MiamiCoin was the first of the CityCoins to launch in the US. These CityCoins are created to allow residents to mine the coins which generate revenue for the city and also for users.
The first of the CityCoins found great success which is leading to more cities opening up to creating their own coin.
MiamiCoin found solid success after the Mayor of Miami adopted and praised the coin for the revenues generated. In only a short few months the coin generated over $20m to the city of Miami and over $45m to miners. The Mayor has said that in one year’s time the coin will generate over $60m to the city.
The newly elected Mayor of New York announced on Twitter that he would like to see NYC become the home for Web 3, and welcomes innovation and technology.
This led to the announcement of the NYCCoin, which is now available for mining. While there is no official partnership between New York City and the NYCCoin, many speculate this will come as revenue begins to generate toward the city.
Users who mine CityCoins receive a percentage of the coin they mint. So, 70% of the revenue generated is given to the user and 30% is given to the municipality.
The rewards for the miners come in the form of MiamiCoins, or MIA, while the rewards generated for the municipality are in the token Stacks, or STX. Both can be converted to dollars.
The STX token has been an incredible opportunity for many. This token started out at around $0.21 per token and now sits at $2.30 per token. STX tokens are available on top exchanges such as Binance and Kucoin.
MIA on the other hand has been pretty stable between $0.22 and $0.25 since October. It is not as easily accessible and is only available on decentralized exchanges and OKCoin exchanges.
CityCoin is hopeful that NYC will adopt the new coin and bring further utility to STX. Mining has only just begun but many are curious if this coin will prove to be as successful as the popular MiamiCoin.
It is unknown what the city will choose to do with the revenue generated from the NYCCoin and there are wonders of the additional benefits from holding the city’s coin.