Bitcoin’s hashrate has been tokenized
Standard Hashrate has launched a new project related to the tokenization of Bitcoin hashrate, thus allowing users to indirectly participate in BTC mining thanks to the dedicated token.
The project has also been announced by Binance, which has opened a launchpool, where its users will be able to Bitcoin Future platform participate and stake different tokens to retrieve in this case the project token called Bitcoin Standard Hashrate Token (BTCST).
BTCST, the token based on Bitcoin hashrate
The token farming will last one month and until February 6, 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 block 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 we already find the pairs BTCST/BTC, BTCST/BUSD and BTCST/USDT, so users can already buy it and retrieve it for use in the system created by the project, since this represents a collateralization of 0.1 TH/s (terahash per second) of mining power for Bitcoin.
The users themselves will be able to stake their BTCSTs and in that way the BTCs that are mined will be distributed due to the power they will have made available: the more tokens they stake the more BTCs 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 you would be able to recover based on how many tokens you would stake and how much power you would want to use.