After authorizing the plan to begin mining bitcoin as part of a new pilot project on Tuesday, Fort Worth has teamed up with Texas Blockchain Council(TBC) to put the plan of BTC Mining rigs into action.
Promoting Crypto Adoption
Mayor Mattie Parker said that the program would be more experimental to determine its funding. The U.S. has a huge potential for mining cryptocurrencies following the Chinese government’s ban on the activity in June 2021.
Bitcoin is a proof-of-work mining system where miners perform complex calculations on high-powered computers. Fort Worth will be one of the first cities globally to mine the digital currency.
The city of Fort Worth has been termed as a “crypto-friendly” area to encourage the industry’s growth. According to Lee Bratcher, the founder and president of the Texas Blockchain Council, Fort Worth could soon become the Bitcoin mining capital of Texas. One of the first rigs to be released was the Antminer S9. It is a relatively affordable mining rig for bitcoin. The S19 is more common among professional miners.
Mining Crypto in Fort Worth
The city will host three miners on a private network, which will use the electricity generated by each machine for the same energy usage as a standard household vacuum cleaner.
Through the partnership with the Texas Blockchain Council, Fort Worth will be able to contribute to the development of decentralized technology. The three mining rigs, the Bitmain Antminer S9, will operate in a climate-controlled area inside Fort Worth City Hall. They will be working seven days a week.
According to Parker, the goal is to change the conversation about Fort Worth by developing a culture that values technology innovation. It is new to the city and requires a lot of work to understand the workings and regulations of crypto.
Regulating Cryptocurrency Concerns
At a recent city council meeting, Thomas Torlincasi, a Fort Worth resident, asked the council to consider banning the use of digital currencies. He noted that the city should not be involved in the mining industry due to environmental and legal issues.
Torlincasi argued that the city council does not have to be involved in the creation or use of cryptocurrencies, as it would be against the city’s mission. He noted that the Bitcoin community should not influence the council.
When policymakers around the world are calling for more regulations for bitcoin miners, the decision by Fort Worth to allow them to operate in the city is likely to bolster the state’s image as a bitcoin-friendly jurisdiction.
Meanwhile, in New York, a bill that would restrict crypto mining operations in the state has been introduced. It would impose a two-year moratorium on proof-of-work mining in the Empire State.
A 25% Drop in Bitcoin’s Electricity Consumption in Q1 2022
According to a report released by the Bitcoin Mining Council, the mining industry is significantly reducing its energy consumption. The survey conducted by the BMC in Q1 2022 highlighted various metrics related to the network’s power consumption and technological efficiency. It also revealed the network’s hash power, 100.9 exahash per second, on March 31, 2022.
A survey conducted by the voluntary sector revealed that over 64.6% of the respondents use electricity for their power needs. According to this report released by the Bitcoin Mining Company, the mining industry’s sustainable electricity mix has increased significantly over the past year, about 59%, making it one of the most energy-efficient industries globally.