NYC Will Have Its Own CityCoin – NYCCoin Mining Starts This Week
New York City’s Mayor-elect Eric Adams last week said he wanted the city that he will soon run to have its own CityCoin, a cryptocurrency project that allows people to invest in a city by buying tokens.
Miami was the first city in the United States to launch its own CityCoin, MiamiCoin, back in August 2021. New York City will soon follow the suit, CityCoins announced in a blog post today. The new crypto asset will be called NYCCoin, and users will be able to mine it from Wednesday.
It’s official: CityCoins are coming to the Big Apple ?
Last week, NYC’s Mayor-elect @ericadamsfornyc said that he wants to have a CityCoin for NYC like Miami's.
This week the CityCoins community is responding by activating NYCCoin mining!https://t.co/F07myLEyjF
“Over the past decade, New York City has emerged as a leading tech hub, and the city has done an incredible job at cementing itself as an innovation center.
CityCoins is designed to leverage New York City’s energy, creativity, and entrepreneurial zeal for the city’s benefit.
It will be exciting to see what New York City does with NYCCoin.”
NYCCoin works like this: people support their city by buying or mining the cryptocurrency. Funds are then diverted to the city’s treasury and it is up to the local government how it will be spent.
The idea is that mayors use the funds in the treasury to spend on the city’s infrastructure. And those who invest are rewarded in Bitcoin or Stacks, which is the native cryptocurrency of the protocol used to build things on the Bitcoin blockchain.
NYCCoin will be listed on crypto exchanges after the mining launch.
As of now, CityCoins is an experimental project and it is not known whether it will generate revenue for its cities. Although Francis Suarez, the mayor of Miami reported that his city had already netted $8 million in revenue from MiamiCoin.
Mayor-elect Adams last week announced that he would take his first three paychecks in Bitcoin and has promised to make NYC the “center of Bitcoins.”
