The resolution authorized a six-month pilot program teaming the city and the Texas Blockchain Council, which is donating three S9 Bitcoin mining machines.
Bitcoin is a form of cryptocurrency, which is a medium of exchange, like the dollar, but is digital and uses encryption techniques to control the creation of monetary units and verify transfer of funds.
Bitcoin can now be purchased at thousands of ATMs globally.
“Fort Worth has always been a leader in many industries, including technology,” said District 3 Councilman Michael D.
The first bitcoin was mined in 2009 and cryptocurrency now is accepted as payment by more than 2,000 businesses in the United States and 15,000 around the world, according to Investopedia, which ranked San Francisco the world’s No.
A city staff report accompanying the bitcoin resolution noted that the state Legislature passed a bill last year recognizing cryptocurrency in the state’s Uniform Commercial Code, and another bill establishing a 16-member work group to develop a master plan for the expansion of the blockchain industry in Texas.
Based on the number and type of machines being used, the city estimates each will consume the same amount of energy as a household vacuum cleaner.
“This initiative demonstrates that Fort Worth, as a city, is serious about attracting innovative, tech-focused businesses.
“We’ve long talked about Fort Worth’s association with the frontier and our pioneering spirit,” Sturns said.