Bitcoin (BTC) has had a tumultuous month, to say the least. It started September on the back of a horrible last day of August where the price nearly fell through the floor, and it struggled to recover for much of the month. However, as we close in on Q4 things have picked back up, and crypto’s number one token has nearly recovered to the price it started the month at.
Amazingly this is Bitcoin’s best-performing September in 7 years! It is clearly a cursed month for BTC holders, but as is the case often with crypto, it means the opposite is true for October, or Uptober as it is fondly known by many in the industry.
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As we can see from the above tweet, the first two months of Q3 are absolute banner months for Bitcoin, where it has a strong recovery in October that then sees it sore to its best price of the year, typically in November. There may be some factors that could hinder that growth this year, but we will get into that later.
While Bitcoin may be in store for a recovery, one new project could be about to give it a helping hand in a different way. Bitcoin Minetrix’s presale has just kicked off, but their plan to revolutionize the way we look at cloud mining is already capturing a lot of interest.
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Bitcoin Minetrix- Stake your way to a Bitcoin fortune
Bitcoin Minetrix (BTCMTX), as we mentioned, has a novel way to improve the cloud mining process. However, we understand that not every crypto enthusiast is familiar with cloud mining, so let’s go through its positives and then the issues it has that Bitcoin Minetrix aims to solve.
Mining has changed over the lifespan of the crypto market. What started out as a small process is now done on an industrial scale level. Huge data centers and warehouses are dedicated to mining Bitcoin all around the world, which has caused some energy issues.
When it comes to crypto, though, it has arguably gone away from one of its key foundation points; decentralization. This is where cloud mining comes in. It allows individuals to mine their own Bitcoin. They can enter into a cash contract with a mining company, and they will receive the Bitcoin that they mine.
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The Problems with Cloud Mining & How Bitcoin Minetrix is the Answer
Here’s the issue, the fees can be astronomical, and scam artists are rife and difficult to avoid. How they operate is difficult to pin down too. The investor will see good results at the start, but then fees will rise, and suddenly, it starts to dry up, and they won’t be able to withdraw the BTC that they have earned through mining. It can be a minefield, and something has to be done.
Thankfully Bitcoin Minetrix has stepped up to the plate. They have seen the popularity of staking projects recently and seen a way to use the process to solve the cloud mining issue. How it works is basically a stake-to-mine system.
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Investors can start to stake their tokens immediately after purchasing them during the presale or afterward. These staked tokens, at this point, act as normal. Investors can hold onto them, and if the project is a success, they will be able to earn passive income through a healthy APY.
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Turn staked tokens into your own Bitcoin
However, there is another step too. The staked tokens can be exchanged for credits. These mining credits, as they are called, in turn, must be burned in exchange for designated BTC cloud mining time or a percentage of mining yields.
The whole process puts the power back in the investor’s hands as they are in control every step of the way. Just to underline this, Bitcoin Minetrix has fixed it so tokens can be unstaked and sold at any time. This creates another layer of trust. Of course, bringing staking into it also helps as it gives the project an extra layer of security which is badly needed in cloud mining.
The presale has just begun but already over $170k has been raised as buzz is clearly beginning around the market. The great thing is investors can start staking right away with a huge APY at the moment. The price of BTCMTX right now is just $0.11, but we can’t imagine this will hang around for much longer.
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We may have to pump the brakes on Bitcoin enthusiasm
Looking at Bitcoin’s (BTC) price performance through the month of September, it really is incredible to think again that it’s the best September in 7 years. As we mentioned, experts are expecting or maybe hoping that history will repeat itself, and October and November will be great months for BTC holders.
However, we think we cannot just rely on the past repeating itself. Inflation rates are at an all-time high in the United States, and we are awaiting another Jerome Powel speech to see how the Federal Reserve is approaching the final quarter of 2023. As it stands, experts suggest a 79% chance that interest rates will remain the same.
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That isn’t the worst news, but as we mentioned, rates are at a record high. October may still see a recovery for Bitcoin, but it is hard to see crypto’s flagship currency having another breakout in November in this climate.
Not to mention we are still not sure how the market will react to the government shutdown that seems almost inevitable now in October. So, we are not saying the price of BTC won’t recover, but we would maybe pump the brakes on all this ‘Uptober’ talk.
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Conclusion
So to put a bow on things, we will say it is still probably a good time to buy Bitcoin now. We may not be as high as other experts, but it is still likely to recover, be it now or maybe a little further in the future. Meanwhile, Bitcoin Minetrix might be the perfect presale token to add to your portfolio. These unique projects that solve a problem tend to be very successful, so the fact the price is so low now seems a steal.
Source: https://www.analyticsinsight.net/crypto-experts-advise-traders-seize-the-opportunity-to-buy-bitcoin-before-octobers-rally/