Reviewed by: Madison Croxson
NEW: Mobile approves Alabama’s first bitcoin mining project
Reading time: 2 minutes
Distributed Ledger Inc. (DLI), a cryptocurrency infrastructure company, and Mobile’s GulfQuest Maritime Museum have partnered to bring bitcoin mining to Alabama. Keep reading to learn about this new partnership!
Bitcoin Mining
Bitcoin is a cryptocurrency that’s grown in popularity due to its wild price swings and increasing value since it was created in 2009.
Bitcoin mining is the process of creating new bitcoins by working through complicated math problems that verify transactions in the currency. Solving these problems requires powerful computing power and sophisticated equipment. After a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin.
The world is increasingly turning to bitcoin as a form of currency for many industries and governments.
The partnership
The bitcoin mining project is being created at GulfQuest Maritime Museum, a non-profit organization governed by community and state leaders.
“The hi-tech revenue source of Bitcoin mining is tied to the education, adoption and growth of the next level of encrypted and secure growth of the internet, designed to provide a dramatic time and cost savings and a higher level of security for the global maritime industry.”
Mike Dow, former Mobile Mayor and current executive director of GulfQuest board
Big news for Mobile
This a huge step towards the future for Mobile and the state of Alabama. The City agreed to allow the project to proceed, stating that the city was open to embracing bitcoin and other cryptocurrency-related initiatives.
The plan is part of the city’s efforts to develop a new sustainable revenue source to boost growth for the future. As GulfQuest and DLI work to drive blockchain adoption, financial gains are just getting started.
“We couldn’t be more excited at the opportunity to bring blockchain technology and bitcoin to the State of Alabama and, more importantly, the great City of Mobile. Our goal at DLI is simple: to help companies and institutions with the understanding, accumulation, and usage of cryptocurrency.”
Mike Francis, CEO, Distributed Ledger
Take a look at their joint press release for more details about the plan to bring bitcoin mining to Mobile.
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