City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High – Altcoins Bitcoin News


Whereas Miami’s mayor Francis Suarez advised the general public he was a giant believer in bitcoin and has accepted his pay in bitcoin, on the identical time, a crypto coin referred to as miamicoin (MIA) was launched. The Miamicoin undertaking’s aim was to provide Miami’s “residents and supporters the facility to assist, enhance and program the Magic Metropolis.” Nonetheless, after reaching $0.05 per unit on September 20, 2021, the crypto asset miamicoin has shed greater than 88% in worth in opposition to the U.S. greenback.

Metropolis of Miami Receives First Disbursement From Miamicoin Venture Totaling $5.25 Million

A brand new coin referred to as miamicoin (MIA) goals to profit the Sunshine State’s bustling metropolis because it rewards holders through the Stacks protocol. Miamicoin was constructed utilizing the Stacks protocol, a smart-contract community constructed on prime of the Bitcoin (BTC) blockchain. In December 2021, Francis Suarez spoke with Bloomberg Tv and he defined he was searching for to increase using crypto belongings throughout the town of Miami. Months later, on February 2, 2022, Suarez advised the general public that the Metropolis of Miami acquired its first-ever MIA disbursement from the undertaking, totaling $5.25 million.

“I’m so excited to announce that the [City of Miami] has acquired its first-ever disbursement from [City Coins] totaling $5.25M,” Suarez tweeted. “It is a historic second for our metropolis to collaborate with an progressive undertaking that creates sources for our metropolis by way of innovation, not taxation.”

City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High
Screenshot from the Miamicoin net portal.

Following the mayor’s statements, the pc scientist, web entrepreneur, and co-founder of Stacks, Muneeb Ali, replied to the Miami mayor’s tweet and stated: “Another excuse to maneuver to Miami.” The pinnacle of development at Stacks, Patrick Stanley, additionally tweeted in regards to the disbursement, and stated that that is just the start.

“Miami goes to do quite a lot of social good with their first $5,250,000 protocol donation from miamicoin,” Stanley stated. “Whereas that is just the start of civic-minded crypto, I’m grateful to be part of this neighborhood.”

The Stacks government added:

We aren’t left, we aren’t proper, we’re ahead.

Miamicoin Has Misplaced 88% in USD Worth Since ATH, Philadelphia ‘Is Able to Proceed’ With Phillycoin

In the meantime, miamicoin could be staked and there’s a circulating provide of 936,606,380 MIA cash right this moment, and a complete of three,843,950,000 could be mined into existence. Reportedly, whereas miamicoins are generated through staking, 30% of the rewards go to the town. Over the past 24 hours, the value vary of miamicoin has been between $0.00630587 and $0.00692345 per MIA.

That worth is down 88.4% for the reason that crypto asset’s all-time excessive (ATH) at $0.055200 per unit 5 months in the past on September 20, 2021. Whereas most different crypto belongings have managed to rebound from the lows, miamicoin (MIA) has not been in a position to soar again as the value stays consolidated.

City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High
MIA/USD chart through Okcoin information on February 10, 2022, at 10:00 a.m. (EST).

In response to Coingecko.com stats, Okcoin is essentially the most lively MIA alternate as a result of it’s the one alternate that gives MIA trades. Okcoin’s MIA pairs embrace BTC, USD, and STX, and right this moment’s metrics point out that USD is essentially the most dominant buying and selling pair with MIA, capturing 95.87% of all swaps.

USD/MIA trades are adopted by STX with 2.82%, and 1.31% of MIA trades are settled in bitcoin (BTC). With just one alternate, and solely $210,951 in 24-hour quantity over the last day, MIA is pretty illiquid among the many myriad of cash accepted by a wide-variety of retailers and crypto alternate platforms.

Whereas miamicoin (MIA) continues to flounder, the undertaking that launched the crypto asset, Metropolis Cash, has plans to launch extra metropolis cash in Philadelphia and New York. In response to the New York web site, individuals can begin staking cash however the net portal asks the customer to depart an e-mail tackle for additional correspondence. Reportedly, Philadelphia is able to start its Metropolis Cash-backed crypto asset launch. “Philly is able to proceed,” the town of Philadelphia’s chief info officer Mark Wheeler stated final week.

Tags on this story

88% down, ATH, Bitcoin, Metropolis Cash, Metropolis of Miami, crypto exchanges, disbursement, Florida, Francis Suarez, Francis Suarez bitcoin, Francis Suarez Miamicoin, Illiquid, Mark Wheeler, MIA, miamicoin (MIA), Muneeb Ali, ny, OKcoin, Patrick Stanley, Philadelphia, Phillycoin, Stacks, Stacks protocol, staking, Staking MIA, USD

What do you concentrate on miamicoin’s market dropping 88% decrease than the asset’s ATH? What do you concentrate on the Metropolis Cash-backed crypto belongings constructed on prime of Stacks? Tell us what you concentrate on this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising right this moment.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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