Tblisi, Georgia, October 18th, 2023, Chainwire — New crypto ICO Bitcoin Minetrix (BTCMTX) has now passed the $1,600,000 milestone with the industry’s first ‘stake-to-mine’ crypto project that tokenizes the cloud mining process.
The project allows token holders to cloud mine Bitcoin for $10 on an automated system that is controlled via a dedicated mobile app.
Once the platform is fully rolled out its stake-to-mine feature will then allow Bitcoin Minetrix holders to stake their BTCMTX to mine Bitcoin.
By staking BTCMTX, holders will not only earn staking APY but the tokens are converted into cloud mining credits, which are then burnt to generate allocated cloud mining time.
Mined BTC is then distributed to stakers into their wallet, with the whole process managed on a mobile app currently in development.
Bitcoin mining has become almost the sole reserve of huge multi-billion-dollar firms, with the average cost of mining one BTC currently estimated at $31,500 due to the price of mining hardware and huge energy consumption, and despite the price of BTC dropping to around $27,000.
Cloud mining, the process where investors or investment groups rent hardware and energy at a reduced cost, was meant to solve the issue but has become an area fraught with scammers.
By tokenizing the process, Bitcoin Minetrix promises to make cloud mining more efficient and secure for smaller and retail investors.
It has reduced entry costs and also given holders more freedom over their mining holdings rather than get locked into fixed-term contracts and pay up-front costs.
BTCMTX tokens can be unstaked and withdrawn from cloud mining consideration once the staking period is up, or sold on exchanges at any time.
How it Works
- Users can purchase BTCMTX during the ICO or post-ICO on exchanges.
- During the ICO, staked BTCMTX generated additional tokens.
- Stake BTCMTX for Cloud Mining Credits, a non-tradeable ERC-20 token, once the app and desktop dashboard are live.
- Cloud Mining Credits are then burnt to generate cloud mining power and allocated mining time.
- Mined BTC is distributed into a user’s personal wallet.
Staking Rewards Allocation
As well as earning Bitcoin through staking, Bitcoin Minetrix also allows token holders to stake the ERC-20 token and receive staking rewards.
At the time of writing, more than 37 million BTCMTX tokens have been locked into the staking pool, returning an estimated APY of approximately 300% with 158.5 tokens generated per ETH block, with the unlocking period lasting 24 months.
Investors should note the APY will reduce over time as more tokens are locked into the staking pool, while there is a minimum lock period of 14 days.
ICO Details, Tokenomics and Crypto Airdrop
The Bitcoin Minetrix whitepaper states that there is a total supply of 4 billion BTCMTX tokens, with 70% of those (2.8 billion) available to buy during a 10-stage ICO.
The ICO is currently on stage two and now closing in on $1.75 million raised, with tokens available for $0.0111 each, and 280 million tokens available to purchase in each stage.
By the time of the tenth and final presale stage, the price of tokens will have increased 8% to $0.0119 – Bitcoin Minetrix aims to raise $15.6 million during its ICO.
The token smart contract has been audited by Coinsult, and there is a minimum purchase amount of $10, with buyers able to use ETH, USDT or BNB to purchase BTCMTX.
The project is currently in phase 1 of its 4-phase roadmap and is also running a crypto airdrop campaign, with 10 winners sharing a $30,000 BTCMTX prize by completing social media tasks.
About Bitcoin Minetrix
Bitcoin Minetrix is a tokenized cloud mining platform that allows everyday people to mine Bitcoin in a decentralized way, putting the control into the hands of token holders.
To learn more, visit the Bitcoin Minetrix ICO.
Bitcoin Minetrix is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.