New cryptocurrency and cloud-mining platform Bitcoin Minetrix is nearing the $13 million mark in its token presale, passing 85% of the $15 million fundraising goal stated in its whitepaper.
This milestone comes around two weeks before the highly anticipated Bitcoin halving event, adding to the project’s timeliness and relevance within the crypto mining ecosystem.
What is Bitcoin Minetrix?
Bitcoin Minetrix is a project that aims to make Bitcoin mining more accessible by introducing a stake-to-mine concept. Rather than requiring expensive hardware and substantial electricity costs associated with traditional Bitcoin mining, Bitcoin Minetrix allows users to mine Bitcoin by staking native $BTCMTX tokens on the platform’s website.
In return, users receive non-transferable ERC20 token credits, which can be exchanged for Bitcoin cloud mining time or a portion of Bitcoin mining yields, granting the user full decentralized control.
#BitcoinMinetrix introduces a tokenized cloud mining platform, enabling regular individuals to participate in decentralized $BTC mining. 🌟
Effectively eradicating the risk of third-party cloud mining scams and granting full control over operations. 🔐 pic.twitter.com/5oWTwsR75v
— Bitcoinminetrix (@bitcoinminetrix) April 2, 2024
Once these mining credits are converted into Bitcoin, users can transfer it to their personal wallets or sell it on exchanges. Essentially, Bitcoin Minetrix offers a tokenized cloud-mining system where users deposit $BTCMTX tokens to receive cloud-mining credits, creating a pay-as-you-go mining model.
Bitcoin Minetrix is also a user-friendly and efficient tokenized cloud mining platform. While traditional Bitcoin mining presents challenges for casual users and cloud mining is rife with scams, BTCMTX aims to level the playing field, enabling anyone to safely participate in mining the world’s largest crypto, and earn staking rewards on the $BTCMTX token.
Bitcoin Minetrix Presale and Tokenomics
The Bitcoin Minetrix project aims to raise $15 million through its token presale. The presale involves 39 stages, with incremental increases in token price, starting from $0.0110 per token up to $0.0148.
The total supply of $BTCMTX tokens is 4 billion. Of the tokens sold in the presale, 42.5% will fund Bitcoin mining operations, 35% will be allocated for marketing, 15% for community initiatives, and 7.5% for staking rewards.
Source – bitcoinminetrix.com
To purchase $BTCMTX tokens, users need an Ethereum-compatible wallet like MetaMask. The tokens can be bought using ETH, BNB, MATIC, USDT, or a card.
The Limitations of Legacy Bitcoin Mining
The need for solutions like Bitcoin Minetrix arises from the limitations of individual hardware mining. Consider the substantial yearly expenses, often exceeding $10,000 or more, required for suitable mining rigs and the significant electricity costs, especially as mining difficulties increase. Profitability relies on avoiding disruptions in this physically demanding process.
While cloud mining services attempt to resolve hardware issues, they frequently underdeliver with opaque practices, and wrongful withholding of funds is widespread across hyped platforms offering unrealistic bitcoin contracts.
Moreover, even profitable services must contend with the massive energy consumption associated with Bitcoin mining. According to Digiconomist, the energy consumption for securing the Bitcoin blockchain network reaches an astounding 160 TWh per year, rivaling the energy consumption of small nations. This highlights the extreme strain mining places on physical resources.
As the premier Proof-of-Work cryptocurrency, Bitcoin requires tremendous computing power to confirm transactions. However, the environmental effects and barriers preventing widespread participation reveal why better systems like Bitcoin Minetrix should emerge.
JPMorgan’s Report Suggests Higher Profitability Ahead of Bitcoin Halving
According to a report by JPMorgan, Bitcoin mining is poised to see higher profitability ahead of the upcoming halving event. The network’s average daily hashrate, a measure of the computational power used for mining and transaction processing, reached a new peak of 600 EH/s (exahash per second) in March.
This figure reflects a 4% increase from February and an 80% year-over-year growth. The increase in hashrate indicates not only growing competition among miners but also the industry’s resilience and optimism, as noted in the report.
The upcoming Bitcoin halving event, which will reduce the block reward from 6.25 to 3.125 bitcoins, casts uncertainty over mining profitability in the future despite the positive trends. In April, the halving could lead to a decline in profitability unless offset by a strong rally in Bitcoin’s price or a dramatic decrease in the network’s hashrate, according to JPMorgan.
Conclusion
Bitcoin Minetrix potentially presents an intriguing solution to the challenges associated with traditional Bitcoin mining. By offering a tokenized cloud-mining model, the platform aims to make mining more accessible to a wider audience while addressing issues like high hardware costs, electricity expenses, and environmental concerns.
As the project approaches $13 million raised in its presale, it demonstrates the growing interest in this crypto mining approach ahead of the highly anticipated Bitcoin halving later this month.
