Bitcoin Daily: MiamiCoin Brings in $8M in Past Two Months; Iran Gets Rid of Bitcoin Mining Ban; KuCoin to Exit China Over Crypto Ban

MiamiCoin has generated almost $8 million in the past two months, Decrypt reported.

Mayor Francis Suarez’s ambitions for the project include making the city a “cryptocurrency innovation hub,” and he’s said crypto could help change the way local programs are funded and allow the City of Miami to generate up to $60 million in the next year, according to the report. He said this could help to solve issues such as poverty.

The coin was launched in August and has been powered by CityCoins, a blockchain project allowing people to invest in cities through buying or mining their tokens, which can earn them yields in bitcoin or Stacks tokens, the report stated.

In other news, Iran has done away with a ban on bitcoin mining that the country implemented in May to help curb energy use with the summer’s high temperatures coming on, Bitcoin Magazine reported. This will allow licensed farms to come back online.

Iran has cheap electricity, and this has proven to be a boon for bitcoin miners, who have tended to go there to help get better profit margins, according to the report.

But the summer months, with their increased energy demand as citizens use more air conditioning to ward off the heat, prompted leaders to put a ban on bitcoin mining that has now been removed as the temperatures cool, the report stated.

Meanwhile, KuCoin has said it is leaving China due to the increased strictness of crypto rules there, Crypto New Media reported

By the end of the year, all users should withdraw their funds and close their accounts from the exchange firm, according to the report.

KuCoin said the decision was prompted by China’s recent ban on crypto. KuCoin has left China before, in 2017, when similar crackdowns were happening, the report stated.

Lastly, Bitcoin was up 5.23% as of Thursday (Sept. 30), adding $2,174.07 to its previous close, Channel News Asia reported.

The crypto has gained 57.6% from the year’s low in January when it sat at $27,734, according to the report.

Also, ether rose 5.26%, hitting more than $3,000 and adding $150.08 to the previous close, per the report.