Miami Mayor Elated by Success of MiamiCoin Wallet

The mayor of Miami, Francis Suarez, has taken to Twitter to applaud the success of the MiamiCoin Wallet. This wallet was created to enable the city have a more convenient way of increasing city funds without having to go the traditional way of imposing additional taxes.

In his Twitter post, Suarez stated that the MiamiCoin Wallet had made gains of $1 million in a single day. The balance on the wallet has since grown to more than $9 million.

MiamiCoin Wallet

The MiamiCoin Wallet not only looks at generating additional funds but also focuses on rewarding investors.

“When you think about the possibility of being able to run a government without the citizens having to pay taxes. That’s incredible,” Suarez had previously stated. He further added that this new initiative would get rid of “private sector philanthropy.”

Suarez has been a major crypto supporter. The mayor has been actively involved in advocating for proposals that will allow city workers to be paid in Bitcoin. He has also been advocating for the use of Bitcoin in paying taxes and other fees.

Suarez stated that he is intrigued with the concept of decentralized technology, and he is optimistic that Bitcoin can help eradicate corruption in government sectors. He has also been vocal about crypto since China’s crackdown on the sector, stating that it presents a strategic opportunity for the United States.

Suarez on Bitcoin Mining

Since China’s crackdown on Bitcoin mining, North America has become a preferred destination by many mining firms because of access to renewable energy. A recent report revealed that the Florida Power & Light, a nuclear power plant situated in Miami, was looking into establishing mining rigs.

The Bitcoin mining hash rate has recovered as miners have started setting base overseas. Suarez, who also commented on this issue, stated that many mining firms were relocating to the US. He further stated that the largest percentage of mining activities in the US was through carbon-neutral companies compliant with ESG regulations.

In an earlier interview with CNBC, Suarez advocated for carbon-neutral Bitcoin mining activities in Miami. “The fact that we have nuclear power means that it’s very inexpensive power,” he stated.

He also dismissed the concerns of Bitcoin mining being harmful to the environment. He stated that the issue of Bitcoin mining stems from the fact that the majority of Bitcoin mining activities were being done in countries that generate energy from coal.

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