Fort Worth Becomes The First US City Government to Mine Bitcoin
Today, Fort Worth becomes the first city government in the United States to mine Bitcoin. This pilot program, launched by the Office of Fort Worth Mayor Mattie Parker and the City of Fort Worth in partnership with the Texas Blockchain Council, this event advances Fort Worth’s goal of becoming a leading centre of tech and innovation.
On Tuesday, city council leaders unanimously approved a pilot program involving three Bitmain Antminer S9 mining machines which will run 24 hours a day and seven days a week. The machines were donated by the Texas Blockchain Council, according to Fort Worth Mayor Mattie Parker, a nonprofit association made up of companies and individuals that work in Bitcoin, Bitcoin mining, crypto and blockchain industries. The donation was formally accepted by the Fort Worth City Council.
“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,” Parker said. “The big picture here is, what is the future of our economy? We know that crypto-currency is a big piece of this.”
“The Texas Blockchain Council is thrilled to be part of this first-of-its-kind pilot program as the City of Fort Worth begins mining Bitcoin. By starting small to learn as they go, Fort Worth is positioning itself to be the bitcoin mining capital of Texas.
The state as a whole has already established itself as the bitcoin mining capital of the world,” said President and Founder of Texas Blockchain Council, Lee Bratcher. “We are grateful for the support of several of our member companies, specifically, Luxor Technologies and Rhodium Enterprises, as they provided strategic guidance for this project.”
Bitcoin mining is the process by which new bitcoins are entered into circulation. “Mining” is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.
By limiting the pilot program’s focus to three machines, the city achieves the goals of responsibly assessing and executing a municipal Bitcoin mining program at a manageable scale. After six months, the city will evaluate the program.
In the Economic Development Strategic Plan of the City of Fort Worth adopted by the City Council, the city has set a goal of “a ‘next-level’ economic development strategy must encourage innovation and creativity, build an environment that is attractive to talented individuals and dynamic businesses, and maintain a forward-looking organizational structure.”
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