Three Bitmain Antminer S9 mining rigs will operate 24/7 outside Fort Worth's city hall to mine bitcoin.
. Despite the proclaimed neutrality, she said she sees cryptocurrency as a big part of the future.
However, holding bitcoin on a city’s balance sheet isn’t easy, as the cryptocurrency is still widely considered an “uncharted territory.” To make that possible – Parker admitted – the city has to “jump through hoops” in order to understand the policies. The newly-elected mayor also revealed that the idea of mining bitcoin came from speaking to her VC friends, who told her, “80% of venture capital is essentially spent on tech, and cryptocurrency is at the centre of that right now.”
The city’s bold adoption of BTC is not profit-oriented, but it sets an example of municipal government mining bitcoin and putting the largest cryptocurrency into its balance sheet. Alex Brammer, VP of business development for Luxor, commented that Fort Worth’s move will bolster the legitimacy of bitcoin and potentially inspire governments to use bitcoin mining for stabilizing electrical grids in the transition to clean energy.
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