The City Council of Fort Worth voted to accept the donation of 3 mining rigs. This is a donation that will allow the city to mine Bitcoin.
In this video I discuss how it is the first US city to take this step. It was something I talked about in a recent video before the vote. Now it is in.
Here is a link to the article mentioned in the video:
▶️ 3Speak
What could be the reaction from Central Government?
On this? Not much. Wont even get on the radar.
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Lol, surprising.
A lot of other things they are fighting about. This is also only 3 old mining rigs. Not exactly a huge operation.
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a first step towards the future and exactly where is that town hall which is the pioneer state in Cryptocurrencies. They are breaking down barriers to a future with good economic prospects.
It is going to spread. We just need to keep focus upon decentralizing things.
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That is the key, the decentralization of things and that everyone owns their resources.
Yes that is key. The more that get involved in this game, the more things expand outwards.
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Wow good for them. My brother lives in that area, i don't believe he will have any interest in it. Hope it goes well for them.
Well it is the city itself doing it. Not that individuals mining although there is no way the city will stop it.
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I think it is a good venture so will be inresting to see how it works out.
It will be interesting to follow along and see their progress.
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I heard Fort Worth is already mining. This is pretty wild. Things are getting serious now.
Well I imagine that as soon as the vote passed, they were ready to plug the machines in. I hope we get some updates about it.
Do you think they will have a chance of getting anything? It doesnt appear they are getting much in the way of mining equipment?
Can they actually turn a profit on some, I presume, older machines?
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It's an interesting move and I like how the city is taking them up on the offer. It doesn't really look like the city will lose much and the period in which they mine isn't that long. If it proves to be profitable, I can see other cities following along.
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I dont see the downside either.
There is only the electricity costs. I wish there were more details about the potential. Personally I am not sure older mining equipment will get much Bitcoin but I dont know enough about the ins and outs of it to pay attention.
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Summary:
The video discusses breaking news about the city of Fort Worth, Texas becoming a Bitcoin miner. The city council members unanimously voted to accept a donation of three Bitcoin mining machines from the Texas Blockchain Mining Council, making Fort Worth the first city in the US to directly profit from Bitcoin mining. The move aims to make Fort Worth a crypto-friendly city, following the footsteps of other cities like Miami and New York that have declared intentions to become crypto hubs. The video highlights the potential impact on governance, tax structure, and city budgets due to the increasing interest in cryptocurrency and blockchain technology among cities.
Detailed Article:
The video opens with the announcement that Fort Worth, Texas has made a groundbreaking decision to become a Bitcoin miner. The city council members voted in favor of accepting a donation of three Bitcoin mining machines from the Texas Blockchain Mining Council. This move sets Fort Worth apart as the first city in the United States to directly engage in Bitcoin mining operations, potentially allowing the city itself to profit from this activity.
The significance of this decision lies in Fort Worth's positioning as a crypto-friendly city, aligning with the trend seen in other major cities like Miami and New York, which have expressed intentions to become crypto hubs. By welcoming and encouraging the growth of companies in the crypto and blockchain industry, Fort Worth is paving the way for potential transformations in governance, tax structures, and city budgets.
The video acknowledges that Fort Worth's initial investment in Bitcoin miners worth $2,100 may seem modest compared to the cost of more advanced mining rigs that can go for tens of thousands of dollars each. Nonetheless, the decision to venture into Bitcoin mining signals a proactive step towards exploring the possibilities presented by the cryptocurrency space. The upcoming six-month review of the mining operation's profitability, including an assessment of energy costs and revenues, will provide insight into the success of Fort Worth's foray into mining.
Texas' favorable stance towards cryptocurrency and blockchain technologies is highlighted as a contributing factor to Fort Worth's decision, contrasting with potential legislative actions in other states. For instance, the video mentions a proposal in New York to ban Bitcoin and cryptocurrency mining within the state, which could impact the crypto mining industry. However, the video points out that the ban in China on crypto mining in the past did not have a lasting negative impact on Bitcoin, as miners were able to relocate and resume operations elsewhere, potentially foreshadowing a similar scenario for Fort Worth.
In conclusion, the video posits that Fort Worth's move towards becoming a Bitcoin miner signifies a promising development in the city's economic landscape. The decision aligns with broader trends in the cryptocurrency industry and sets a precedent for other cities to explore ways to leverage cryptocurrencies and blockchain technology for economic growth. Ultimately, the outcome of Fort Worth's Bitcoin mining endeavor will be closely monitored in the coming months to assess its impact on the city's financial prospects and its role in the evolving crypto landscape.
Very interesting development.
Certainly something that others can imitate.
Change is occurring so fast it’s amazing and gratifying to see.
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It is interesting. Not sure it is much if a major move overall but it does add another feather in the crypto cap.
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