Fort Worth City in Texas becomes the very first in the US to mine Bitcoin

Fort Worth City in Texas has become the first city government in the entire United States to mine bitcoin. Mayor Mattie Parker took this initiative.
Three different Bitmain Antiminer S9 will be running 24 hours a day and all seven days a week in the City Hall of Fort Worth. This has been decided that the miners will use a private network to minimize the potential security risks.

Bitcoin operates on a proof-of-work mining model, which means that the miners from around the world will run some of the high-powered computers to create newer bitcoins and validate the transactions. This procedure requires certain professional-grade equipment and some specialized technical knowledge. Also, a huge amount of electricity will be required for running this project. This is why the pilot project is starting at a small level, as per a statement by the mayor.

The three different machines will be consuming the same amount of energy, just like a vacuum cleaner in a household. The mayor is not expecting these three machines to be major moneymakers as after bearing the huge electricity cost, the net value of the bitcoin mined will be pretty less.

The millennial mayor has a progressive mindset, and he believes that taking this first step to include Bitcoin in the city’s balance sheet for the first time will create a landmark for the city.

Parker, in a statement, said that Fort Worth is the fastest-growing city in the US, and to keep up the energy, the city government should push themselves differently. Parker firmly believes that cryptocurrency is a big part of the future economy, and thus, they have taken the initiative to be the first to mine Bitcoin in the US.

References

https://www.usatoday.com/story/money/2022/04/27/texas-first-us-city-bitcoin-mining/9551357002/
https://www.cnbc.com/2022/04/26/fort-worth-tx-the-first-city-in-the-us-to-mine-bitcoin.html