Fort Worth, Texas, has become the first US city to mine Bitcoin after three mining machines were donated to the city by the Texas Blockchain Council.
Fort Worth Starts BTC Mining
The Bitcoin mining program was unanimously approved by the city councilors of Fort Worth on Tuesday. Under the pilot program, the city partnered up with the Texas Blockchain Council, which donated the S9 mining rigs, and Luxor Technologies, a mining pool that maximizes the mining profitability of small-scale miners.
Fort Worth Mayor Mattie Parker commented on this monumental initiative,
“This is bigger than cryptocurrency. We’re starting a conversation across the globe about what cities need to do to be innovative and focus on technology and innovation. We think we’re doing that. The big picture here is, what is the future of our economy? We know that crypto-currency is a big piece of this.”
Energy Concerns Addressed For Now
The mining rigs, running around the clock, raised some concerns about energy sustainability. Bitcoin mining operations are highly energy-intensive processes. And Texas’s electrical grid has always had trouble with over energy consumption. However, the city has claimed that each machine would consume roughly the same energy as a household vacuum cleaner. Additionally, even though the rigs might not bring in a lot of funds, the cost of energy needed to power the mines is expected to be covered by the value of bitcoin mining. The program will be revisited in six months to consider the impact of these operations.
Texas’s Crypto Saga
Texas has always been a crypto-friendly jurisdiction. Several leading Texan lawmakers and politicians have propositioned and initiated projects incorporating crypto and blockchain tech into the city’s functioning. Back in 2021, when China banned crypto operations, a small Texan town called Rockdale volunteered to provide a safe shelter for crypto miners fleeing China. The state’s capital Austin has also made a mark on the crypto landscape of the country. The city has recently passed two resolutions related to crypto assets and blockchain technology. Austin’s Mayor Steve Adler has also expressed his wish to establish the city as a crypto hub, starting with exploring BTC payments for civic bills. On a state level, Texas GOP representative and US Senator Ted Cruz has expressed his support for the growing crypto industry in the state. Plus, Texas Governor Greg Abbott has reached out to BTC miners to stabilize the state’s shaky electrical grid.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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