The resolutions include whether or not to approve a Bitcoin mining operation using donated equipment.
Key Takeaways
The Forth Worth City Council will vote tomorrow on whether it will become a crypto-friendly hub.
It will also vote on whether or not it will mine Bitcoin of its own using donated Bitcoin mining machines.
It cited its own commitment to attract innovative businesses as reasons for the proposed resolutions.
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Tomorrow, the city council of Forth Worth, Texas will vote on whether or not it will begin mining Bitcoin as part of a larger docket consisting of crypto-friendly initiatives.
Key City Council Vote Tomorrow
A city in Texas might officially declare itself crypto-friendly tomorrow.
The Forth Worth city council’s agenda for tomorrow, Apr. 26, includes vote a on a resolution “to encourage the growth of blockchain and cryptocurrency technology companies in Forth Worth,” as well as a vote on whether or not it will accept the donation of three Bitcoin mining machines and authorize their use.
A non-profit Bitcoin mining association called the Texas Bitcoin Mining Council donated three Bitcoin mining machines worth around $2,100 to the city under the condition that it demonstrate its support for the Proof-of-Work mining industry by putting the machines to use. Therefore, on the docket for tomorrow is whether the City Council will instruct its staff to carry out the actions necessary to get mining operation started.
Under the resolution, the crypto mining operation pilot program would be revisited in approximately six months. If the city halts its mining operation, the Bitcoin miners revert back under the ownership of the Texas Bitcoin Mining Council.
The city council noted how quickly the blockchain and crypto industry was growing, citing reports that the industry took in $30 billion in venture capital dollars last year alone, as well as crypto technology’s potential to have significant implications. The resolution also emphasized that the city council had committed itself to “a ‘next-level’ economic development strategy” in its Economic Development Strategic Plan of 2017.
The council also noted recent regulatory developments for the space, such as President Biden’s Executive Order and the Texas legislature’s formation of its Work Group on Blockchain Matters.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
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