- As per an urban tech analyst at Cornell Tech, Michael Bloomberg, folks will put a full stop on mining if the coins won’t offer profits.
- With investors getting across several other cryptocurrencies of late, demand for NYC and MIA coins has almost entirely dried up.
- As of January 2022, the value of New York City and Miami City’s reserve wallets had hit about $30.8 Million and $24.7 Million respectively.
MIA and NYC Having A Hard Time
In Spite of being openly approved by respective mayors of both the towns, NewYorkCityCoin (NYC) and MiamiCoin (MIA) have dived deep into the sea, witnessing a downfall of 80% and 90% since their ATH.
As per the data from CoinGecko, value of MIA has plunged 92% since its all time high of $0.055 back in September 20 to sit at $0.0046 as of this writing. While NYC’s price has plunged by 80% since its March 3 high of $0.0006 to trade at 0.0015.
With investors getting burned across several other digital assets of late, NYC and MIA demands have almost entirely dried up.
Trading volume of both NYC and MIA coins over previous 24 hours has totaled $40,003 and $110,764 respectively. In contrast, when NYC and MIA were at their peak, they produced $260,000 and $1.6 Million worth of volume a piece.
Frances Suarez, the mayor has spoken regarding potential use cases of MIA on different occasions, and recently made an announcement in February that the domestic government has disbursed $5.25 million from the reserve wallet to support a rental assistance program.
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New York Mayor Embraces NYC Coin
Eric Adams, mayor of New York City also embraced NYC coin in November after he said that they are excited to welcome it to the international home of Web3.
Assets were built by CityCoins project, a Stacks layer-on protocol based on blockchain aiming to offer cryptocurrency fundraising avenues for domestic governments like New York City and Miami, its two and only collaborators so far.
A prime incentive is that CityCoin’s smart contracts automatically assigns 30% of all mining rewards to custodied reserve wallet for the partnered town, while rest of the rewards are given to miners. During January, New York City and Miami Coin’s wallets reached $30.8 Million and $24.7 Million respectively as per Andre Serrano, CityCoins Community lead, recommending there had been comparatively robust community demand for mining the asset at the time.
Cornell Tech analyst Michael Bloomberg stated that folks are gonna halt the mining if they do not see any profits coming out of the coins.
Source: https://www.thecoinrepublic.com/2022/05/17/new-york-city-and-miami-coins-sink-in-spite-of-mayoral-approvals/