Fort Worth, a city in the U.S has progressed into being an early adopter to start mining bitcoin. The ongoing pilot program has recently got approval to commence operations which includes three S9 machines that are donated by the Texas Blockchain Council and will operate on a 24/7 basis. The energy consumption of the bit coining machines will be equivalent to the power consumed by three household vacuum cleaners. To put it another way, mining requires highly developed computer programs and specialized equipment therefore a grip on technical knowledge and a practical hands-on experience is required to generate new bitcoins and authorize the transactions.
The three rig machines which the Texas Blockchain Council has donated have a worth of $600 each. “The Texas Blockchain Council is ecstatic to be a part of this groundbreaking pilot initiative as the City of Fort Worth begins mining Bitcoin. Forts Worth has positioned itself to be Texas’ bitcoin mining hub by beginning small and learning as they go. The state as a whole has already established itself as the world’s bitcoin mining capital. We are appreciative of the cooperation of several of our member firms, particularly Luxor Technologies and Rhodium Enterprises, who provided strategic counsel for this initiative,” stated Texas Blockchain Council President and Founder Lee Bratcher.
Furthermore, Mayor Parker remarked that there come some security concerns in the process of bitcoin mining therefore to mitigate these threats the miners will be provided with a private network to proceed with the mining. Parker was very concerned to start bitcoin mining and normalize this process in the coming years because according to him, 80% of the total city’s investment is always spent on tech start-ups, hence there is a need put bitcoin mining into the budget as well. For now, they have not extended this pilot project and have limited it to Forts Worth only in order to grasp the concept of bitcoin mining and to build a sophisticated environment for dedicated individuals.
“This is extraordinary in any city,” Parker added. “There’s a lot of policy here that we have to work through to comprehend.”