Miami will pay residents a ‘bitcoin yield’ from its city cryptocurrency, Mayor Suarez says

Miami will pay residents a ‘bitcoin yield’ from its city cryptocurrency, Mayor Suarez says

Miami will share with its residents some of the gains from the city's new cryptocurrency and will distribute payments through digital wallets, Mayor Francis Suarez told on Thursday. launched in August through CityCoins, an open-source protocol that allocates 30% of its reward to cites when their coins are bought or mined. The cryptocurrency has generated over in the past three months for the city. If annualized, it would amount to roughly $80 million, which is already one-fifth of the city's total annual tax revenue of $400 million, the mayor said. "We're going to be the first city in America to give a bitcoin yield as a dividend directly to its residents," Suarez said. While he called the payment a "bitcoin yield," the dividend will come from staking MiamiCoin, a separate digital currency. Suarez in October has already expressed hope that MiamiCoin could one day without its residents having to pay taxes. "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," Suarez said. Stacks, a separate blockchain, has its own mining system and its own token. But before residents can get their dividends,