Alert: MiamiCoin (MIA) Update 3
MiamiCoin (MIA) reached $0.058 yesterday!
Then, as of early this morning, MIA fell to $0.025. It’s now trading around $0.036.
Low volume is expected in the early morning hours, especially Saturday and Sunday.
If you don’t have an OkCoin account, sign-up here: https://www.okcoin.com/join?channelId=600016761<clid=c943c1cb-3e79-4527-88cc-0f1cdab190a7
How many MIA coins are there?
Mining MIA started at Stacks block #24,997.
Every block reward is 250,000 MIA for the first 10,000 blocks (~about 3 months). Then the block reward drops to 100,000. See Issuance Schedule.
From the site, MIA Mining (http://miamining.com/statistics), there are 719.75 million MIA. Of which, 329.5M have been stacked, which means they are earning STX and can’t be traded.
At $0.05, MiamiCoin’s valuation is around $36 million.
At $0.04, MiamiCoin’s valuation is around $29 million
At $0.03, MiamiCoin’s valuation is around $21.6 million.
How to mine MIA?
Mining requires placing bids in Stacks ($STX) per block.
Miners submit bids to win the block. Winning the block is determined by a Verifiable Random Function, which means the highest bidder doesn’t always win. It’s based on random probability.
The VRF selects one miner bid. A reward of 250,000 MIA is paid out every 10 min.
In the below block #27571 example from http://miamining.com/, 25 miners submitted a total of 2,222.94 STX. Each STX trades for around $1.40, so the value of the STX committed is about $3,112.
The first bid is 360 STX and has a 16% chance of winning. Even with the 16% probability of winning, the VRF didn’t select this bid.
The second ranking bid of 222 STX didn’t get selected either.
The third bid of 200 won and earned 250,000 MIA!
IMPORTANT: All MIA miners, win or lose, no longer have access to the committed STX. Miners sent them into the MIA smart contract to bid. With stacking MIA, there is an option to earn MIA back. Learn more about MIA stacking, which earn STX. Then if you stack STX, you earn BTC.
Once the bidding per block is over, where does the STX go? Are they burned?
30% of the STX transfer into the reserve wallet for the city and the other 70% go to the MIA Stackers.
For further info: https://docs.citycoins.co/
Currently, CityCoins have reserved a wallet for the city of Miami. The City doesn’t own it until the wallet has been claimed.
What’s in this wallet? The STX from MIA mining.
Yes, that’s 1.825 million STX valued at around $2.555 million dollars. The city didn’t do anything to earn this money. The STX are from mining activity.
When and how the STX will be claimed is still under discussion with Miami government officials. There’s no guarantee the city will claim it either.
See more info: https://docs.citycoins.co/what-are-citycoins
Other CityCoins may be in the works for other cities. They are likely to have similar mining mechanics as MIA. If you learn MIA, you’ll have an early start on the others.
For more info and vote on the next city, visit https://www.citycoins.co/miamicoin
Finally, here’s another site to view MIA mining activity.
The red line (y-axis) is the total STX committed. It ranges from 1,500 to 3,000 STX. The reason for the drop in MIA committed is miners haven’t all placed their bids for the upcoming blocks.
The blue line is the number of miners (z-axis).