What Is Bitcoin Standard Hashrate Token (BTCST)?
BTCST is a BEP-20 token based on the BSC blockchain. The token is collateralized by the standardized Bitcoin mining power. To be more precise, it’s backed by 0.1 TH/s of Bitcoin’s mining power with the standard of 60 W/TH. Thus, BTCST holders can stake their tokens and receive daily Bitcoin rewards that depend on the amount of staked mining power they possess. As a result, buying expensive equipment or relying on brokers is no longer necessary for individuals who wish to earn from mining.
The Bitcoin Standard Hashrate Token price chart placed above displays the live BTCST price, so, don't forget to check it out.
Overall, the Bitcoin Standard Hashrate Token crypto project seeks to integrate Bitcoin into DeFi and increase the liquidity and efficiency of the BTC mining market. It links all Bitcoin hashrate assets and provides them with exchange-rate liquidity. Besides, other DeFi trading, lending, and borrowing protocols can be built on top of it too.
BTCST employs a principle of a decentralized autonomous organization (DAO) to govern the project. How does it work? DAOs are transparent and completely governed by the community members. Smart contracts provide the ground rules and carry out the chosen actions. At any time, proposals, votes, and even the code itself can be openly audited and changed.
BTCST Token Redenomination
Following the STP-4 Proposal, BTCST underwent a 1:10 token redenomination on March 15th, 2021. This resulted in a tenfold increase in the supply of BTCST, which decreased the token's value. Though the required hash power remained unchanged.
Besides, the TRON Foundation disclosed that BTCST formally partnered with the TRON blockchain on the day of the redenomination. Now, the TRON Bridge allows BTCST token holders to stake their assets on TRON.
Tokenomics of BTCST
The max supply of BTCST is 15 million. However, the initial supply was 1 million tokens. It was issued on the Binance Launchpool, in which users were able to obtain BTCST tokens through BNB, BTC, and BUSD staking.
New BTCST tokens can only be created when qualified miners decide to standardize and tokenize Bitcoin hashrate through BTCST. In order to become a qualified miner, you must have legitimate and trustworthy mining equipment and provide at least 5 TH/s of your power.
If you plan to buy Bitcoin Standard Hashrate Token coins, keep in mind that the BTCST price is liable to change. The main reason for that is the volatility of the entire crypto market, which affects the Bitcoin Standard Hashrate Token price, alongside the prices of other crypto assets.
