Posted on 04/26/2022 3:11:14 PM PDT by DFG
Fort Worth, Texas, is now the first city government in the United States to mine bitcoin — and in an almost poetic devotion to the initiative, Mayor Mattie Parker oversaw the construction of a small mining farm in City Hall.
Three Bitmain Antminer S9 mining rigs will run 24 hours a day, seven days a week, in the climate-controlled information technology wing of Fort Worth City Hall. The city says the miners will be hosted on a private network to minimize the security risk.
Bitcoin operates on a proof-of-work mining model, meaning that miners around the world run high-powered computers to simultaneously create new bitcoin and to validate transactions. The process requires professional-grade equipment, some technical know-how, and a lot of electricity. That’s why Fort Worth’s pilot project is starting small, according to the mayor.
(Excerpt) Read more at cnbc.com ...
Not the Bee?
Assuming that all is paid for by the taxpayers, who gets the bitcoin?
.
Was expecting it to be
They’d probably make more money selling pot.
Ft. Worth to Dallas: “You go your way and I’ll go mine.”
All seriousness aside, though: it’s mine over matter.
10% for the little guys and gals. They see how the system works.
Doesn’t seem like that is in the scope of normal city functions.
I guess I’m just some fossilized dinosaur but how does one mine a bitcion when it’s allegedly safely tucked away in a “blockchain” protected “wallet” This whole “mining” thing sounds like a scam.
They’ll never compete with the Chinese. Those guys use slave labor bitcoin miners who never see the light of day. They don’t even have a union.
The biggest scam I’ve ever heard of in my life. Where are you going to get your cryptocurrency when the lights go out?
People’s time would be much better served prepping.
As a total luddite, stone tool-making, hide-wearing savage, would someone please explain, in a few sentences, why mining bitcoin requires so much electricity? Thank you.
2010 ish — the calculations needed at that time used about $1 of electric to produce more than that value in bitcoin.
after 2018 — the electric cost exceeded the benefit and return in bitcoin.
Now wherever you get free electric or can steal the electric might be worth doing until you are caught.
In the last decade the machines that mine coin got more powerful and more people bought them and flooded the market with mining gear. The act of mining produces a fixed revenue that is split dozens and hundred of more directions.
to continue ...
there is a factor called difficulty where the time needed to achieve the next coin is ten to 100 times longer and energy intensive than 10 years ago.
Also heard that a couple of years back, the ChiComs got to 70% of the mining capacity of the world. Free electric from the dam dam.
Chi comms kicked out Bitcoin miners a year ago.
How embarrassing.
I would like an explanation too, as simple as possible.
Latest variation of a Ponzi scheme. This one involving local government, from the city that once gave us Hell’s half acre!
I thought electricity was in short supply & we all had to change our light bulbs to SAVE POWER.....
“Mining” is Bitcoin blockchain transaction verification and is rewarded with additional Bitcoin (roughly every 10 minutes). Your personal Bitcoin balance is represented by an encrypted private key that you keep in a safe place. More here:
https://www.crediful.com/bitcoin/
https://bitcoin.org/en/faq#is-bitcoin-really-used-by-people
https://www.investopedia.com/tech/return-nakamoto-white-paper-bitcoins-10th-birthday/
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