City of Fort Worth votes in favor of Bitcoin mining program

Fort Worth, Texas launched a pilot program in partnership with Texas Blockchain Council to mine Bitcoin.

Fort Worth voted to allow three Antminer S9 bitcoin (BTC), miners donated by Texas Blockchain Council to be operated in the city hall building. This pilot program was designed to recognize “the exponential growth in the blockchain and cryptocurrency industry” and encourage Fort Worth to be a tech leader.

At the council meeting, Mattie Parker, Fort Worth Mayor, stated that this is a small investment opportunity with high potential returns. “We will be the first city to mine Bitcoin on-site at city hall.

Mattie Parker, Fort Worth Mayor, addresses the City Council meeting

According to the city’s chief of staff, each BTC miner will consume the same amount energy as a household vacuum cleaner. However, the cost of mining crypto is expected to offset the costs. Cointelegraph was told by Carlo Capua (deputy chief of staff) that the Fort Worth Mayor and Council Office expected the three rigs to mine approximately 0.06 BTC per year — $2,353, and the Bitcoin price at $39,215 at the time.

The pilot was limited in terms of both the number and length of machines. The city will assess the program in six months starting in October to determine its potential impact and potential opportunities for Bitcoin. Capua stated that the program would be evaluated based on how much BTC was mined and how much energy was used. Also, it would be assessed on public awareness about tech and crypto in Fort Worth.

“This rapidly changing industry requires a better understanding of 1) the evolution and future outlook of Crypto, 2) any institutional voids in current laws and regulations, and (3) how governments and municipalities interact with Crypto technology.”

Lee Bratcher, founder and president of the Texas Blockchain Council, stated that Fort Worth has the potential to become the Bitcoin mining capital in Texas by starting small and learning as they go. “The state has established itself as the Bitcoin mining Capital of the World.”

Thomas Torlincasi, Fort Worth resident, suggested that the measure be tabled at the city council meeting. He cited environmental concerns about mining and potential legal issues regarding digital currencies. He compared the program to a Ponzi scheme, and asked private businesses to donate materials to help their agenda.

Torlincasi stated, “This is not the mission of the city.” “Many of your beliefs are in the free market, the business system, and spreading good business ideas. Blockchain, Bitcoin and any other currency not issued by the United States are not required to be embraced or supported by the city.

Related: Texas should utilize Bitcoin mining to capture natural gas sucked by Texas: Senator Ted Cruz

After China’s crackdown in 2021 on crypto mining, Texas has been a hub for many crypto mining companies. Blockcap and Riot Blockchain are currently located in Texas. The state has also introduced legislation to promote greater adoption of digital assets.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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