Fort Worth becomes first city to mine bitcoin
Fort Worth, Texas, has announced it will start mining the cryptocurrency bitcoin, becoming the first U.S. city to do so.
In a press release on Tuesday, Fort Worth’s city government said it is launching a pilot program using three S9 Bitcoin mining machines that will run 24 hours a day and seven days a week.
Bitcoin mining is the process by which new bitcoins are put into circulation, using sophisticated hardware to solve complex math problems in order to create and award currency.
The process is known to be highly energy intensive, but the city said that each of the machines being used in the pilot program will consume roughly as much energy as a household vacuum cleaner. It added that the value of the bitcoin mined through the program is expected to offset the energy used in the process.
“With blockchain technology and cryptocurrency revolutionizing the financial landscape, we want to transform Fort Worth into a tech-friendly city,” Fort Worth Mayor Mattie Parker (R) said in a statement.
“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,” the mayor added. “These small but powerful machines mark Fort Worth’s larger commitment to becoming a leading hub for technology and innovation.”
The three machines being used by the program were donated by Texas Blockchain Council, a nonprofit association made up of companies and individuals that work in industries related to cryptocurrency and blockchain technology. The Fort Worth City Council formally accepted the donation on Tuesday.
“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,” Texas Blockchain Council President and founder Lee Bratcher said in a statement.
“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.”
The city said it will evaluate the program after six months.