The city government of Fort Worth in the U.S. state of Texas is the first in the country to mine Bitcoin, endorsing the world’s most valuable cryptocurrency.
The pilot program is in partnership with the Texas Blockchain Council, the donors of the three Bitmain Antminer s9s, and Luxor Technologies, a Bitcoin mining pool.
According to a CNBC report on April 26, the city’s mayor, Mattie Parker, supervised the construction of a small Bitcoin mining rig in the City Hall. Fort Worth will be deploying the three Bitcoin mining rigs that will run every day of the week in the hall’s Information Technology wing.
The Bitcoin mining rig will be in operation for six months. Afterward, the city will make an assessment and decide whether it shall take a plunge. Notably, the valuable, and typically scarce miners, will be hosted in a private network for security reasons.
Bitcoin and Crypto will be a Huge Part of the Future Economy
Mattie Parker is firmly convinced that the city is changing the narrative by mining Bitcoin and endorsing cryptocurrencies. The city government has already added Bitcoin to its balance sheet, affirming its total support for the global network simplifying remittance, cutting out intermediaries. Subsequently, their advocacy for Bitcoin will help place Fort Worth since cryptocurrency, in her view, will be a big part of the city’s future economy.
We’re the fastest-growing city in the country. There’s so much excitement around North Texas and Fort Worth, in particular. To really keep that energy going, we have to push ourselves differently, and we think cryptocurrency is a huge part of our future economy.
The mayor has been on the job for a year. She is already aligning Fort Worth with the crypto-supportive policy stance adopted by Texas. Her decision to promote Bitcoin and crypto stems from her interactions with venture capitalists. In her interactions, she was told that a significant chunk of venture capital funding was directed to tech, of which cryptocurrency and blockchain are central.
Fort Worth is Setting the Trend
Alex Brammer of Luxor Technologies thinks the Mayor and Fort Worth are bolstering Bitcoin as a strategic asset, effectively “de-risking both bitcoin mining and bitcoin treasury strategies” for all mayors in the country.
Mayor Parker is setting an example and effectively de-risking both bitcoin mining and bitcoin treasury strategies for every other mayor in the country. I wouldn’t be surprised to see more announcements like this coming in the future.
Earlier, BlockMagnates reported of a small city in Argentina that had embarked on Bitcoin mining to fight inflation.
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- Crypto News BlockMagnates: Photo by AbsolutVision on Unsplash
