[Blockchain Today Reporter Jang Myung-gwan] Now, 10 days into 2024, Bitcoin has already surpassed last year's high point. The possibility of a spot Bitcoin ETF being approved is sparking an upward trend, and many are paying attention to how far the BTC price will rise in 2024. I think it is within the realm of possibility for Bitcoin to break a new record price this year.
There are also new projects that are attracting attention along with Bitcoin. Bitcoin Minetrix (BTCMTX) is currently one of the most anticipated pre-sale projects and has caught the attention of several whale investors. As the official release date approaches, pre-sale fundraising has exceeded $8 million.
◆Bitcoin Minetrix - A solution that will solve problems in the Bitcoin mining industry and contribute to the rise of both projects.
There is strong optimism in the market that Bitcoin can hit a new high in 2024. A pre-sale project that could contribute to this upward trend is Bitcoin Minetrix (BTCMTX).
Bitcoin Minetrix seeks to solve the problems faced by Bitcoin, the world's largest cryptocurrency. The Bitcoin mining industry has received a lot of criticism due to the massive amounts of energy consumed during the mining process. In fact, this mining procedure has caused many problems within the cryptocurrency community.
Bitcoin and cryptocurrencies generally represent a decentralized movement that puts individuals in control of their money, as opposed to banks. Bitcoin mining was once an activity that could be performed in a person's warehouse or room. However, the rise of Bitcoin actually had a negative effect on this decentralization.
Mining now takes place in large data centers and involves astronomical energy costs. As a result, no one except ultra-high net worth individuals can accumulate wealth through Bitcoin mining. Decentralization has been weakened.
◆How the combination of cloud mining and staking can change the way Bitcoin is mined
Cloud mining originally emerged to solve this problem. Potential miners can enter into cash contracts with companies that mine cryptocurrency and receive a share of the mining profits.
However, companies began requiring large initial deposits when signing mining contracts, and then deducted a portion of profits as fees. This case is at least a positive example, and scams that initially lure customers with high rates of return and then extort funds are prevalent in the mining industry.
Bitcoin Minetrix seeks to breathe new life into the mining industry by combining cloud mining and staking. The staking feature puts control of funds back in the hands of investors and ensures that cloud mining operates as intended.
Bitcoin Minetrix calls this system ‘Stake-to-Mine’. Investors can receive high APY staking rewards after staking BTCMTX tokens like other cryptocurrency projects. The current estimated annual compensation rate is 81%. Additionally, you can withdraw and sell tokens from the staking pool at any time you want.
Additionally, investors can receive mining credits in return for staked tokens. Mining credits are non-tradable ERC-20 tokens that perform only one function. Investors can rent mining time with credits or receive a portion of mining profits. Bitcoin Minetrix provides a cheaper and more environmentally friendly way to mine Bitcoin while allowing investors to take the lead in all processes.
◆Why Bitcoin is expected to rise in 2024
Since the beginning of the year, Bitcoin has been showing impressive movements. In just two days, Bitcoin reached a price not seen since 2022, and surpassed $47,000 in the early morning of the 10th. There are several factors supporting Bitcoin's continued rise.
A major factor in Bitcoin's recent rise is the possibility of approval of a spot Bitcoin ETF by the U.S. SEC. After this week, it will be decided whether the 11 applications awaiting approval will be approved. Approval of the ETF is expected to have the effect of incorporating virtual currencies into the mainstream financial market and legitimizing them as risk assets.
Moreover, we are waiting for the Bitcoin halving in a few months. Halvings have traditionally had a significant impact on the price of Bitcoin, and that trend is expected to continue this year.
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