- New York will have its own CityCoin this week
- The fundraising project has launched after New Yorkers began ‘mining’ the token
- Mayor-elect Eric Adams called for crypto supporters to join the scheme, which they have
Cryptocurrency is coming to New York in a big way thanks to newly elected mayor Eric Adams, whose pro-crypto approach is stirring up the city. Not content with offering to take the first three months of his salary as the city’s mayor in bitcoin and requesting that cryptocurrencies be taught in schools, the 61-year-old mayor elect has pushed for the city to have a CityCoin in the same vein as Miami and it seems he has got his way – a New York CityCoin is to launch on November 11.
New York CityCoin Proceeds Could Fund Crypto Education
CityCoin tweeted yesterday that the CityCoins community has begun mining a New York coin, with mayor Adams welcoming the development:
We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward. https://t.co/SY9pv1Ebct
— Eric Adams (@ericadamsfornyc) November 8, 2021
Miami Mayor Francis Suarez has stated the Miami CityCoin funds will go toward cryptocurrency education, funding under-privileged communities, and programs to mitigate the risks of climate change, thanks to the city partnering with CityCoins. If the City of New York agrees to partner with CityCoins in the same way it will be able to use the proceeds in similar ways, with Adams having a big part to play in where the money goes.
When is Mining Not Mining?
CityCoins aren’t mined in the traditional sense. According to the website, mining CityCoins is performed by forwarding STX tokens into the smart contract in a given Stacks block, with senders rewarded with new CityCoins tokens. 70% of mining rewards are distributed to people who chose to stack their CityCoins, with the other 30% sent to the city’s custodied reserve wallet to be used however the city chooses.