Revolutionary bitcoin cloud mining token Bitcoin Minetrix ($BTCMTX) launched on DEXs today after raising $14 million in presale – its price is now expected to rocket on the back of newly announced burn and possible buyback initiatives.
At 4pm today Bitcoin Minetrix announced a 400,000,000 token burn, amounting to 10% of the total supply of 4 billion.
The burn will take place tomorrow (Wednesday 31 April) at 8am UTC, and there is speculation it might be followed by a buyback campaign, to drive the price higher. Although the extent of a possible buyback campaign is not known at this time, token holders will welcome these price-supportive initiatives.
#BitcoinMinetrix Token Announcement!
To celebrate the launch of our $BTCMTX #Token, we have decided to commence a HUGE TOKEN BURN.
Tomorrow morning at 8 am UTC, we will be burning 10% of the total token supply, equaling 400,000,000 #BTCMTX tokens, giving our community more… pic.twitter.com/sNFiwb0lnw
— Bitcoinminetrix (@bitcoinminetrix) April 30, 2024
Today’s announcement is thought to be a precursor to an ongoing schedule of token burns over a set duration, perhaps taking place on a monthly basis.
$BTCMTX was priced at an initial offer of $0.011 in presale, although the token is now trading at a discount after profit-taking induced by what the team describes as “unwarranted FUD”. However, it is the unforeseen drop in the bitcoin price coinciding with the launch that is thought to be behind the softness in the price.
The bitcoin price is down 2.5% today, to just above $61,000. After an initial pop, the $BTCMTX price succumbed to selling pressure by early presale buyers.
Liquidity locked for 11 months, staked tokens sit at 803 million as supply shock set to drive prices higher
Liquidity valued at $887,000 has been locked for 11 months on the Uniswap decentralized exchange V3 pool, providing added protection for market participants, who now know that the team is committed to the long term.
Also, nearly a quarter of the total supply of 4 billion tokens remains staked, which goes some way towards dampening downward pressure. Staked tokens earn an estimated per annum reward of 52%.
The Bitcoin Minetrix token is changing hands for $0.0071 at the time of writing as it starts to put in a floor, a level that is likely to attract buyers as the visibility of the project’s value proposition rises.
It is expected that the halving cycle will contribute to creating a supply shock to drive bitcoin prices higher. Valuations of bitcoin-related coins such as $BTCMTX, with its exposure to the BTC mining ecosystem, are likely to rise in sympathy.
The liquidity for #BitcoinMinetrix is officially locked in! https://t.co/X6XgCKdkYchttps://t.co/0gYvowbJ1T pic.twitter.com/Kub2NmT1wf
— Bitcoinminetrix (@bitcoinminetrix) April 30, 2024
Roadmap news up next, including announcements about cloud-mining partners
A team spokesperson has said that now that the presale raise has concluded, the platform will begin its building phase.
The presale for the project began in September last year and so, as is often the case in early-stage crypto development, the roadmap is being updated. Details of the new roadmap have not been made available as yet but those invested in the project will be particularly interested in further details around mining partners.
The halving of bitcoin rewards last week has placed a premium on efficiency and capital investment, and that has heightened competition in the mining sector. This is good news for Bitcoin Minetrix as it will have many competitively priced partners to choose from.
Tokenizing the cloud mining business has important advantages over peer competitors, such as eradicating fraud and lack of transparency in mining contracts. Bitcoin Minetrix’s stake-to-mine protocol means token holders have complete control over how much they mine and when. Simply stake tokens for a claim on the cloud mining credits, depending on the proportion of the pool the stake represents.
There is no other product quite like Bitcoin Minetrix, hence the level of investment it has managed to attract. Many token buyers no doubt found it refreshing to be able to back a project that wasn’t selling the thin gruel of an easy-come easy-go meme coin, but was instead offering the real-world utility of a rock-solid use case.
Bitcoin Minetrix’s stake-to-mine protocol opens up the prospect of a passive income stream, as well as the opportunity to lock in substantial capital returns. Patient medium and long-term investors potentially have a lot of ROI upside to look forward to.
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