A City Government Begins Mining for Bitcoin

Fort Worth, Texas, has installed three Bitmain Antminer S9s bitcoin mining machines in city hall.

The six-month pilot program was made possible by the Texas Blockchain Council, a nonprofit association that works in bitcoin, bitcoin mining, crypto and blockchain industries.

To make Fort Worth a more tech-friendly city, blockchain technology and cryptocurrency mark the city’s commitment to becoming a leading hub for technology and innovation.

The overall goal of the pilot is to understand the implications and opportunities for bitcoin mining and to learn hands on.

The mayor affirmed the responsibility to think outside the box and work with private sector partners to think about what the future of the economy is going to look like.

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

The mining machines are dedicated to solving complex computational math to create new bitcoins. Fort Worth will join the Luxor Technologies mining pool to combine hashing power (the power that a computer or hardware uses to run and solve different algorithms that generate new cryptocurrencies) with other miners all over the world to increase their chances of earning bitcoin.

The city estimates each machine will generate enough bitcoin to cover the cost of the power. By limiting the pilot program’s focus to three machines, the city can assess and execute a municipal bitcoin mining program at a manageable scale.

Summarized from www.route-fifty.com

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