What Is Bitcoin Standard Hashrate Token (BTCST)?
The Bitcoin Standard Hashrate Token (BTCST) was launched on Binance Smart Chain (BSC) on Dec. 13, 2020. It is collateralized by Bitcoin’s (BTC) hashrate, with each token representing 0.1 TH/s of Bitcoin mining power at an efficiency of 60 W/TH. As such, miners contribute their computational power to the platform in exchange for newly minted BTCST tokens.
BTCST’s goal is to bridge liquidity to Bitcoin’s mining market. This will allow users to get exposure to mining rewards and hashpower of any size, at a low cost. The ultimate goal of the app is to increase the liquidity and efficiency of mining power markets.
Who Are the Founders of Bitcoin Standard Hashrate Token?
The Standard Hashrate Group, which is behind the BTCST token, is backed by industrial-scale Bitcoin miners, which collectively represented 12% of BTC’s global hashrate as of February 2021.
What Makes Bitcoin Standard Hashrate Token Unique?
BTCST is a token collateralized by real Bitcoin mining power; by staking BTCST, holders can receive daily Bitcoin contributions that correspond to the staked mining power. As such, BTCST allows users to mine Bitcoin from inside the decentralized finance (DeFi) ecosystem.
BTCST tokens can only be issued when eligible miners choose to standardize and tokenize Bitcoin hashrate. This is why the project hasn’t had any private or public sale events. The total supply cap is determined by the sum of all BTCST tokens staked on the app.
BTCST is based on the BEP-20 standard. Snapshots of user balances and total pool balances are taken each hour in order to calculate user rewards. Each pool’s annual percentage yield (APY) and total balance are updated in real-time, and tokens can only be staked in one pool at a time. Users are allowed to unstake their funds at any time and participate in any of the other available pools.
BTCST is a cloud mining platform deployed on the Binance Smart Chain. It offers daily payouts that are executed by a decentralized application (DApp).
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How Many Bitcoin Standard Hashrate Token (BTCST) Coins Are There in Circulation?
BTCST was launched on December 13, 2020, with an initial token supply of 1,000,000 tokens.
As of March 2021, it has a circulating supply of 589,388 BTCST and a maximum supply of 1,500,000 BTCST.
How Is the Bitcoin Standard Hashrate Token Network Secured?
The Binance Pool functions as the auditor for BTCST and guarantees legitimacy and transparency. BTCST is an asset protocol that brings Bitcoin hashrate assets to DeFi and serves as a foundation for other DeFI trading, lending and borrowing protocols.
BTCST is governed in the form of a decentralized autonomous organization (DAO). The token holders, miners and the broader token community collectively decide on material issues associated with the project. All proposals, votes and outcomes are recorded and disclosed on-chain.
Where Can You Buy Bitcoin Standard Hashrate Token (BTCST)?
Bitcoin Standard Hashrate Token (BTCST) can be traded on the following exchanges:
Read our guide on how to buy Bitcoin to find out more.
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