There’s no shortage of new projects and innovations in the cryptocurrency sector, and Bitcoin Minetrix is one of them. It is a tokenized cloud mining platform that allows people to mine bitcoins easily. This article will explain how it works.
What Is Cloud Mining?
“Cloud” is a marketing euphemism for anything that takes place online. Mining refers to the process of solving cryptographic problems to generate new coins. Cloud mining is simply people combining their computing power over the internet to solve cryptographic problems and mine new tokens, BTC in this case.
BTC requires considerable energy and computing power to mine, the type out of reach for an average person. Usually, you’ll need to spend large amounts on powerful graphical processing units (GPUs) to set up a worthwhile mining operation. However, Bitcoin Minetrix solves this problem by allowing people to purchase computing power from the platform for small amounts.
What Is Bitcoin Minetrix?
It is a tokenized cloud mining platform. The company mines BTC tokens for customers who buy its native token, BTCMTX.
Here’s how it works;
- The platform supplies the computing power required to mine new coins.
- Customers buy a specific amount of BTCMTX coins.
- Customers stake their BTCMTX tokens via the official website.
- The platform distributes the rewards of its mining operations to token holders, each earning according to the amount of coins they staked. The platform takes a small fee for its service.
This innovative process is called “Stake to Mine.”
Staking and mining are two popular terms cryptocurrency investors should be familiar with. Staking is how people generate new coins on “proof of stake” blockchains, and the other is how people generate new tokens on “proof of work” blockchains. Bitcoin Minetrix is virtually the first platform to combine both activities.
This platform’s staking pool has already seen considerable success. It raised over $1 million just a week after opening its mining pool to investors. Customers have locked over 74 million BTCMTX into the staking pool. They can burn their coins to get cloud mining credits, and mined BTC will be transferred to their wallets after the specified period.
How To Participate In Bitcoin Minetrix
The first step is heading to the official website (https://bitcoinminetrix.com). Note the domain and ensure you visit the correct one. Hackers often attempt to trick people by creating similar-looking websites with similar domains, so ensure you don’t fall victim.
The homepage contains links to the official whitepaper, where you can read about the platform’s technicalities and internal mechanisms, and an audit from Coinsult, a prominent smart contract auditor.
Click “Stake to Mine” at the top menu. Here, you can connect your wallet to the platform and buy BTCMTX tokens. Afterward, you can visit the dashboard to see your progress. You must wait some time to claim your rewards (claiming is not yet open). Rewards are payable over 2 years.
If you change your mind after buying BTCMTX tokens, you can withdraw and sell them to someone else. This option only works if you haven’t yet burned the tokens for mining credits. If you’ve already burned the coins, you have to wait to claim rewards.
Bitcoin Minetrix is one of the hottest coins in crypto news circles currently. We have explained how this project works and how you can participate if you like what you see.
Disclaimer: This article does not constitute investment advice nor an offer or solicitation to buy any investment product. Users must perform personal research before buying any tokens.