Fort Worth will vote on a resolution Tuesday that will open the door to Bitcoin mining companies and authorize the city's participation in the activity.
Texas is becoming the main headquarters for Bitcoin mining in the United States and the world. Since the Chinese government closed the door to the crypto industry and all its related activities, several companies dedicated to extracting bitcoins from the network have found refuge in this cowboy state, which has important energy sources that provide electricity at one of the lowest costs in the world.
Thus, to continue promoting the growth of this industry within the state, the City Council of Fort Worth, located in Tarrant and Denton counties (Texas), wants to make Bitcoin mining official in its territory.
City Council members will vote Tuesday on a resolution which will make Fort Worth a major Bitcoin mining hub and a cryptocurrency-friendly jurisdiction.
If the resolution passes, Fort Worth will authorize regulated crypto mining companies to operate from its jurisdiction.
In addition to this, the Texas city will activate a pilot that will allow it to mine bitcoins on the network for a period of 6 months. Fort Worth could also accept the donation of 3 mining rigs from the Texas Blockchain Council organization, to start its own operations on the most powerful blockchain network in the world.
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Fort Worth bets on Bitcoin mining
If the resolution is approved, Fort Worth will be one of the first American cities to boost Bitcoin mining at the state level, although it will do so on a small scale. Still, the city council noted that it wants to become a leader in the crypto mining sector, welcoming Bitcoin and blockchain companies.
Fort Worth Mayor Mattie Parker said on Twitter that the city is home to cowboys and also to cryptocurrencies like Bitcoin.
On the other hand, in the resolution, the Fort Worth City Council clarifies that, once the test pilot is over, if the Texas city does not wish to continue its Bitcoin mining operations, then the equipment received as a donation will be returned to the Texas Blockchain Council.
Texas and cryptocurrencies
In June of last year, the Texas House of Representatives passed a bill to include a definition of “virtual assets” in the state’s Commercial Code, as well as ordering the creation of a working group to develop a plan to stimulate the growth of cryptocurrencies and blockchain technology in a healthy and responsible manner.
Meanwhile, while Fort Worth is looking to boost Bitcoin mining, the Texas city of Austin is considering implementing cryptocurrencies as a means of payment for municipal taxes.
In March of this year, the City Council approved the creation of a research study that is focusing on analyzing the feasibility of accepting tax payments with bitcoin.
Continue reading: Austin approves a “research study” for tax payments in Bitcoin
