Fort Worth Embraces Cryptocurrency Businesses: A Look at the City’s Growing Tech Hub
Fort Worth is quickly becoming a cryptocurrency destination, with a growing number of businesses in the industry calling the city home. This surge in cryptocurrency activity is being attributed to the city’s decision to bring a bitcoin mining operation to City Hall in April 2022.
Experts and city officials believe that Fort Worth’s embrace of cryptocurrency businesses has created a tech-hub energy that is attracting entrepreneurs and investors to the area. Carlo Capua, the city’s chief of strategy and innovation, credits Texas’ favorable business practices and the city’s innovative mindset for luring companies to set up shop in Fort Worth.
One such company that recently moved to Fort Worth is Advanced Crypto Services, a maintenance and repair bitcoin mining startup founded by James Scaggs. The company’s relocation to Fort Worth has provided them with access to local opportunities, grants, and programs, as well as closer proximity to their clients.
The state of Texas leads the nation in large cryptocurrency mines, with many facilities using enough power to support thousands of homes. Fort Worth’s strategic location has positioned it as a prime spot for cryptocurrency businesses to serve mines across the state.
Despite the success of Fort Worth’s bitcoin mining program, the city remains the only one in the state to participate. While cities may not mine for profit, there is potential for municipal power districts to play a larger role in the industry by monetizing underutilized power generation.
Looking ahead, Fort Worth has no immediate plans to purchase more miners, as the current machine has been profitable and operational for over two years. The city’s focus on innovation extends beyond cryptocurrency, with efforts to explore the responsible use of artificial intelligence and other emerging technologies to enhance city services.
With Fort Worth’s reputation as a technologically savvy city on the rise, the future looks bright for the city’s growing cryptocurrency industry and its commitment to pushing the boundaries of innovation.
