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BTC Standard Hashrate Token

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Discover BTC Standard Hashrate Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is BTC Standard Hashrate Token?

The Bitcoin Standard Hashrate Token (BTCST) is a cryptocurrency that represents 0.1 TH/s of Bitcoin mining power. It allows users to participate in Bitcoin mining without the need for physical mining equipment, providing exposure to mining rewards and hashpower at a lower cost. Each token is collateralized by Bitcoin's hashrate, and holders can receive daily distributions of mined Bitcoin by staking their tokens.

How is BTC Standard Hashrate Token used?

The Bitcoin Standard Hashrate Token (BTCST) is a cryptocurrency that bridges the gap between Bitcoin mining and the decentralized finance (DeFi) world. Each BTCST token represents 0.1 TH/s of Bitcoin mining power, allowing holders to participate in Bitcoin mining without the need for physical mining rigs. By staking BTCST tokens, holders are entitled to receive daily distributions of Bitcoin mined, effectively providing exposure to mining rewards and hashpower at a lower cost than traditional mining methods.

How do I store BTC Standard Hashrate Token?

To store Bitcoin Standard Hashrate Token (BTCST) tokens, you have several options based on your needs and preferences:

  1. Exchange Storage: You can store your BTCST tokens on the exchange where you purchased them. This provides convenient access to trading and other features, but be sure to choose an exchange with strict security measures to ensure your assets are safe.

  2. Non-Custodial Wallets: For maximum security and control, you can withdraw your BTCST tokens to a non-custodial wallet. This includes hardware wallets, Web3 wallets, or paper wallets, where you manage your private keys. This option is less convenient for frequent trading but provides complete control over your assets.

  3. Software Wallets: You can also store BTCST tokens in software wallets, which are generally cheaper than hardware wallets but less secure. Software wallets are more convenient for frequent trading but are more vulnerable to hacking.

  1. Staking within the dApp: The best option is to stake your BTCST tokens within the dApp to earn BTC rewards. This not only secures your tokens but also generates passive income.

It is recommended to spread your tokens across multiple storage options to minimize risk. Always research and choose reputable wallets and exchanges to ensure the security of your BTCST tokens.

How to buy BTC Standard Hashrate Token?

To buy Bitcoin Standard Hashrate Token (BTCST) tokens, follow these steps:

  1. Choose a Reliable Exchange:

    • Atomic Wallet: Manage your BTCST tokens along with other coins and tokens. Atomic Wallet is trusted by 5 million users worldwide and offers private, secured, and 24/7 online support.
    • Swyftx: An Australian-owned platform with low fees and small spreads. It is a safe and secure platform to buy and sell BTCST, offering competitive fees and excellent customer support.
    • Kriptomat: A trusted platform across Europe, allowing you to purchase BTCST and other cryptocurrencies in three simple steps: create and verify your account, add funds, and buy BTCST.
  2. Set Up Your Wallet:

    • Trust Wallet: Download the Trust Wallet app or Chrome extension. Register and set up the wallet, ensuring you keep your seed phrase safe and note your wallet address.
  3. Buy BNB Chain (Base Currency):

  • Binance: Buy BNB Chain on Binance and transfer it to your Trust Wallet.
  1. Connect to a Decentralized Exchange (DEX):

    • Pancake Swap: Connect your Trust Wallet to Pancake Swap, ensuring the wallet is supported by the exchange.
  2. Trade BNB Chain for BTCST:

    • Swap: Select your BNB Chain as the payment and BTCST as the coin you want to buy. Apply the swap to complete the transaction.
  3. Monitor Market Updates:

  • CoinMarketCap: Stay updated on the current price and market statistics of BTCST.

By following these steps, you can successfully purchase and manage your Bitcoin Standard Hashrate Token (BTCST) tokens.

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History of BTC Standard Hashrate Token

The Bitcoin Standard Hashrate Token (BTCST) was launched on December 13, 2020, on the Binance Smart Chain (BSC). It is a token that represents 0.1 TH/s of Bitcoin mining power at an efficiency of 60 W/TH. Miners contribute their computational power to the platform in exchange for newly minted BTCST tokens. The goal of BTCST is to bridge liquidity to Bitcoin’s mining market, allowing users to get exposure to mining rewards and hashpower of any size at a low cost.

BTCST aims to increase the liquidity and efficiency of mining power markets. Each token represents a specific amount of Bitcoin mining power, making it possible for market participants to enter and exit Bitcoin mining exposure in any size, at any time, at a lower cost than actual physical Bitcoin mining.

The project has partnered with Power 360 as the first miner providing tokenized Bitcoin hashrates with a total of 100 PH/s. Binance Pool is the underlying pool behind the operations of BTCST, and a governance board manages token issuances, hashrate adjustments, and other decision-making processes around this project.

