Standard Hashrate has launched a new project related to the tokenization of the Bitcoin hashrate, allowing users to indirectly participate in BTC mining with a dedicated token.
The project has also been announced by Binance, which has opened a launchpool, where users will be able to participate and stake different tokens to retrieve the project’s token called the Bitcoin Standard Hashrate Token (BTCST).
BTCST, the token based on the Bitcoin hashrate
The token farming will last one month and until February 6th, a total of 40 thousand BTCST will be distributed divided between the 3 available pools, i.e. the one related to BNB, BUSD and BTC, so all those who lock the relevant tokens on Binance will be able to receive a part of the new tokens.
The BTCST token has a total supply of 1 million and is a BEP20 token so it is based on Binance’s blockchain, the Binance Smart Chain.
The token has been listed on Binance and is already trading with the pairs BTCST/BTC, BTCST/BUSD and BTCST/USDT, so users can purchase and withdraw it to use in the system created by the project, as it represents a collateralization of 0.1 TH/s (terahash per second) of Bitcoin’s mining power.
The users themselves will be able to stake their BTCST and in that way, the BTC that are mined will be distributed due to the power they have provided: the more tokens they stake the more BTC they will receive from staking.
This lowers the barrier between those who want to mine bitcoin and those who have the power to do so, as the tokens are collateralized and it is easy to calculate in advance how many BTC can be recovered based on how many tokens are staked and how much power is used.