NEW YORK, NY / ACCESSWIRE / February 23, 2021 / Bitcoin Standard Hashrate Token (BTCST), the first standard hashrate token in the blockchain industry, has announced that a community vote on redenomination is taking place. In the early morning of February 22, the BTCST community initiated a proposal to split the BTCST token. The proposal is to initiate a token redenomination vote to adjust the issuance of tokens to 15 million, 150 million, or 1.5 billion under the condition that the overall value and market cap of the token remains unchanged.
The principle of this split, similar to stock splits, is that the overall valuation of the token remains unchanged. For investors, the amount of BTCST they originally held will be increased according to the proportion set by the final proposal result after the split. The 0.1 TH/s computing power represented by each BTCST will also be split according to the token split ratio.
For example, if there is 1 BTCST in the wallet of Account A, and the final decision is to implement the 10:1 token split, then when the split is completed, Account A will have 10 BTCST. The price of BTCST will be 1/10th the pre-split price, and the overall market cap does not change. At the current total supply of 1.5 million BTCST, the 10:1 split will result in a total supply of 15 million BTCST. The standard hashrate of Bitcoin represented by each BTCST will change from 0.1 TH/s to 0.01 TH/s due to the split ratio as well. Users will not need to unstake or do anything to implement the token split. The process is automatic.
What are the advantages for the development of the BTCST project in the short and long term after a potential token split?
Lower Entry Barrier for Investors
BTCST was the first project to launch on Binance Launchpool in 2021. Since the January 8th launch, BTCST has received interest from the market with its positioning as the first Bitcoin leveraged hashrate token in the industry. BTCST introduces real Bitcoin mining power into DeFi and eliminates the high barriers for users to enter Bitcoin mining. While providing strong market liquidity for BTC mining power, BTCST also bridges the DeFi world to Bitcoin, a first in the industry.
As the price of Bitcoin rises, the price of Bitcoin mining machines will continue to rise, which is positively correlated to the value of BTCST. In the background of the BTC bull market, BTCST is the first and only Bitcoin leveraged hashrate token listed on Binance. This round of redenomination can potentially meet the strong market demand for BTCST on the one hand, and on the other hand will increase the circulation of BTCST in the market. This will fill the gap in the market's underestimation of the value of BTCST, which is beneficial to the overall market outlook.
For investors and community members, it could be a wise choice to conduct the split in the undervalued market.
Increase in Overall Value
As the first Bitcoin hashrate fund similar to the Grayscale Fund in the cryptocurrency investment industry, BTCST is the first and only Bitcoin leveraged hashrate token built on Binance Smart Chain. From the early stage of the project, BTCST has cooperated with BTC.TOP, Easy2Mine, Genesis Mining, Atlas Mining, Hengjia Group, and Power360, some of the largest mining operators in the world. The collective mining power of these miners exceeds 12% of the entire Bitcoin hashrate, which directly illustrates the potential of the Standard Hashrate Group.
As for a potential increase in Bitcoin mining power with the existing token dynamics, "BTCST Community Contribution Plan" was disclosed in the early version of the whitepaper, which states that BTCST can access miners' mining power and increase the share of mining rewards to users.
From this point of view, the redenomination of BTCST caters to the needs of miners and users alike to access more mining power, which can inject more value into the entire BTCST ecosystem.
Built on Binance Smart Chain
"BTCST is already deployed on the Binance Smart Chain as a tokenized mining platform, and we support the project through our mining pool. We are happy to continue working with BTCST on its further development through Binance Launchpool," stated Binance CEO CZ (Changpeng Zhao) when BTCST first launched on Binance. BTCST is an important part of the Binance Smart Chain (BSC) ecosystem and currently is the only Bitcoin leveraged hashrate DeFi product on BSC.
As the only token of the Standard Hashrate Group, BTCST introduces BTC mining into the BSC DeFi ecosystem. Users can directly obtain BTC income by staking BTCST. For users, in addition to the income that comes with the token price appreciation, they can also obtain stable Bitcoin mining income.
The long-term vision of Standard Hashrate Group is to enrich the current BTCST ecosystem and to continue to provide value to all users and stakers. As the only group to provide the bridge from Bitcoin mining to DeFi, the Standard Hashrate Group is well positioned to succeed.
BTCST stands on the convergence of Bitcoin, Binance Smart Chain, and DeFi. Sector rotation would not affect the value of the project, due to its tie in with these three main pillars of the blockchain world.
BTCST is the blockchain industry's first Bitcoin leveraged hashrate token and the first Bitcoin hashrate token to list on Binance. BTCST creates an efficient market for Bitcoin's mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin. BTCST is a BSC-based smart contract with no private equity, venture capital, and team tokens. BTCST relies on community autonomy and governance.
BTCST has partnered with five large institutional miners: BTC.TOP, Easy2Mine, Genesis Mining, Atlas Mining, and Hengjia Group. At the same time, MathWallet, TokenPocket, SafePal and other wallets support BTCST. As of press time, the daily trading volume of BTCST on Binance is hovering around 80 million U.S. dollars and is listed on Binance and PancakeSwap.