BTCST tokens can be traded on decentralized and centralized crypto exchanges, with popular options including PancakeSwap (v2), Gate.io, and LATOKEN. The market price of the token is determined by the discounted cash flow of the underlying mining power.

Historically, the highest price paid for BTCST was recorded on April 15, 2021, and the lowest price was recorded on September 22, 2023. The token has shown significant price fluctuations over time, with predictions suggesting it could reach various price levels in the future.

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How BTC Standard Hashrate Token works

The Bitcoin Standard Hashrate Token (BTCST) is a cryptocurrency designed to bridge the gap between Bitcoin mining and the decentralized finance (DeFi) market. Here's how it works:

Token Structure

BTCST is based on the BEP-20 standard and operates on the Binance Smart Chain (BSC). Each token represents 0.1 terahash per second (TH/s) of Bitcoin mining power at an efficiency of 60 watts per terahash (W/TH).

Mining and Rewards

Miners contribute their computational power to the platform in exchange for newly minted BTCST tokens. These tokens are collateralized by the mining power, allowing users to access Bitcoin mining rewards without the need for expensive hardware or high electricity costs. The rewards are distributed daily, proportional to the amount of mining power staked.

Staking and Liquidity

Users can stake their BTCST tokens to participate in the mining process and earn Bitcoin rewards. The platform takes snapshots of user balances and total pool balances every hour to calculate the rewards. This staking mechanism allows users to earn mining rewards without directly participating in the mining process.

Market and Trading

BTCST tokens can be traded on various cryptocurrency exchanges, allowing users to buy and sell them. The token's price is influenced by market demand and supply, as well as the performance of the mining pool and the overall Bitcoin market.

Partnerships and Ecosystem

BTCST has partnered with a mining pool to access mining rewards, which are then distributed to token holders. The platform aims to increase liquidity and efficiency in the Bitcoin mining market, making it more accessible to individual users.

Wallet and Storage

Users can manage their BTCST tokens using various wallets, including the Atomic Wallet, which supports over 1,000 coins and tokens. The wallet provides a secure and user-friendly interface for storing and managing BTCST tokens.

Goals and Benefits

The primary goal of BTCST is to make Bitcoin mining more accessible and affordable for individual users. By providing a bridge between the mining market and DeFi, BTCST aims to increase liquidity, efficiency, and participation in Bitcoin mining.

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BTC Standard Hashrate Token's strengths

The strengths of the Bitcoin Standard Hashrate Token (BTCST) include:

  • Exchange-Grade Liquidity: BTCST brings exchange-grade liquidity to Bitcoin mining, making it more accessible and liquid for investors.
  • Collateralization: Each BTCST token is collateralized by real Bitcoin mining power, providing a tangible backing for the token's value.
  • Daily Distributions: By staking BTCST, holders are entitled to receive daily distributions of Bitcoin mined, providing a regular income stream.
  • Participation in Bitcoin Mining: BTCST allows for wider participation in Bitcoin mining, making it more accessible to a broader range of investors.
  • Potential for Growth: Technical indicators suggest a neutral bullish sentiment, and price predictions indicate potential growth in the future.

These strengths highlight the token's unique features and its potential to attract investors interested in Bitcoin mining and liquidity.

BTC Standard Hashrate Token's risks

BTC Standard Hashrate Token (BTCST) carries several financial risks that investors should be aware of before investing. Here are some key points to consider:

  • Volatility: The token's price can fluctuate significantly, making it a high-risk investment. For instance, the token's price has shown significant increases and decreases over short periods, such as a 6.91% increase in the past seven days and a 7.3% increase in the past month.
  • Market Sentiment: Market sentiment can greatly impact the token's value. Currently, the Fear & Greed Index indicates a score of 74, indicating a "Greed" sentiment, which may not be sustainable in the long term.
  • Risk Gauge: According to InvestorsObserver, BTCST has a high risk gauge rank, indicating that it is currently a high-risk investment. This is based on factors such as the amount of money required to shift its price and recent changes in volume and market capitalization.
  • Manipulation: The token's price can be manipulated due to its relatively low market capitalization. This means that a small amount of money can significantly impact the token's price, making it vulnerable to market manipulation.
  • Liquidity: While BTCST aims to provide exchange-grade liquidity, there is still a risk of liquidity issues, especially if market conditions change rapidly.

It is essential for investors to thoroughly research and understand these risks before investing in BTCST.

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Did BTC Standard Hashrate Token raise funds?

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BTC Standard Hashrate Token's ecosystem

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BTC Standard Hashrate Token’s team

  • Alex Zhao: CEO of Standard Hashrate, the creator of BTCST, which brings exchange-grade liquidity to Bitcoin mining.
  • Tony Ma: CEO of Atlas Mining, a partner in the Standard Hashrate Group, which collectively represents about 12% of Bitcoin’s global hashrate.
  • Rene Hennen: COO of Genesis Mining, another partner in the Standard Hashrate Group, supporting the development of BTCST.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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