The requirement that 30% of mined coins get routed into a digital wallet allocated for the city is hard-coded in the protocol of MiamiCoin. The funds will be allocated to programs such as climate change risk mitigation projects, support efforts for impoverished communities, and investment in technical entrepreneurs’ crypto-education. Last week, Fox Business reported that about $2,500 in Stacks (STX) were transferred to the municipal wallet every 10 minutes at the value of $1.50. Mayor Suarez verified the amount of the ballpark in an interview with Fox on September 20, saying that mining revenues had been generated at over $2,000 every 10 minutes and almost $5,000 over the previous 30 days.
The Miami City Commission has not voted to use the cash gathered since August. Rather, it will take and keep the equivalent USD of the revenue reserved for future municipal expenditure. Conversion to fiat currency guarantees that the city does not directly custodial cryptocurrencies. Suarez remarked about the idea in his interview with Fox: It wasn’t a forced tax, it wasn’t philanthropy, it was something different, and it may change the way governments are supported in the future.
Theoretically, it is feasible for the city to earn enough revenue via MiamiCoin to keep our people from paying a penny tax, he continued. According to information provided by Antonio Delgado, Vice President of Innovation and Technology Partnerships at Miami Dade College, further indicators seem to show that Miami attracts more technical jobs over the summer. He stated #Florida is the number one state with the most growth in technology jobs, and #7 in AI posts from 8/2020 to 7/2021. See #Miami in the Top 10 for changes in #tech jobs in urban regions is even more important. #MiamiTech will go more and MDCollege will be ready!
Following many pro-crypt actions of Mayor Suarez, a commissioner from the Miami-Dade County supported the resolution earlier this spring to let citizens pay local taxes using encrypted currencies such as Bitcoin. The Mayor presented an official resolution in February which would make Bitcoin in different areas of the municipal government an accepted payment mechanism. Instead of taking immediate steps to implement, the Commission decided to investigate the viability of the idea.
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