Bitcoin mining comes to town hall

Fort Worth, Texas, has installed bitcoin mining machines at City Hall.

Mayor Matty Parker ran three Bitcoin Antminer S9s in the IT Solutions division’s data center.

The six-month pilot program that began on April 26 is made possible by the Texas Blockchain Council, a non-profit association working in the bitcoin, bitcoin mining, crypto and blockchain industries. The Blockchain Council donated the machines, which are worth a total of about $2,100, and the city council made a decision to accept them.

“With blockchain and cryptocurrency technology revolutionizing the financial landscape, we want to turn Fort Worth into a tech-friendly city,” Parker said in the announcement. “These small but powerful machines represent Fort Worth’s greater commitment to becoming a leading center for technology and innovation.”

In a statement, Parker said that the overall goal of the pilot program is for Fort Worth to “understand the implications and opportunities of bitcoin mining and try to learn in action.” Interview on Twitter Spaces.

“I haven’t lost sight of every major tech company or emerging field now talking about crypto,” she said. “As mayor of a large city, we have a responsibility to think outside the box and to work critically with private sector partners to think about what the future of the economy will look like, not just in Fort Worth, but across the globe.”

In 2021, the Texas legislature created a working group to expand the state’s blockchain industry and recommend policies and investments. The country has also passed legislation adding cryptocurrency to its Uniform Commercial Code, making it valid for commercial transactions.

Miners are dedicated to solving complex math problems in order to generate new bitcoins.

Fort Worth will join the Luxor Technologies mining pool where it can combine its hashing power with thousands of other miners around the world to increase their chances of earning bitcoins.

The city estimates that each machine will use the same amount of energy as a household vacuum cleaner and generate enough bitcoin to cover the energy cost. Parker said the city will initially hold the cryptocurrency in a private fund and “transform it into a public fund at some point.” After six months, officials will see how much revenue they generate and make decisions about the project.

By limiting the pilot program to three machines, the city can evaluate and implement a local bitcoin mining program on a manageable scale and explore the integration of digital assets into city operations. Parker said.

With several crypto-mining facilities setting up shop in Central and West Texas to take advantage of lower energy prices and a business-friendly regulatory environment, Fort Worth has a chance to be a leader in bitcoin mining, even as a commodity exchange site, Parker said.

“Fort Worth is positioning itself to be the bitcoin mining capital of Texas. The country as a whole has already established itself as the bitcoin mining capital of the world,” Bratcher, president and founder of the Texas Blockchain Council, told me.

Bracher said in a Twitter Spaces conversation that bitcoin miners not only contribute jobs and tax revenue to state and local jurisdictions, but they also provide some flexibility to the network with the ability to quickly shut down operations and shift power to the network. In addition, he said, the blockchain ecosystem “stimulates additional wind and solar energy by being an energy buyer.” [of] The first and last resort that can be placed right there next to the generation assets – be it wind, solar or natural gas. “

“The entrepreneurial spirit is still alive and well in Fort Worth,” said Robert Stearns, director of economic development for Fort Worth. “With this program we will attract dynamic companies that share this vision for the future.”

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