The city of Miami has received its first cryptocurrency dividend from CityCoins, according to Mayor Francis Suarez. The city acquired $5.25 million in cryptocurrencies as a result of its CityCoins mining activities.
Suarez remarked on Twitter,
“This is a historic occasion for our city to partner with an innovative enterprise that develops resources for our city through innovation, not taxation.“
Another $15.9 million in cryptocurrency is held in the wallet that is sending the transactions. It’s unclear whether the money will go to the city or to individual participants. According to previous comments, funds will be distributed 30–70% between Miami and its citizens.
In addition, CityCoins made an initial payment of $7.1 million to the city. CityCoins employs “recycled” Proof-of-Work mining from the Bitcoin network, ensuring that the effort is environmentally friendly. The project is based on the Stacks network, which is a Bitcoin development layer. CityCoins intends to expand its collaborations to other cities. Last November, the mayor of New York, Eric Adams, made it clear that he wanted to engage with the project. The CityCoins wallet in New York currently has a balance of $20 million.
