Bitcoin Historical Growth
This graph from BitcoinMagazine.com shows the historical growth trend of Bitcoin over the years as climbing upward in price.
Fear and Greed Index
But today’s current Fear and Greed Index (from AlternativeMe.com) is in Extreme Fear when checked April 27, 2022 at11:42am:
Undaunted and aware of the consistent upward growth trend in the cryptocurrency market, Forth Worth Mayor Mattie Parker positions the city to take advantage of this emerging technology and push their local economy forward.
On Tuesday, Fort Worth mayor Mattie Parker and Fort Worth revealed that the city is now the first U.S. city government in the country to mine bitcoin. According to the announcement, the city of Fort Worth has partnered with the Texas Blockchain Council to embark on the crypto mining endeavor.
The City of Fort Worth Begins to Mine Bitcoins 24/7 With 3 ASIC Machines
Starting today, the city of Fort Worth in Texas is now mining bitcoin 24/7 at the climate-controlled Information Technology Solutions Department Data Center located at Fort Worth City Hall. The news was announced by the city government and mayor Mattie Parker. The Fort Worth government representatives explained that the miners will be hosted privately in order to curb security vulnerabilities.
Fort Worth said the Bitmain-brand S9 bitcoin mining machines were donated by the nonprofit association, the Texas Blockchain Council. Three ASIC rigs were donated by the Texas Blockchain Council and if the city “achieves the goals of responsibly assessing and executing a municipal bitcoin mining program,” it plans to “evaluate the program” afterward.
“With blockchain technology and cryptocurrency revolutionizing the financial landscape, we want to transform Fort Worth into a tech-friendly city” Parker explained in a statement sent to Bitcoin.com News. “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.”
Fort Worth’s mayor added:
These small but powerful machines mark Fort Worth’s larger commitment to becoming a leading hub for technology and innovation.
Fort Worth’s 3 ASICs Will Use the Same Amount of Energy as a Household Vacuum Cleaner
Fort Worth’s move comes at a time when U.S. bureaucrats and regulators have been concerned about bitcoin mining and some politicians have drafted bills (NY-A.7389C / S.6486C.) to impose a moratorium on mining. Amid the scrutiny, the crypto mining industry has become far more efficient and has had a lot less impact on the environment during the last 12 months.
A recently published report written by the Bitcoin Mining Council shows that Bitcoin’s electrical consumption during the first quarter of Q1 dropped 25%. Based on the research done by the city of Forth Worth, the three machines will use the “same amount of energy as a household vacuum cleaner.”
“The nominal amount of energy needed for the program is expected to be offset by the value of bitcoin mined,” the Fort Worth announcement explains. “Keeping the pilot program small enables the city to learn the potential impact and opportunities for bitcoin,” the city added. Robert Sturns, Fort Worth’s director of economic development detailed that Texas is a pioneer when it comes to cryptocurrency and blockchain solutions.
“Texas is increasingly being recognized as the global leader in Bitcoin and blockchain, and Fort Worth will have a seat at that table,” Sturns remarked during the announcement. “The pioneering spirit is alive and well in Fort Worth, and with this program, we will attract dynamic companies that share in this vision for the future.”
Image Credits: Shutterstock, Pixabay, Wiki Commons
