NYC coin: New York City to begin mining altcoin on Wednesday


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TL;DR Breakdown

  • New York set to begin mining NYC coin on Wednesday.
  • NYC coin follows similar patter of Miami token launched in August.
  • NYC mayor Eric Adams vows to make city a crypto hub.

The new mayor of New York City appears to be making good on his crypto promises without wasting any time. Since his election, Eric Adam, the new mayor, has been taking fast and bold measures to turn the city to a major crypto hub.

Most recently, plans have been unveiled about the launch of the NYC coin and how locals can begin to mine the state cryptocurrency.

“We voted on what city should be next,” Patrick Stanley, a CityCoins community lead, told Bloomberg in a telephone interview. The top two choices were New York City and Austin. After Mayor Adams spoke last week, “the community to decided to activate New York.

CityCoins launched a Miami token in August. MiamiCoin has earned the city over $21 million to date, according to CityCoins. Outsiders can send STX tokens to “mine” MiamiCoin, and a percentage goes to the city’s designated crypto wallet. STX was last trading at around $2.30 and had a market capitalization of about $2.9 billion, according to CoinMarketCap.com.
NYCCoin mining is expected to kick off Wednesday, after which the city’s wallet stands to get fatter, Stanley said.

“Every 10 minutes, the city earns money for the sheer fact that NYCCoin exists. The wallet will get filled with Stacks, and they can spend the Stacks or the yield the Stacks generate,” he said.

Mayor-Elect Eric Adams also welcomed this latest move and their entry to Web 3.0.

NYC coin: Mayor Adam’s love for cryptocurrencies

While giving his acceptance speech, Mayor Adams expressed his admiration for cryptocurrencies and followed the part of Miami mayor to receive some of his paychecks in Bitcoin.

He promised to make New York a crypto hub creating job opportunities in this flourishing industry.

During an interview with CNN, the mayor-elect also spoke about how children should study blockchain technology and digital assets at schools.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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