The municipal council of Forth Worth, Texas, will vote today on whether or not to start mining Bitcoin as part of a bigger package of crypto-friendly measures.
The City Council will vote on a crucial issue
Tomorrow, a city in Texas might proclaim itself crypto-friendly.
On the Forth Worth city council’s plan for April 26, there will be a vote on a resolution “to foster the establishment of blockchain and digital currency technology firms in Forth Worth,” and a vote on whether to accept and operate three Bitcoin mining devices that were donated.
The Texas Bitcoin Mining Council, a non-profit Bitcoin mining organization, provided three Bitcoin mining equipment valued at roughly $2,100 to the city on the condition that it utilizes the devices to show its backing for the Proof-of-Work mining sector. As a result, tomorrow’s agenda item is whether the City Council would direct its staff to take the required steps to commence the mining operation.
According to the resolution, the cryptocurrency mining operation pilot program would be reviewed in six months. The Bitcoin miners will return to the Texas Bitcoin Mining Council if the city shuts down its mining business.
The municipal council emphasized the rapid growth of the blockchain and crypto industries, noting that the sector received $30 billion in venture capital funds only last year and cryptocurrency technology’s potential to have enormous ramifications. According to the resolution, in its 2017 Economic Growth Strategic Plan, the city council pledged a ‘next-level’ economic development plan.
President Biden’s Executive Order and the founding of the Texas legislature’s Work Group on Blockchain Matters were mentioned by the council as recent legal developments.