Fort Worth city gov first to mine bitcoin

This afternoon, Fort Worth, Texas, became the first city government in the U.S. to mine bitcoin. The pilot program is limited to three machines mining bitcoin for six months.

Why should we care?
This latest development, even if only a small-scale project, symbolizes growing competition among U.S. cities to woo crypto investors (and their piles of cash). “Today, with the support and partnership of Texas Blockchain Council, we’re stepping into that world on a small scale while sending a big message – Fort Worth is where the future begins,” said Fort Worth Mayor Mattie Parker. “These small but powerful machines mark Fort Worth’s larger commitment to becoming a leading hub for technology and innovation.” Fort Worth hopes to become the bitcoin mining capital of Texas, which, as a state, has positioned itself as a destination for bitcoin mining after regulatory changes in China. If other cities in the U.S. adopt similar programs, then this may challenge the traditional, centralized financial system currently in place nationally. Local governments are essentially establishing their own mints, which, in the long run, may complicate how the U.S. government sets monetary policy, especially if crypto ends up becoming a normalized vehicle for exchange and investment. For now, though, Fort Worth just has three mining machines whirring for the next six months.