Miami To Distribute Gains From MiamiCoin To Its Residents

In an exclusive interview with CoinDesk TV, Miami Mayor Francis Suarez announced that residents of the city who are staking their MiamiCoin would get dividends in the form of "Bitcoin yield" directly into their wallets.

MiamiCoin mining began on Aug. 2 and Mayor Suarez plans to expand this CityCoins project. "We're going to be the first city in America to give a bitcoin yield as a dividend directly to its residents," Suarez told CoinDesk TV on Thursday.

The staking of any CityCoins project is based on Stacks (STX), a protocol that deploys smart contracts on the Bitcoin network. When miners forward their STX tokens into these smart contracts, they get MiamiCoins (MIA) as rewards.

"MiamiCoin is based on the stacks protocol that stacks on the bitcoin blockchain, so there are all kinds of nexuses and involvement between one and the other," said the Mayor.

Out of the total rewards generated, 30% will be sent to the city wallet and converted into USD. Suarez further revealed that the Miami City wallet has accumulated $22.8 million through this process, which annually equals a rough estimate of $80 million, one-fifth of the annual tax collected.

According to Mayor Suarez, profits generated from the staking and mining of MiamiCoins will be converted and dished out as free Bitcoins to the people participating in the process and hence the name, 'Bitcoin yield.'

The City of Miami is also working on providing every resident with an active crypto wallet after a validation process, helping them gain exposure to the process. The City plans to work with several cryptocurrency exchanges and build the proper resources needed for large-scale verification and registrations to implement this plan.

In a similar move, New York City's Mayor-elect Eric Adams also brought the CityCoins project to New York, launching the NYCCoin. Mayor-elect Adams has been rivaling with Mayor Suarez on his pro-crypto propaganda. The two have even announced their plans on taking their paychecks in Bitcoin and helping citizens to do the same.