The Kreative Group

It’s hard to imagine a city embracing cryptocurrencies more than Miami is right now. Miami officials should first have worked out how the coin will be used, how ordinary Miami residents can buy it, and how they benefit from mining and staking (or stacking) the coin. Only then would it make sense to launch the cryptocurrency — and not before.

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What’s MiamiCoin?

MiamiCoin is a cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin. But what we didn’t see coming was that the city would launch its own cryptocurrency. The goal here is to use the digital currency to help raise money for city initiatives. And in the process, the city hopes to lure in entrepreneurs and generate a new tech boom.

It’s safe to say that most crypto investors aren’t prone to getting into the mining process. But it does make sense when paired with Miami’s long-term vision for nurturing a robust tech industry… While making a little money in the process. In fact, city officials hope this experiment will generate millions in annual revenue for the city. This January, Stacks announced it had completed the process to become a cryptocurrency and that U.S. exchanges could now trade STX. Miners can compete to mine MiamiCoin by forwarding STX to a Stacks smart contract, at which point the block winner will be chosen at random weighted by the amount of STX forwarded.

Anyone can mine MiamiCoin, program MiamiCoin via smart contracts, and even earn BTC from the protocol as it gets more usage. MiamiCoin is a new way for developers to create applications and experiment with innovative use cases. MiamiCoin provides an ongoing crypto revenue stream for the city, while also earning STX for MIA holders. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn BTC through the Stacks protocol. Mining MiamiCoin is performed by forwarding STX tokens into the smart contract in a given Stacks block, and is a one-way process.

• Miami will be the first city to have its own coin, which is being created in partnership with a company called CityCoins.
• Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment.
• Now, Miami has snatched the crypto headlines once again as it launches its own digital currency, MiamiCoin (MIA).
• This reward comes from the remaining 70% of forwarded STX tokens generated from Miami Coin miners.

As mentioned, you’ll need to send your STX tokens to Miami Coin’s smart contract. What happens next is similar to participating in a raffle. After submitting your STX tokens, you’ll be competing with others to mine Miami Coin, which can be can be held to earn either STX or BTC (Bitcoin) rewards. Participants with the most tokens have a better chance of winning. However, Miami Coin is different from Dogecoin mining, which is biased toward owners with top-of-the-line hardware.

Now you have the option to either mine for one block (in other words, you place a bid once). For the sake of simplicity and brevity of this tutorial, we’ll move forward with the “Mine one block” option. It will take several minutes before STX hits your Stacks Wallet, so don’t fret if it doesn’t come right away. Once your STX has hit your Stacks Wallet, it’s time link your wallet to the Miami Coin platform.

The Gold Bug

Unfortunately, it couldn’t be traded on U.S. cryptocurrency exchanges. CityCoins are powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. Stacks is an interesting project because it sits on the Bitcoin platform and has smart contract capabilities.

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The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. If Miami Coin congeals as an important revenue for the city, a substantial risk may emerge, Subramanian says. Entities and cliques who bought Miami Coin at a low price could amass major influence. As with any investment, be sure to take proper risk management before investing in highly speculative assets like Miami Coin and other cryptocurrencies.

Has the city of Miami partnered with CityCoins?

Over 20 years ago and has been contributing to The Ascent since 2019. There are guides to manage an unofficially supported ERC-20 token on Ledger and Trezor. You will need to connect your Ledger or Trezor to MyEtherWallet or MyCrypto.

I’ll admit to being cautious about MIA, and not because of its unfortunate acronym. Most crypto investors have a healthy fear of coins that might go missing in action. Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment.

MiamiCoin

The MiamiCoin treasury consists of STX, which is sent by miners when they forward the funds to a Stacks smart contract for the right to compete in a mining competition. 100% of the STX forwarded by miners makes its way into the city treasury. Miami has long been a center of culture and innovation vantage fx overview in the States. In the last few years, we have witnessed it take center stage as a technical powerhouse among major US cities, particularly in the realm of crypto and blockchain technology. Theoretically, there is no end in sight for how much revenue the city’s Miami Coin can bring in.

Miami Coin was borne from a partnership with CityCoin – an outfit that is planning to help launch a spat of municipal-based cryptocurrencies. In the case of $MIA, 30% of the revenue generated will be forwarded directly to the city’s wallet. The way this coin will split earnings is similar to the way SafeMoon crypto works. Those that sell it pay a small commission that gets split between users while the rest gets added to the liquidity pool. That being said, don’t set your heart on buying this new crypto just yet.