Fort Worth Becomes First City to Mine Bitcoin

[pooya87]

~

You are right but censorship is not going to start overnight. All these little moves could some day add up to a much bigger control over the network. We already have Marapool censoring transactions (despite them taking some steps back publicly), then we have this news. There are also other centralized miners in other jurisdictions, some of them controlled by different governments.

The incentive structure works, and before any bad actor can set their attack, they will discover that it will be more profitable by mining honestly.

For governments the incentive is not going to be money, it will be power and control.

[fiulpro]

What are they planning about the green renewable energy sources ? Is there any integration that's going to happen ? At the end of the day if they are starting a business they might as well invest a bit more to make sure that these machines, running 24*7 does not damage the environment a lot.

Other than that they also have to think about expansion, if they are talking about job creation, it needs to begin at a much bigger scale. They also have to try and model it better to keep it away from the city perse, it's a project if you want to do it efficiently, you cannot just buy and start.

Now since the government got their hands in this business now, there is a slight chance that they might try and stop the small individual miners from taking over their business overtime, during expansion. Let's see what happens.

[franky1]

You're entitled to your opinion on who to hate/dislike, but we can't stop anything if an entity wants to start pointing hashing power to the Bitcoin network, an open permissionless system. I used to express my disapproval for Jihan Wu too, but I never believed that he would/should be stopped from pointing hashing power to the network. We simply can't do anything.

you dont point hashpower to the network!!

a mining pool (not hashpower) connects to the network, a mining pool collates transactions into a block template and offers out the blockheader to its members miners who then hash out a allocation of possible combinations. and send back a hash result or request another allocation of possible combinations to churn through

a mining pool is the middleman gateway between a asic and the network. but no hashpower goes on the network

an asic never touches transactions or the bitcoin network(its just peered to a pool via a separate port). and a mining pool on the network doesnt do the actual hashing itself. (they are separate things)

in short.
these 3 asics are not going to cause disruption because they are just asics.. not mining pools.. so have no control of transaction selection/template creation
these three 3 asics would need to also be running on THEIR OWN mining pool where the state office worker then gets to select his block template content to then mine with using just 3 outdated slow asics which would highly unlikely ever get a block solution.
basically they can mine for years for just 1 opportunity in hundreds of thousands to make one block an "empty block"

[Wakate]

Texas mining Bitcoin is a good idea at least they can have their own node and add more to the flexibility and adoption of Bitcoin even though many US states have not officially agreed to support the existence of Bitcoin. This is just the beginning and I know with time, other states will see good reasons why they have to support the use contineous use of Bitcoin in the US.

[kryptqnick]

My question is why starting mining in the US would make Fort Texas the first US city to do so. Aren't there tons of miners in the US? Aren't at least some of them officially registered and thus mining officially in US cities? Or is it that the Mayor and the local government will mine themselves that's significant. If so, would the profits go to local communities, into local budget etc? And it's indeed a tiny mining operation, so probably more of a PR project than real adoption. Still, with all those talks of banning or restricting mining due to environmental issues in the US, I think it's good when such things happen, legitimizing the activity.

[Vaskiy]

My question is why starting mining in the US would make Fort Texas the first US city to do so. Aren't there tons of miners in the US? Aren't at least some of them officially registered and thus mining officially in US cities? Or is it that the Mayor and the local government will mine themselves that's significant. If so, would the profits go to local communities, into local budget etc? And it's indeed a tiny mining operation, so probably more of a PR project than real adoption. Still, with all those talks of banning or restricting mining due to environmental issues in the US, I think it's good when such things happen, legitimizing the activity.

Every country have got good number of miners. Now the government itself have got into mining and this is the first show in which a City have got into mining of bitcoin using the hardware required for the same. There'll be more number of people to give donations to the city. Hope we can see something big from the state in the falling countries.