacks. If you’re building a new type of civilization, it makes sense to settle on to Bitcoin as a base layer and ultimate ledger of truth. Public, decentralized, and immutable.”
He further added that apart from the revenue from MiamiCoin, the city of Miami also earns millions of dollars worth of BTC by stacking the STX it has earned, without needing to tax any resident.
Vocal Support For BTC
The mayor of Miami has been very vocal about his support for BTC and crypto in general. He has also announced plans to make Miami the cryptocurrency hub of the United States and has thrown his full support behind MiamiCoin, with projections that MiamiCoin could generate around $60 million in the coming year. Mayor Suarez has also proposed the idea that because of the city’s position as a crypto hub, Miami could eventually be Tax-Free for its residents.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.