Fort Worth, TX becomes first city in US to mine Bitcoin; Mayor points to 'the future of technology'
Forth Worth Mayor Mattie Parker said the initiative is about understanding technology and innovation
Fort Worth, TX to become first city government to mine Bitcoin
Mattie Parker, mayor of Fort Worth, Texas, discusses how her city is pioneering the crypto industry by mining Bitcoin.
Forth Worth, Texas is set to break barriers and advance into the future by becoming the first U.S. city government to mine Bitcoin.
Mattie Parker, mayor of Fort Worth, told FOX Business' Stuart Varney on Monday that the mining process is small-scale at this point and involves using three machines housed in Fort Worth's city hall.
Cryptocurrency prices were higher early Monday morning with Bitcoin, Ethereum and Dogecoin all higher by more than 5%. (iStock / iStock)
"This is a pretty small project for us," she said, adding that the six-month pilot program will be conducted in close coordination with the Texas Blockchain Council and the Electric Reliability Council of Texas (ERCOT) to understand "any hindrance on the energy grid" and to be "good stewards" for the city's taxpayers.
The machines, donated to the city government, resemble vacuum cleaners, according to Parker, and the mining process is funded without taxpayer expense thus far.
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"The machines were donated; we plugged them into our server room, and, in close consultation with the Texas Blockchain Council which provided the professional experience needed, we are officially mining Bitcoin as of last week."
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Parker said she doesn't aim to make money off the endeavor within the next six months and that the project is more so about learning more about the future of currency for the sake of Fort Worth and of technology in general.
"This is not about making money," Parker said. "This is about making sure we understand the future of technology and innovation in the city of Fort Worth."