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- A Texas city plans to start mining the crowned cryptocurrency Bitcoin (BTC).
- The three Bitmain Antminer S9 mining rigs donated by Texas Blockchain Council will be utilized to mine BTC.
- Adding Bitcoin to the Balance sheet won’t be that easy, but the Mayor is optimistic about the move.
Texas has been in the limelight for its crypto friendliness, and now Fort Worth will start mining Bitcoin via three Bitmain Antminer S9 mining rigs, which Texas Blockchain Council donated.
Mattie Parker, the Mayor, believed that the operational costs generated would be balanced by the mined BTC, and it would be included in the balance sheet of the city. She seems to hold a cautiously positive approach towards the move in the crypto space.
Bitcoin To Be A Big Part Of The Future
She notes that Fort Worth would conclude on a decision on whether to invest real cash for the mine following an assessment to occur in six months.
In a discussion with CNBC, she highlighted why the city did not opt for other risky assets like stocks for investment, and she cited that if Fort Worth had not gotten this donation from the Council, it might have stayed neutral on holding BTC. She further cites that she sees Bitcoin as a significant part of the future.
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If we talk about holding Bitcoin on a city’s balance sheet, it’s not as easy as it sounds. Because the asset class is still widely recognized as uncharted territory. And on this, Parker did agree that the city will have to jump through hoops to comprehend the policies.
The Mayor got the idea of mining Bitcoin from her VC friends when they highlighted that most of the Venture capital is spent on tech, and crypto is at the core right now.
This move by the city might not solely be emphasized on profits, as it also sets an example for others by making BTC a part of its balance sheet. Many folks in Texas have a crypto-friendly approach, as earlier politicians made BTC a part of their campaigns. It is to look forward to if other cities get inspiration from Texas and make a similar move.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
