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Mining for New York City crypto token will begin Wednesday

NYCCoin, like MiamiCoin, won't actually be issued by the city.

Eric Adams holding bitcoin

Mining for NYCCoin will begin Wednesday.

Photo illustration: Lev Radin/Pacific Press/LightRocket via Getty Images; Protocol

CityCoins, the nonprofit that created MiamiCoin, said it will be launching a similar initiative for New York City.

CityCoins said mining for NYCCoin will begin Wednesday. "It's official. CityCoins are coming to the Big Apple," the organization said in a tweet.

The announcement comes a few days after New York City's Mayor-elect Eric Adams said he hoped to see a city-based token in his city similar to Miami's MiamiCoin. Part of the currency mined to create MiamiCoins is allocated to the city of Miami.

With NYCCoin, "30% will go to the wallet reserved for the city. New York City may decide to claim the wallet's funds at any time," CityCoins said.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

citycoinsnyccoineric adamscryptocurrency
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