Fort Worth has become the first city government in the United States to mine Bitcoin, as of today huge adoption announcement
Bitcoin Mining On Government Level
Today, Fort Worth, Texas, became the first local government in the United States to mine Bitcoin. Three S9 Bitcoin mining rigs will be installed to operate 24 hours a day, seven days a week on a secure network. Network managed by the Information Technology Solutions Department Data Center at Fort Worth City Hall. Texas Blockchain Council, a Bitcoin and blockchain advocacy group, contributed the S9 Bitcoin miners. Today, the contribution was properly accepted.
Bitcoin has a proof-of-work mining system. It means that miners all around the globe use high-powered computers to produce new Bitcoin while also validating transactions. Professional-grade gear, technological know-how, and a lot of power are required for the procedure. According to the mayor, this is why Fort Worth’s pilot initiative is starting modest. Texas, with its cheap energy and supportive rules, has recently been a magnet for miners. According to statistics from the Texas Blockchain Council, the state now has seven big mining operations and twenty smaller ones.
It’s a modest enterprise on purpose. The city has stated that it will examine the mining program in six months before choosing whether or not to continue. The S9 rigs, which weigh about 9 pounds, are modest in comparison to the company’s newer Antminer S19 machine, which has a throughput of 95 TH/s. The S9 rigs each make roughly the same amount of noise as a domestic blender at 85 decibels. According to Minerstat, a cryptocurrency mining tracking tool, the donated machines are estimated to earn gains of $2 to $3 per day.
Fort Worth resident Thomas Torlincasi proposed during the city council meeting delaying the proposal. Citing environmental worries about mining as well as potential legal challenges with the use of digital currency. He compared the initiative to a Ponzi scheme and questioned private companies that donated materials to further their objective.
Quotes
President and Founder of Texas Blockchain Council Lee Bratcher, informed: “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. 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.”
Office of Fort Worth Mayor Mattie Parker, said: “With blockchain technology and cryptocurrency revolutionizing the financial landscape, we want to transform Fort Worth into a tech-friendly city. Today, with the support and partnership of Texas Blockchain Council, we’re stepping into that world on a small scale while sending a big message – Fort Worth is where the future begins. These small but powerful machines mark Fort Worth’s larger commitment to becoming a leading hub for technology and innovation.”
Fort Worth Director of Economic Development Robert Sturns, added: “Texas is increasingly being recognized as the global leader in Bitcoin and blockchain, and Fort Worth will have a seat at that table. The pioneering spirit is alive and well in Fort Worth, and with this program we will attract dynamic companies that share in this vision for the future.”
