Fort Worth, Texas becomes the first U.S. city to mine Bitcoin
This is also another sign that North Texas is quickly becoming a crypto hub.Bitcoin "mining" is how new cryptocurrency enters into circulation. It's performed using sophisticated hardware that solves a complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins — and the process begins again.Fort Worth will join the Luxor Mining Pool, a U.S.
The mining machines will run around the clock in a climate-controlled data center located at Fort Worth City Hall and housed on a private network to minimize security risk. At the conclusion of the six-month pilot program, the city will do a full assessment to better understand the implications and opportunities for Bitcoin in Fort Worth.
The city plans to convert Bitcoin into cash once it reaches a certain threshold and then transfer the funds to the city account. Capua didn't say what that threshold will be.Because the pilot is small in scale, the proceeds will be minimal and will go into the city account. The goal of the program is to learn more about the potential impact and opportunities for Bitcoin.
Parker added, "we're stepping into that world on a small scale while sending a big message — Fort Worth is where the future begins."
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