Bitcoin Standard Hashrate Token (BTCST) is a token collateralized by 0.1 TH/s of actual Bitcoin mining power standardized to an efficiency of 60 W/TH and can be used by miners to earn Bitcoin, therefore staking BTCST on-chain entitles staking users to receive mining rewards in Bitcoin. Lots of fancy words in that definition so lets make it more user-friendly : Bitcoin Standard Hashrate Token, ask BTCST is a token linked to Bitcoin mining and when staked will create daily Bitcoin rewards. Was standardized and tokenized on Binance Smart Chain and aims to bring mining rewards and hashpower at low cost.
The Bitcoin Standard Hashrate Token (BTCST) was launched in December 2020 and added to the Binance Launchpool on the 8th of January 2021, when 4% of the initial token supply (1,000,000 BTCST) was allocated for distribution. At that time I was farming REEF but after reading about BTCST, I decided to focus on this one.
I took all the Binance Coin (BNB) and Binance USD (BUSD) I staked in FAN tokens and into the REEF Finance pools and staked all the assets while BTCST was still in the preparation period. Doing so I was able to farm it immediately and take advantage of a higher farming rate.
The farming period lasted until the 6th of January, and my BTCST stash grew day by day. The Binance Launchpool helped me to farm 0.0571 BTCST, 0.0565 in the BNB pool and 0.0006 in the BUSD. The amount is currently valued at $24.67, which is a nice amount obtained from crypto I already had in my Binance wallet. Binance Launchpool was just the first step of this journey.
Pancake Swap added a BTCST farming pool and I used the opportunity to farm more. The BTCST Pool started with an 600% APY and I staked when it was still over 500%. The farming rate decreased to a constant 180% - 200% for the rest of the farming period.
The Dive into the Hashrate Ocean
Everything linked to Bitcoin and generating Bitcoin will attract crypto enthusiasts and will trend. Mining Bitcoin requires top technology and will use a lot of energy, that's why BTC Standard Hashrate Token is a top option for common investors. BTCST will give the opportunity to mine BTC by staking. If upon Binance listing, the price was under $100, in time reached new records.
I realized is a good moment to invest when the Bitcoin Standard Hashrate price dipped close to $50 and spent 68 BUSD to buy 1.3 BTCST. I feel so good for choosing that moment in time, instead of waiting for the price to dip even more, as in the next 20 minutes after the purchase, the BTCST value started to go up and maintain this trend for days. The farming continued on Pancake Swap and Binance Launchpool as the interest in this project grew bigger.
It was the 25th of January when the BTCST farmed on Pancake Swap and Binance Launchpool merged with the one I bought. I had 1.427 BTCST to stake and the fee was $0.04. Few days earlier I've done a simulation and the fee was $.130 which on Binance Smart Chain standards was exaggerated.
Had no clue why the fee was only $0.04 but I don't really care, as long as I had to pay less. The approximative Bitcoin reward for my staked assets was 0.00000049 BTC. However, when I checked the next day, the reward was much bigger. My BTC balance was 0.00001323, which is $0.68 per day, a much better rate than expected! For amusement only, will take 75,757 days to mine one BTC, which is 207 years!
I had to act quickly and bought 1 BTCHST for $80. I sent it to Binance Smart Chain and stake it. This new investment estimated and extra 0.00000085 BTC daily reward added to the current mining.
Few days ago, when I started drafting this article, 16.94 Bitcoin were already mined and 119066 BTCST were staked. My Bitcoin balance was looking promising, with 0.00021788 BTC ready to be claimed. Earing $11.15 worth of Bitcoin without burning insane amounts of energy is amazing!
The aggerate BTCs Claimable was already 6.53 and from the 11906.64 mining power my contribution was 0.246 TH/s. My latest addition in the pool was on the 16th of February and this BTCST "One Month" report will not fully reflect the impact of the second investment.
Everyday, small shares of Bitcoin were mined and added to my balance. One month later, my Bitcoin balance was 0.00028583 ($13.45). The reward is much higher then the initial forecast and is a source of residual income which doesn't require any attention.
I invested $146 and bought 2.3 BTCST and farmed 0.168 through Pancake Swap and Binance Launchpool. The BTCST farmed 0.000285 BTC in a month and my initial investment may be paid off in less than 11 months. In an unlikely scenario, if I decide to unstake and sell the BTCST, I will get $890.10 at todays price, six time more than what I invested into the token. I consider the farmed BTC as a good return and another efficient flow of residual income.
Not financial advice but more like an advice for myself - trust your gut feeling and grab the bargain if you strongly believe it's a bargain!
Resources:
PVM trial by combat: Bitcoin Standard Hashrate (BCTST)
Binance Launchpool added farming options for Bitcoin Standard Hashrate Token (BTCST)
Residual Income:
Join the CakeDeFi revolution and get $30 worth of DeFiChain (DFI)
Check MAIAR, Elrond Gold (eGLD) new wallet, for $10 cashback
Get 100 TNC tokens (no strings attached) on Aladdin Exchange
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