Tuesday, November 14, 2023 – As Bitcoin (BTC) price finds its feet above $36k, market interest in Bitcoin mining is hitting all-time highs, fuelling an explosion in the Bitcoin Minetrix presale as retail investors race to participate in Bitcoin Cloud Mining.
A huge influx of funding into Bitcoin Minetrix has seen the project accelerate towards its $4m milestone, with the $BTCMTX presale currently standing at $3,942,689 raised.
This comes as retail investors rush to secure their spot, ahead of an incremental $BTCMTX presale price increase in just over two days (the end of Stage 7).
#BitcoinMinetrix Stage 7 is ending in 4 days!
pic.twitter.com/LXsl2fPhzS
— Bitcoinminetrix (@bitcoinminetrix) November 13, 2023
But why is this lesser-known presale amassing such a significant amount of funding?
The answer lies in the increasingly overcrowded and centralized Bitcoin Mining industry, so, explore this deep-dive into why $BTCMTX is set to revolutionize participation in block rewards.
Here’s How Bitcoin Minetrix Could Revolutionize Bitcoin Mining – Fighting Centralisation
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
#Bitcoin miners hit an annual all-time high, raking in $44M in a day on Nov. 12!
After a challenging period, the mining community bounced back in 2023, with a 670% YoY revenue surge for @MarathonDH.
What's your take on this resurgence in mining profits?
— Bitcoinminetrix (@bitcoinminetrix) November 13, 2023
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
How Does Bitcoin Minetrix’s $BTCMTX Token Work To Deliver Profitable Mining For Retail Investors?
Participants in the Bitcoin Minetrix presale are able to purchase $BTCMTX tokens at a low cost of $0.0116 (although the price rises in just over 2 days time!).
Users who then proactively stake their $BTCMTX tokens are rewarded with more tokens at a current 149% APY as part of a novel stake-2-earn mechanism.
These extra tokens earned before the Bitcoin Minetrix stake-to-mine feature goes live will grant holders a larger piece of the mining power pie once they can be staked to generate mining credits (an upcoming event on the project roadmap).
Mining credits, while being ERC-20 tokens, hold a unique utility – they can be redeemed for designated BTC cloud mining time slots, enabling retail investors to tap into the supply of fresh Bitcoin rewards.
Once this mechanism becomes fully active and operational, those who stake can look forward to reaping actual BTC rewards through the act of cloud mining, thereby opening the doors to a lucrative revenue stream for retail-sized participants.
This has the added benefit of contributing to the decentralization of the Bitcoin network hash rate, all while putting profits in the pockets of the little guy – just as Satoshi intended.
Why Might $BTCMTX Price Outperform Bitcoin (BTC) Over the Next Year?
The $BTCMTX token is an ERC-20 token with a total supply of 4 billion to support the staking mechanism on the Bitcoin Minetrix platform.
Of the total supply, 42.5% of the tokens are being allocated in the $BTCMTX presale, with a further 35% going to marketing, 12.5% for staking rewards, and 10% to the community ecosystem.
Part of the allure of $BTCMTX is the opportunity to enter a Bitcoin derivative token, as the top cryptocurrency pushes toward its $40K target ahead of the anticipated Bitcoin Spot ETF, with the added advantage of a low market cap and supersized gains.
As crypto asset prices represent market cap divided by circulating supply, lower market caps can propel much higher returns for retail investors.
By starting at a lower base value than Bitcoin, $BTCMTX could see major percentage gains from just a modest influx of capital – and this could moon-shot with a rapid growth in recognition across social media.
This market appetite for Bitcoin derivative tokens has been demonstrated by the performance of $BTC with a 120% gain YTD, against the meme coin $BITCOIN which undertook a +5,520% YTD move.
And it’s this competitive advantage over Bitcoin that has seen $BTCMTX become a favorite amongst crypto influencers.
Recently, leading YouTube analyst Jacob Crypto Bury shared a video with his army of viewers in which he predicted a 5X return for $BTCMTX once trading begins.
Bury highlights a significantly lower market cap, and the project’s role in connecting retail traders with the Bitcoin mining revolution as a premium offering to investors looking for a more affordable entry point into the booming Bitcoin narrative.
So don’t miss out, remember to stay tuned to the Bitcoin Minetrix Telegram channel, Discord server and X (formerly Twitter) for the latest project news and updates.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Don’t Miss: Bitcoin Minetrix Nears $4M Raised As Bitcoin Rally Fuels Surge in Bitcoin Mining Activity – Just 2 Days Until $BTCMTX Price Increase! appeared first on Cryptonews.
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