Miami Has Earned $5 Million Through Mining CityCoins

Key Takeaways

  • Miami mayor Francis Suarez announced today that the city has received its first payout from CityCoins.
  • The first payment amounted to $5.25 million of cryptocurrency; another $15.9 million remains in the city’s wallet.
  • New York is also participating in the CityCoins project. Its wallet currently has a balance of $20 million.

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Miami mayor Francis Suarez announced today that the city has received its first cryptocurrency payout from CityCoins.

Miami CityCoins Received

Suarez said that the city received $5.25 million in cryptocurrency from its mining efforts within the CityCoins project.

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“This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation,” he wrote on Twitter.

The wallet sending the transactions also holds another $15.9 million of crypto. It is unclear whether those funds are for the city itself or for individual participants. Earlier statements suggest that 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 generate 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 that the effort is ecologically sustainable. The project is built on the Stacks network, a development layer for Bitcoin.

CityCoins aims to extend its partnerships to other cities. New York, under the governance of mayor Eric Adams, notably expressed his intent to work with the project last November. New York’s CityCoins wallet currently has a balance of $20 million.

Both Adams and Suarez have also accepted certain paychecks in Bitcoin. Adams received his first Bitcoin paycheck on Jan. 21.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

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