On Tuesday, the council officials in Fort Worth unanimously authorized a trial program using three S9 BTC mining equipment that would work 24 hours every day and throughout the week. As stated by Mayor of Fort Worth, Mattie Parker, the equipment was supplied by the Blockchain Council of Texas. The Mayor noted that;
“This is larger than cryptocurrencies. We’re initiating a dialogue around the world about what various cities can do to earn more and concentrate on technological innovation. We believe we’re accomplishing that through the usage of crypto mining. The broader issue here is how this will affect our economy in the long run as we embark on crypto mining.”
The City Turn To BTC Mining
Depending on the quantity and kind of equipment used, Forth Worth thinks each mining machine will use a similar amount of electricity as a domestic vacuum cleaner. This innovation would be helpful to the city considering the amount of electricity proof-of-work digital currencies such as BTC are known to consume.
The Exec. Director at the Caruth Institute for Entrepreneurship stated that the notion of Bitcoin emerged following the financial crisis which took place in 2008. For over a decade, the Exec. Director claimed the notion of Bitcoin stayed quiet until the financial sector found it and regarded it as a digital asset that could be exchanged. He remarked that;
“Bitcoin really started gaining ground in the city after it was seen as an asset such as ‘gold’ that people can buy and sell. When Bitcoin was valued at 10 cents, the number of miners was relatively few. Now that BTC is worth approximately $40,000, the number of crypto miners has increased.”
Evaluation Of Project To Take Place In Six Months
Mak went on to say that he feels municipal officials are making the correct move by pursuing cryptocurrency exploration.
“If crypto mining is going to be included in the city’s plan, it may be considered just like having a different asset, like real estate. The city already owns real estate. Adding crypto to the city’s Vault will be an added source of income and finance for development and innovation,” he added.
At the city’s council meeting held on Tuesday, there was a critical comment made by Thomas Torlincasi, who expressed his objection to the proposal. Torlincasi said that crypto mining is not in line with the city’s objective and that the plan must be thoroughly researched before it can be implemented. Responding to the criticism, the Mayor noted that the city’s pilot program had “low risk and tremendous promise.” The city will evaluate the initiative in the next six months.