Although the broader market has been relatively flat, the Bitcoin Minetrix presale has been active, pushing raised amount to over $10.3 million. Some supporters now believe Bitcoin Minetrix (BTCMTX) could outpace top coins like Bitcoin (BTC) and Ethereum (ETH) in 2024.
The project incorporates a stake-to-mine model for utility, adding value to its ecosystem.
BTCMTX versus BTC and ETH
Since Bitcoin and Ethereum are considered some of the safest (least volatile) cryptocurrencies, market participants often expect more sizable returns when buying other projects.
New coins typically have more upside potential because of their lower market caps.
Meanwhile, the prices of Bitcoin and Ethereum are less volatile in each market cycle as liquidity grows from expanding market caps.
Bitcoin Minetrix will lists on various exchanges at a later stage; an opportunity some investors plan to exploit.
Bitcoin Minetrix’s stake-to-mine model
Bitcoin Minetrix takes a novel approach to one of crypto’s most pressing issues: Bitcoin mining.
The project has created a cloud mining solution on Ethereum for users to mine Bitcoin.
It requires no specialist hardware or technical expertise. This addresses the problems of high-startup capital and skill requirements to begin Bitcoin mining.
Bitcoin Minetrix enables anyone to easily get started.
To get started, users stake BTCMTX, in exchange for Bitcoin mining credits. They can then burn these credits for cloud mining power, mining BTC.
Earlier cloud mining solutions are regarded as shady due to a series of scams that have been carried out.
The Bitcoin Minetrix whitepaper highlights this issue, explaining that cloud mining protocols would lure investors with decent gains and then present “unwarranted complexities” once users deposit more cash.
However, Bitcoin Minetrix believes in transparency and fairness, ensuring all transactions are recorded on-chain.
Furthermore, no cash changes hands with Bitcoin Minetrix thanks to its stake-to-mine model.
Will Bitcoin halving impact BTCMTX
The Bitcoin halving has correlated with the beginning of every crypto bull market.
The event, set for early April 2024, will halve miner rewards, creating a supply and demand discrepancy in the market.
This development might drive prices higher, possibly lifting altcoins like BTCMTX thanks in part to the project’s correlation to Bitcoin.
Since Bitcoin Minetrix users earn real BTC rewards, the value of Bitcoin Minetrix is tied to the Bitcoin price.
Bitcoin Minetrix tokenomics and presale
Bitcoin Minetrix tackles the mining problem but captures value using BTCMTX.
Since BTCMTX is key to earning rewards and can be staked, it will relieve the token of selling pressure.
Also, staking rewards are primarily paid in mining credits, not BTCMTX. This differs from most other staking coins, which pay rewards in their native token, leading to sustained sell pressure.
42.5% of Bitcoin Minetrix tokens are allocated to Bitcoin mining, 35% to marketing, 12.5% to staking, and 10% to the community.
In the current presale stage, BTCMTX is available for $0.0133.
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Source: https://crypto.news/analyst-this-coin-may-outperform-bitcoin-and-ethereum-in-2024/