Investing.com
Published Sep 28, 2023 01:10AM ET
In a bid to make Bitcoin mining more accessible and efficient, Bitcoin Minetrix has introduced a unique Stake-to-Mine model. The tokenized cloud mining platform recently launched its initial coin offering (ICO), providing an opportunity for early investors to acquire the $BTCMTX token at a starting price of $0.011.
The new digital asset, Bitcoin Minetrix (BTCMTX), aims to revolutionize the process of Bitcoin mining by eliminating the need for costly, energy-consuming equipment. Instead, BTCMTX token holders can stake their tokens to earn mining credits, which can then be utilized for Bitcoin cloud mining. This innovative approach is designed to make cryptocurrency mining more sustainable and secure.
The ICO will be conducted in 10 phases, with the token price set to increase incrementally after each round. The platform has deployed a total of 4 billion tokens, with 5% allocated to Bitcoin mining, 35% for marketing, 15% for the community, and 7.5% for staking rewards until the platform is fully developed. Through the ICO, Bitcoin Minetrix aims to raise over $15 million.
Bitcoin Minetrix was launched on Wednesday, September 27 2023, and within one day of announcing the ICO, the project had already raised $115,000. A smart contract audit for $BTCMTX was carried out by Coinsult on September 20th.
The Stake-to-Mine model simplifies the process of Bitcoin mining by allowing users to earn non-tradeable ERC-20 mining credits through staking their $BTCMTX tokens. These credits can then be burned to gain access to Bitcoin cloud mining power. Users also have the option to un-stake their tokens after the minimum staking period if they wish to exit and sell their tokens at the current market price.
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Written By: Investing.com
