In a Twitter fanfare on April 26, Fort Worth became the first city government to mine its own mine in the country. Bitcoin..
Parker was keen to share the news. She streamed herself on Twitter within the Fort Worth data center in her city hall when she connected the wires to turn on three small Bitcoin mining machines on April 26th.
“We’ve been joking with Cowtown as a cryptocurrency, right?” Parker said in a stream. “It’s all happening in Fort Worth.”
Standing by Parker, Lee Bracher, chairman of the Texas Blockchain Council, described Texas as the epicenter of Bitcoin mining worldwide. Now, he said, Fort Worth is taking steps to become the state’s Bitcoin mining capital.
Bitcoin is a type of cryptocurrency, a digital currency that is not supported by facilities such as banks. To make sure that each Bitcoin transaction is validated, the machines in the network compete to solve complex math problems. If the machine resolves it first, it will be the official record of the transaction. Bitcoin is awarded in exchange for the first miner to solve a math problem. This process is called mining.
The city of Fort Worth is mined in three Bitmain Antminer S9 machine Donated by Texas Blockchain Council — An organization of companies and people working in the cryptocurrency industry. A total of $ 2,100 worth of miners are open 24 hours a day. Fort Worth Information Technology Solutions Division City Hall for a 6-month pilot program.
The pilot program isn’t just about testing cryptocurrencies, Parker said.
“It’s bigger than that,” she said. “We want to be a city at the forefront of innovation, and I’ve recently noticed that all the companies at the forefront of technology are talking about cryptocurrencies.”
During a live conversation on Twitter, Parker got an idea when he ran for mayor, Steelhead Capital, How the city is at the forefront of technology.
The city of Fort Worth seeks to market itself as an innovative place for high-tech workers to grow and relocate their companies.Recently established Entrepreneurship and Innovation Council Committee Funded Techstars Physical Health Fort Worth Accelerator programs, according to past reports from the Fort Worth Report.
Some crypto proponents believe that the industry can get something from city officials who have stepped into Bitcoin mining.The federal government is considering the use of digital currencies, and the Federal Reserve is Published a dissertation Discuss the pros and cons in January.
Other countries like China have banned the use of cryptocurrencies to prevent financial crimes, fearing economic instability. World Economic Forum.
People in the industry are pushing for the idea that cities, states, and governments should mine Bitcoin, says Bitcoin proponent Dennis Porter, who hosted a Twitter conversation with Parker. rice field.
“So it’s like a dream come true that the city is actually doing it now. Indeed, for many miners in space,” Porter said in a stream.
According to Parker, the program will be run by a combination of her office, the Texas Blockchain Council, and the IT department in Fort Worth.
Texas is open to the entrance of a cryptocurrency company.Last year, MPs passed a law allowing state cryptocurrencies. Uniform Commercial Code..Another law established a panel to develop plans for expansion Blockchain industry. The city of Denton has recently Cryptocurrency mining site.
Parker said the machine earns less from mining Bitcoin and the machine consumes the same amount of energy as a vacuum cleaner.
That is not exactly the truth. Some criticisms of Bitcoin mining are: Consume a lot of energy, According to the report.And mining machines consume more power over time, Kelly Slaughter, an associate professor with FinTech expertise Texas Christian UniversitySaid.
Servers make problems more difficult as computers become more powerful and can solve problems faster. It makes the computer more difficult, which means it requires more energy. It consumes energy, but so does other servers.
“IT has been working for decades on ways to reduce server power consumption,” said the slaughter. “So I don’t know if Bitcoin really stands out as if it were actually ranked in need of electricity.”
Cryptocurrencies are a transparent process, he said. If you know the address number of your account, you can see all the transactions made. He said that if it started trading through the cryptocurrency system and disclosed its account address, the city government could be made more transparent.
“You actually have a public ledger. In my opinion, this makes the city government more accountable to the public. I actually see in real time and they go You can see the tax collection you have, “Slaughter said.
