2024-05-01 18:33:37
The revolutionary cloud-based BTC mining token, the Bitcoin Minetrix ($BTCMTX) launched yesterday on decentralized exchanges following closing a very successful $14 million presale. Considering the fact that the team recently announced a token burn and possible buyback, we expect the price of the coin to increase.
Yesterday followingnoon, the Bitcoin Minetrix team announced that they were burning 400,000,000 tokens, or 10% of the total supply of 4 billion.
The burn took place today (Wednesday May 1) at 8:00 UTC. Depending on the community, this might be followed by a buyback campaign that would drive up the price. Although there is no information yet on a buyback campaign, token holders welcome any initiative supporting the exchange rate rise.
#BitcoinMinetrix Token Announcement! 📣🔥
To celebrate the launch of our $BTCMTX #Tokenwe decided to start a HUGE TOKEN BURN.
Tomorrow morning at 8:00 UTC we will burn 10% of the total token supply, or 400,000,000 #BTCMTX tokens, giving more to our community… pic.twitter.com/sNFiwb0lnw
– Bitcoinminetrix (@bitcoinminetrix) April 30, 2024
The community believes that yesterday’s announcement might be a harbinger of a symbolic burning for a fixed duration, possibly monthly.
The price of $BTCMTX during the presale was $0.011, but the token is now trading at a discounted price. According to the team, some investors took profits due to “unreasonable FUD” (FUD = fear, uncertainty, doubt). However, the drop in prices is probably due to Bitcoin exchange rate has an unpredictable fall.
BTC fell 2.5% yesterday, hovering just above $61,000. After the initial spike, $BTCMTX price suffered from selling pressure from buyers during the presale.
With liquidity locked in for 11 months, the number of tokens deposited stands at 803 million and the supply shock is expected to drive prices higher.
So far, $887,000 worth of $BTCMTX coins have been deposited into the V3 inventory of decentralized exchange Uniswap for a period of 11 months. This provides additional protection to market participants who can now be assured that the team is committed to long-term growth.
Based on this, almost a quarter of the total stock of 4 billion tokens remains in custody, further mitigating the downward movement. The annual reward for deposited tokens is approximately 52%.
The BTCMTX token is trading at $0.0071 at the time of writing and is starting to build a threshold, which should attract buyers as the project attracts the attention of more investors.
The halving is expected to play a role in creating a supply shock that will drive Bitcoin prices higher. Bitcoin-related coins such as $BTCMTX are expected to grow as BTC mining is strongly associated with the topic.
Liquidity for #BitcoinMinetrix is officially locked! đź”’https://t.co/X6XgCKdkYchttps://t.co/0gYvowbJ1T pic.twitter.com/Kub2NmT1wf
– Bitcoinminetrix (@bitcoinminetrix) April 30, 2024
Schedule news, including announcements from cloud mining partners
A spokesperson for the BTCMTX team said that now that the presale is over, construction of the platform will begin.
The pre-sale began last September, so as is often the case with early crypto developments, the roadmap is still being updated. Details of the new schedule are not yet public. However, investors are particularly interested in details regarding cloud mining partners.
Last week, the amount of rewards for Bitcoin mining was cut in half, increasing the importance of efficiency and invested capital, which in turn increased competition between miners. This is certainly good news for Bitcoin Minetrix, as it has dozens of competitive partners to choose from.
Tokenization of cloud mining activity offers exceptional advantages over similar competitors, such as the elimination of fraud and transparency of mining contracts. BTCMTX’s staking approach allows token holders to control when and how much they mine at their own discretion. They can simply deposit their tokens and claim cloud-based mining credits, as long as they represent a fraction of the tokens staked.
There is no other coin on the market like Bitcoin Minetrix, which is why it has managed to collect such a large investment. For many customers, it was undoubtedly a refreshing experience to be able to support a project that didn’t produce a worthless, easily accessible coin, but offered a rock-solid use case.
The BTCMTX staking protocol offers passive income and the possibility of significant returns. Investors who wait patiently in the medium to long term can potentially achieve a return on their investment several times higher.
I will check out Bitcoin Minetrix
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