Fort Worth, Texas has launched a pilot program to mine Bitcoin in partnership with the Texas Blockchain Council.
At a Tuesday city council meeting, Fort Worth passed a resolution to start operating three Antminer S9 Bitcoin (BTC) miners donated by the Texas Blockchain Council in the city hall building. The pilot program was intended to recognize “the exponential growth of the blockchain and cryptocurrency industries,” as well as encourage Fort Worth to become a technology leader.
“This is a very small opportunity for Fort Worth that has big potential returns on investment,” Fort Worth Mayor Mattie Parker said at the council meeting. “We will become the first city in the world to mine Bitcoin here at City Hall.”
According to the city, each BTC miner will use the same amount of energy “as a household vacuum cleaner,” with the costs expected to be offset by the cryptocurrencies mined. Carlo Capua, deputy chief of staff for the Fort Worth Mayor and Council Office, told Cointelegraph that the three platforms were expected to mine approximately 0.06 BTC per year: $2,353 with a Bitcoin price of $39,215at the close of this edition.
The pilot was designed to be limited in both number of machines and duration “to learn about the potential impact and opportunities for Bitcoin”:lThe city will evaluate the program after six months, starting in October. Capua said the program would be considered based on the amount of BTC mined, the amount of energy used, and public awareness of technology and crypto in Fort Worth:
“In this rapidly evolving industry, better understand 1) the evolution of cryptocurrencies and future prospects, 2) what institutional gaps might exist in current laws and regulations, and 3) how government and municipalities interact with this technology” .
“By starting small to learn as you go, Fort Worth is positioning itself to be the Bitcoin mining capital of Texas,” said Lee Bratcher, president and founder of the Texas Blockchain Council. “The state as a whole has already established itself as the Bitcoin mining capital of the world.”
At the town council meeting, Fort Worth resident Thomas Torlincasi suggested introducing the measure, citing environmental concerns about mining as well as potential legal issues over the adoption of digital currencies.. He compared the program to a Ponzi scheme and questioned private companies that donate materials to advance his agenda.
“This is not the mission of the city,” Torlincasi said. “Many of you believe in the free market and entrepreneurial system, spreading good business ideas. The city does not need to endorse or adopt blockchain, Bitcoin, or any type of currency other than the federal currency of the United States.”
Texas has become a hub for some crypto mining companies after China cracked down on the practice in 2021. The state is currently home to Blockcap and Riot Blockchain, and has advanced some laws promoting greater adoption of digital assets.
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