Miami’s Pro-Crypto Mayor to Distribute Profits From Bitcoin-Based MiamiCoin Among Residents

Francis Suarez believes that if his city’s native crypto coin keeps making multi-million profits, the tax needs of the town could be entirely covered.

By Radhika Parashar | Updated: 12 November 2021 11:34 IST

Miami’s Pro-Crypto Mayor to Distribute Profits From Bitcoin-Based MiamiCoin Among Residents

Staking MiamiCoin said to have generated over $22 million (roughly Rs. 163 crore) in profits

Highlights

Miami residents may soon get new crypto wallets to store crypto coins
MiamiCoins will be deposited for free in these wallets
Mayor Francis Suarez plans to cover city taxes with MiamiCoin profits

The inhabitants of US' beach-town Miami will soon get Bitcoin dividends into crypto-wallets free of cost. Francis Suarez, the mayor of Miami is working on a project to get crypto wallets for everybody in the city and distribute 'Bitocin yield' by converting its MiamiCoin proceeds. Based on the Bitcoin network, MiamiCoin was launched exclusively for the residents of the beach-town in September this year. Suarez now plans to share the profits from MiamiCoin with his wards.

Suarez revealed about this project while being interviewed for a television show. Later, the official Twitter handle of Miami's 44-year-old mayor also confirmed the development on the micro-blogging platform.

More news on @CityofMiami being the first city in the world to give a Bitcoin dividend based on @MiamiCoinWallet yield to follow…Miamians get ready! @APompliano @jack @elonmusk @tyler @cameron @brian_armstrong https://t.co/WN5RW0d5Uc
— Mayor Francis Suarez (@FrancisSuarez) November 11, 2021

Staking MiamiCoin has generated over $22 million (roughly Rs. 163 crore) in profits, as per the information on the webpage of MiamiCoin City Wallet.

The reserve wallets of MiamiCoin are converted into US Dollars as per the directions from city officials. As per a report by CryptoPotato, Suarez believes that if his city's native crypto coin keeps generating such multi-million profits, the tax needs of the town could be entirely covered without the residents having to empty their pockets.

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The tech behind MiamiCoin is supported by a start-up called CityCoins, while the administrative and political angles are managed by the administrative departments of the beach-town.

As per CoinMarketCap, a single token of the MiamiCoin is presently priced $0.02388 (roughly Rs. 1.78).

In a bid to reduce the carbon footprint of Bitcoin mining, Suarez is facilitating the process from near a nuclear power plant in Florida state.

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Next year in April, Miami will be hosting a mega crypto event called “Bitcoin 2022”. As per its official page, this will be world's largest conference focused on world's most-valued cryptocurrency, Bitcoin, which was trading at around its recently marked all-time high of $70,286 (roughly Rs. 52.3 lakh) as per the Gadgets 360 tracker at the time of writing.

Inspired by the MiamiCoin, more cities in the US are exploring the launch of their native crypto coins.

New York City's Mayor-elect, Eric Adam has recently announced that NYCCoin will be the next city token to be launched. CityCoins start-up will be facilitating this token.

City tokens are programmable tokens that serve to become an additional revenue stream for local governments through residents' mining of the tokens. Those who run the software earn a percentage of the coins they mint.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Miami, MiamiCoin, Bitcoin, CityCoin, Francis Suarez

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More