The Gold Circle district was created in Summer 1907 after gold was discovered in the surrounding canyons. A camp was established, first known as Gold Circle. In November, the camp became known as Midas after the U.S. Government denied the post office the name Gold Circle, because there were too many Nevada towns that used gold in the name.

By the following summer, about 2000 people were in Midas. Main Street was home to a number of businesses, and the town had both a Chamber of Commerce and newspaper, the Gold Circle News. After that fall, however, Midas began to decline. By winter, only 250 remained - Midas had become a victim of poor quality ore and high shipping costs. A few mills were built after 1909, but none amounted to much.

In 1915, Midas gained new life when a 50-ton cyanide mill opened. It ran until 1922 before being destroyed by fire. A new 75-ton mill was built in 1926 by the Gold Circle Consolidated Mines, and continued to run until 1929. Other operations continued until 1942, with the mines finally producing a total of $4.3 million. By 1950, only nine people remained in Midas and the school closed in 1952.