Fort Worth Is Considering Mining Bitcoin As Part Of Its Effort To Become More ‘Crypto-Friendly.’

As cryptocurrencies become more widely used, governments around the world, like the city of Fort Worth in the United States, are beginning to understand the potential of cryptocurrency mining for their communities.

The City Council of Fort Worth, Texas’ fifth-largest city and one of the country’s fastest-growing, is expected to vote on a proposal on April 26 to accept three Bitcoin (BTC) mining machines from the industry advocacy group Texas Blockchain Council, according to the Fort Worth Star-Telegram.

The mining equipment, which are valued at $2,100 and would be given to the city for free, are part of a six-month pilot initiative aimed at making Fort Worth “crypto-friendly, welcoming to the industry and to those responsible businesses related to the growth of this evolving technology.”

The local government is making a serious effort to put Fort Worth on the map of crypto-friendly places, joining New York and Miami, the latter of which just hosted one of the largest Bitcoin conferences.

According to data gathered from Coin ATM Radar on April 25, the city and its nearby areas are presently home to 1,183 Bitcoin ATMs where you may purchase or sell the flagship digital asset.

The Fort Worth Zoo, for example, accepts cryptocurrency donations in the form of Bitcoin, Ethereum (ETH), ChainLink (LINK), Dogecoin (DOGE), Polygon (MATIC), and a variety of other cryptocurrencies to support its “mission of strengthening the bond between humans and the environment through conservation, education, and recreation.”

According to the Zoo’s website:

“Donating cryptocurrency is a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it on your taxes. This makes cryptocurrency donations one of the most tax-efficient ways to support Fort Worth Zoo.”

Meanwhile, Bitcoin is still trading in the red, with a price below $40,000. According to Coincu data, it was $38,917 at press time, down 1.61% in the last 24 hours and 1.10% for the week.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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