Miami Residents to Get Dividends In Bitcoin From the Proceeds Generated from MiamiCoin

On Thursday, November 11, Miami mayor Francis Suarez made a massive announcement stating that the city aims to become the first in its residents Bitcoins in the form of dividends through the proceeds generated through its native cryptocurrency MiamiCoin.

The crypto-friendly Miami mayor Suarez launched the MiamiCoin earlier this year in August 2021. By early October, the mining activity for MiamiCoin already generated more than $20 million in revenue for the city.

Suarez said that he is now going to pledge a percentage of this amount as a yield in Bitcoin to its city residents. “The yield will be approximately somewhere in the vicinity of a million dollars or more and we are going to distribute that to Miami residents,” said Suarez.

The city officials will also work towards figuring out how to exactly identify and verify Miami residents and where to store this virtual money. “We’re going to have a digital wallet mechanism where we can drop the money into their digital wallet,” said the Miami Mayor. “Our residents don’t have to do anything; they don’t have to pay for anything there’s no risk -they’re just going to get money and I know it sounds weird because no one’s ever done it,” he added.

As said, Miami has been at the forefront of the crypto craze. Besides, Miami mayor has been quite active in making the city a crypto hub. During the China on bitcoin mining, Miami mayor was instrumental in swaying a lot of Bitcoin miners. Besides, the mayor was also active in catering to the industry shift towards green mining solutions.

Considering the fact that the MiamiCoin has generated $20 million revenue in just three months, the annualised revenue would stand somewhere around $80 million. This is one-fifth of the $400 million of the city’s annual tax revenue.

Further explaining an interesting link between the MiamiCoin and Bitcoin, the city mayor said: "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”.

Transferring Bitcoin dividends to all city residents isn’t going to be easy considering the technical challenges of doing it. Miami mayor Francis Suarez said that he would tap companies and crypto exchanges to set up wallets for the recipients. This would also involve the large-scale exercise of registrations and verifications.

The Miami mayor has already announced that he would be accepting 100% of his next pay check in Bitcoin. Following his, NYC’s new mayor elect Eric Adams announced accepting three pay checks in BTC.