Bitcoin Standard Hashrate Token (BTCST)
A Token Collateralized by Bitcoin Hashrate on Binance Smart Chain.- Bitcoin Standard Hashrate Token (BTCST) is a token collateralized by 0.1 TH/s of actual Bitcoin mining power standardized to an efficiency of 60 W/TH.
- Miners contribute mining power to the platform in exchange for newly issued BTCST.
- BTCST is the native BEP-20 utility token of the platform. Holding BTCST is equivalent to owning the underlying mining power. Staking BTCST on-chain entitles staking users to receive mining rewards in Bitcoin.
- All BTCST tokens other than the initial circulating supply of 1,000,000 are subject to a 25-week weekly linear vesting schedule.
Key metrics (as at January 7th 2021)
| Ticker | BTCST |
|---|---|
| Token Type | BEP-20 |
| Binance Launchpool Start Date | January 8th 2021 |
| Binance Launchpool Allocation | 40,000 BTCST (4.00% of initial circulating supply) |
| Initial Circ. Supply | 1,000,000 BTCST |
| Total Token Supply* | 1,000,000 BTCST |
*The total supply of BTCST after launch will be determined by the AUM of BTCST mining power. All BTCST other than the initial circulating supply of 1,000,000 are subject to a 25-week weekly linear vesting schedule. Future BTCSTs issued to the project team are subject to the same vesting schedule.
1. What is Bitcoin Standard Hashrate Token (BTCST)?
Bitcoin Standard Hashrate Token (BTCST) brings liquidity to Bitcoin mining. Each BTCST is collateralized by 0.1 TH/s of real Bitcoin mining power. By staking BTCST, holders will receive daily Bitcoin distributions that correspond to the mining power staked.
BTCST creates an efficient market among Bitcoin miners. By trading BTCST, market participants can freely enter and exit Bitcoin mining exposure in any size, at any time, and with low costs. Miners without mining power tokenized by BTCST can also make use of the token to hedge against the risks of mining machine cost price fluctuations.
The project team and the partnering mining pool, Binance Pool, will form a governance board that collectively decides on material issues of the project, which include new token issuances, cost level adjustments, surplus profit distribution, and future development. The governance board will have three seats upon launch, two of which to be occupied by the project team and one by the partnering mining pool.
2. Recent news
- January 2021: Partnered with Power 360 as the initial tokenizing miner with a contribution of 100 PH/s of Bitcoin hashrate.
- January 2021: Published the audit report provided by Certik.
- December 2020: Launched the Standard Hashrate dApp on the BSC mainnet.
3. Economics and supply
3.1 Token sales data
BTCST can only be issued when eligible miners choose to standardize and tokenize Bitcoin hashrate. Therefore, the project has not and will not host public or private sale events.
3.2 Token allocation
| Token Name | BTCST |
|---|---|
| Binance Launchpool | 4.00% of the initial circulating supply |
| Initial Tokenizing Miner | 96.00% of the initial circulating supply |
BTCST token allocation
4. BTCST's community overview
BTCST will focus community efforts on the cryptocurrency mining industry, traders, investors, and Bitcoin enthusiasts around the world. The initial focus will be on driving new users to stake their BTCST in the project’s dApp on Binance Smart Chain.
Current community growth strategies include:
- Expand user base internationally through a mix of active community management, PR, events, AMAs, and more.
- Provide educational videos and posts about the cryptocurrency mining industry.
- Reach out to Bitcoin traders to highlight the leveraged Bitcoin token concept and why this token has innate value in the market.
- Work with mining pools and miners to attract more users as well as to attain diversified hash power.
- Differentiate BTCST from other DeFi projects in the sense that a user stakes the project token and gets BTC in return.
Future community growth strategies include:
- Expand the community into more diverse markets, including Korea, Japan, and Southeast Asia.
- Expand the portfolio of mining pool partners.
- Grow social media presence across all existing channels; build more communities that are tailored towards Bitcoin mining, DeFi, and cloud mining.
- Attain increased press coverage and support from local influencers.
5. Community and social channels (as at January 7th 2021)
Telegram (English) | 2.4K Members
Twitter (English) | 614 Followers
Medium (English)