The mayor said that the Miami coin generates $2,000 for the city every 10 minutes

The Mayor of Miami, Francis Suarez, has been celebrating the success of a recent initiative that funds municipal projects through the proceeds of a city-specific encryption agreement built on Bitcoin.Bitcoin) Blockchain.

On September 13, the Commissioner of the City of Miami voted to accept funds generated by a new cryptocurrency, MiamiCoin, launched by CityCoins in August. The token is built on Stacks, which is an open source network composed of decentralized applications and smart contracts, using the Bitcoin blockchain as a programmable base layer.

The requirements hard-coded into the MiamiCoin protocol are 30% of all coins mined Is routed to the digital wallet designated for the city.These funds will Designated use Expenditures for projects such as mitigating the risks of climate change, programs to provide funds to poor communities, and investment in crypto education for technology entrepreneurs.

Fox Business estimated last week that about $2,500 of Stacks (STX) (worth $1.50 at the time) were transferred to the city’s wallet every 10 minutes. In an interview with Fox on September 20, Mayor Suarez confirmed this data, stating that mining revenue generated more than US$2,000 every 10 minutes, and that it “generated more than US$5 million in the past 30 days.”

When voting to accept the funds raised since August, the Miami City Council has not yet voted to use them. Instead, it accepted dollars equivalent to earnings and kept them as future municipal expenditures. Converting to fiat currency ensures that the city does not directly custody cryptocurrencies.In his fox interviewSuarez said of the initiative:

“This is very interesting because it is not an involuntary taxation, nor is it a charity, but a completely different thing that may completely change the way the government raises funds in the future.”

He added: “Theoretically, the city can generate enough tax through MiamiCoin so that our residents don’t have to pay a penny of tax.”

According to data shared by Antonio Delgado, vice president of innovation and technology partnerships, other indicators seem to indicate that Miami has attracted more technology job postings during the summer. Miami-Dade College:

related: Citizen participation and encryption: Miami launches its own digital coin

conform to Mayor Suarez’s numerous initiatives to support cryptocurrency, The Miami-Dade County Commissioner supported a resolution this spring to allow residents to use cryptocurrencies such as Bitcoin Pay local taxesIn February, the mayor proposed an official resolution that will make Bitcoin an acceptable payment tool for the city’s administrative departments. The committee agreed to study the feasibility of the proposal instead of taking immediate steps to implement the proposal.