Three Bitmain Antminer S9 mining rigs will work 24/7 outside Fort Worth’s city hall to mine bitcoin.
Three Bitmain Antminer S9 mining rigs donated by the Texas Blockchain Council will be used to mine Bitcoin in crypto-friendly Fort Worth. The mayor thinks the operating cost could be offset by the mined bitcoin – which will be included in the city’s balance sheet.
- Mayor Mattie Parker is cautiously optimistic about the latest move in the cryptocurrency industry, stating that Fort Worth will only decide whether to invest real cash in the mine after an evaluation in six months.
- When asked by CNBC why the city didn’t choose other risky assets like stocks as an investment, Parker replied that if Fort Worth hadn’t received the council’s donation, it would have kept Bitcoin neutral. Despite proclaiming neutrality, she said she sees cryptocurrencies as a big part of the future.
- Keeping bitcoin on a city’s balance sheet isn’t easy, as the cryptocurrency is still considered “uncharted territory.” For that to be possible, Parker acknowledged, the city would have to “jump through hoops” to understand the policies.
- The newly-elected mayor also revealed that the idea of mining bitcoin came from conversations with her VC friends, who told her, “80% of venture capital is essentially spent on technology, and crypto is at the core of that right now.”
- The city’s bold launch of BTC is not for profit, but it is an example of the municipal government mining Bitcoin and bringing the largest cryptocurrency onto its balance sheet.
- Alex Brammer, vice president of business development at Luxor, said Fort Worth’s move will boost bitcoin’s legitimacy and potentially inspire governments to use bitcoin mining to stabilize power grids in the clean energy transition.