Fort Worth Becomes First U.S. City to Mine Bitcoin
- The city of Fort Worth is the first in the United States to mine Bitcoin.
- This program demonstrates how rapidly blockchain and cryptocurrency are growing.
- Three machines supplied by the Texas Blockchain Council were accepted by the Fort Worth City Council.
- The S9 Bitcoin mining machines will operate 24 hours a day, seven days a week in a climate-controlled data center.
Fort Worth becomes the first city in the United States to mine Bitcoin. This pilot program was launched in collaboration with the Texas Blockchain Council by the Fort Worth Mayor’s Office and the City of Fort Worth. The program recognizes the exponential growth of the blockchain and cryptocurrency industries.
The S9 Bitcoin mining machines will operate 24 hours a day, seven days a week in the climate-controlled Information Technology Solutions Department Data Center at Fort Worth City Hall.
The Texas Blockchain Council, a nonprofit organization composed of firms and individuals interested in the Bitcoin, Bitcoin mining, crypto, and blockchain industries, has donated three machines to the program. The donation was formally acknowledged today by the Fort Worth City Council.
“This is bigger than cryptocurrency. We’re starting a conversation across the globe about what cities need to do to be innovative and focus on technology and innovation. We think we’re doing that,” Parker said. “The big picture here is, what is the future of our economy? We know that crypto-currency is a big piece of this”, said Fort Worth Mayor Mattie Parker.
Bitcoin mining is the process by which new bitcoins enter the market. The “mining” procedure is carried out with the assistance of specialized equipment that solves a tremendously complex mathematical problem. When the first computer solves the puzzle and obtains the next block of bitcoins, the process is restarted.
The city predicts that each machine will consume the same amount of electricity as a residential vacuum cleaner, based on the number and type of equipment deployed.
The program is a component of Fort Worth’s bigger growth strategy, which builds upon recent initiatives like collaborating with Texas A&M University System’s Research and Innovation Center in downtown Fort Worth and establishing the Techstars Physical Health Fort Worth Accelerator, as well as establishing the city’s first Entrepreneurship and Innovation Council Committee to establish a next-generation entrepreneurship ecosystem.
In its approved Economic Development Strategic Plan, the city said, “a next-generation economic development strategy must promote innovation and creativity, promote a dynamic business climate, and maintain a forward-looking organizational structure.”