Chances are you may have not heard of Stacks(STX). Up until a few weeks ago, I was in the same boat. After doing some deep-diving on the Stacks(STX) Token website I quickly say the potential of the token given the people back it, the accelerators(Y combinator, Winklevoss Capital, and Digital Currency Group, just to name a few…) supporting it, and the companies using it’s technology. As a New Yorker, which is probably why you are here, you have been struggling to figure out what exchange to buy Stacks(STX) on and have been frustratingly blocked from platforms that are restricted in your region.As a financial hub for the United States, and the entire world, it is about time New York City got its own CyrptoCurrency. Cryptocurrency has come a long way since Bitcoin(BTC), all the way to popularized currencies like Etherum(ETH) and even smaller altcoins like DOGE and FLOKI. So, is it time for NYC to have its own coin? No, New York City should have had its own coin months ago, if not years ago! However, the time is now, and here is how you can mine CityCoin’s NYC Coin.As a financial hub for the United States, and the entire world, it is about time New York City got its own CyrptoCurrency. Cryptocurrency has come a long way since Bitcoin(BTC), all the way to popularized currencies like Etherum(ETH) and even smaller altcoins like DOGE and FLOKI. So, is it time for NYC to have its own coin? No, New York City should have had its own coin months ago, if not years ago! However, the time is now, and here is how you can mine CityCoin’s NYC Coin. What is NYC Coin?
What is NYC Coin?What do I need mine New York City Coin? What do I need mine New York City Coin?
NYC Coin is supported by CityCoins, a currency project giving crypto rewards to cities for improvement and rewarding contributing(Mining or Stacking) individuals and city governments. With support from the elected mayor of New York,Eric Adams, CityCoin was able to expedite the launch of New York City getting its very own cryptocurrency. The first coin that CityCoins launched, was Miami’s MIA Coin. NYC Coin Mining launched on November 10th 2021, at which point no mining will occur for 150 blocks(~24 hours). After the cooldown period which should end roughly at 11:00 am EST on November 11th 2021, all miners will be able to start mining NYC tokens.
What Do I Need to Mine NYC Coin?
One of the best parts about NYC Coin is that you do not need a super expensive mining rig, to mine. All you need to mine NYC Coin is a basic laptop or desktop computer(In this case I am on a Macbook Pro). It would be cool to see mobile compatibility roll out soon, but not at the moment. Additionally, you will need to haveStacks(STX) Coin(see how to buy Stacks(STX) affordably, without Uniswap or SushiSwp below), to forward STX to a CityCoins smart contract(NYC’s in this case) on the Stacks blockchain. This is how their mining works. It is a bit different than typical mining setups, but the project has huge potential and one of the lowest costs to get involved. Lastly, you will need the Hiro Wallet browser extension. To start mining, follow the steps below, and then all you have to do is go to the Mine City Coins Website and it’s pretty straightforward from there.
Where Can I Buy Stacks(STX) in NYC?
Buying cryptocurrency in New York is shockingly getting harder and harder. There are some core institutions likeCoinbase around that you can get more mainstream coins like Bitcoin(BTC) and Ethereum(ETH) but unfortunately buying Stacks(STX) is a bit more complicated. Rest assured, I found an affordable way to buy Stacks(STX) in New York City. Head over toKUCOIN marketplace and set up an account. They may still have a random bonus reward going on that will open a mystery box upon transferring in, so do use code”QBSSSUVG” to see if you get lucky. Once you have an account set up onKUCOIN, you are going to need Bitcoin(BTC) to buy Stacks(STX). I already had bitcoin in my Coinbase Wallet so I just sent BTC to my KUCOIN Bitcoin(BTC) wallet address. With KUCOIN do not if you don’t initially see your balance, or go to trade it, they separate your account into a few wallets, the main wallet, and a trading wallet. It is quick, easy, and free to switch between internal account wallets. Once you are signed up from the link above and have Bitcoin(BTC) in your trading wallet you can head totrade BTC to STX. When it comes to trading everyone has their preference, but in the bottom right I typically choose “Market” to get the best market price, and then enter the amount, in Bitcoin(BTC), that I want to exchange to Stacks(STX) and click the green “Buy STX” button. Your trade should appear on the left-hand side of the page in the orders section. Once you have STX, you can transfer it to your Hiro Wallet, and are good to go. Check out the full write up onhow to buy Stacks STX in New York.
Getting Starting Mining NYC Coin:
1. PurchaseStacks(STX) 2. Create aHiro Wallet(If you already have it, just connect it to CityCoins website) 3. Transfer Stacks(STX) to your Hiro Wallet 4. Head over toCityCoins Mining Interface and select NYC 5. Select the number of blocks to mine 6. Enter the amount you would like to bid for the block, by clicking on the actual block(You can click the check box to bid the same for all boxes if you would like).
What is Stacks? Check out more onStacks(STX) on their website:
How long does it take for the City Coins block countdown for mining to be available in NYC? Use this formula for a estimate: (# of blocks left x 10Minutes)
What is Hiro? Check out more onHiro Wallet via their website.
Technical info from the CityCoins Team
CityCoins have three main functions that NYC Coin can utilize: Activation, Mining, and Stacking.
Activation: NYCCoin only exist through mining, which does not begin until 20 independent wallets signal activation after the contract is deployed. No ICO, no pre-sale, no pre-mine. Mining: Anyone can mine NYCCoin by forwarding STX into a CityCoins smart contract on the Stacks blockchain. 30% of the STX that miners forward is sent directly to a reserved wallet for the city. Stacking: Anyone can Stack NYCCoin by locking them in a CityCoins smart contract for determined reward cycles, and recieve a portion of the remaining 70% of the STX sent by miners. Mining Probability Chart(A NYCCoins example with real numbers: the table below assumes the total committed by miners is 500 STX, and you have 200 STX to spend.):