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October 3, 2022
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Bitcoin hashrate has been tokenized

Standard Hashrate has launched a new project related to the Bitcoin hashrate tokenization, allowing users to indirectly participate in BTC mining with a dedicated token.

The project was also announced by Binance, which opened a launchpool, where users will be able to participate and stack different tokens to redeem the project token called Bitcoin Standard Hashrate Token (BTCST).

BTCST, the token based on the mining power of BTC

The creation of tokens will last one month and until February 6, a total of 40 thousand BTCST will be distributed among the 3 available pools, that is, the one related to BNB, BUSD and BTC, so all those who block the relevant tokens at Binance will able to receive a share 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 was listed on Binance and is already being negotiated with the BTCST / BTC, BTCST / BUSD and BTCST / USDT pairs, so that users can purchase and withdraw it for use in the system created by the project, as it represents a guarantee 0.1 TH / s (terahash per second) of Bitcoin’s mining power.

Users will be able to stack their BTCST themselves, so the BTC that is extracted will be distributed according to the power they provide: the more tokens they stack, the more BTC they will receive.

This lowers the barrier between those who wish to mine bitcoin and those who have the power to do so, since tokens are guaranteed and it is easy to calculate in advance how many BTC can be recovered based on how many tokens are stacked and how much power is used .

Source: Cryptonomist

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