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Bitcoin Standard Hashrate Token ($BTCST) - Steady growth and innovation on BSC
Once every 2-3 months I remember about the BTCST (Bitcoin Standard Hashrate Tokens) I have staked on Binance Smart Chain. 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. The token is linked to Bitcoin (BTC) mining and when staked will generate Bitcoin rewards.
My adventure with BTCST started in December 2020 when the token was added for farming through the Binance Launchpool. I initially farmed 0.2 BTCST from Binance and the BTCST Pool on PancakeSwap. This made me think at methods to pump the farming so more $CAKE was used to generate BTCST at an amazing APY.
I also made a strategic investment and bought 1.3 BTCST from Binance when the price was crushing, paying 83.72 USD for a long term wildcard. The idea of farming Bitcoin on Binance Smart Chain was innovatory and I was looking forward to see how the project will unfold.
At the end of the farming periods and after buying some BTCST, I had a total of 2.4688 tokens. I staked them since February for BTCB, the Binance Smart Chain version of Bitcoin.
The Bitcoin Standard Hashrate Tokenwas revamped in April 2021, and the tokens were multiplied by 10. One BTCST created 10 "new" BTCST with an identical value. The 2.468 were transformed into 24.68 tokens and the project took to new ATH values. The v2 followed shortly and three farming options were added: BTCST, BTCB and τBitcoin.
τBitcoin is a synthetic Bitcoin pegged 1:1 to Bitcoin in accordance with the mechanism of the Tau Protocol. The token is suitable for DeFi use and is backed by miners representing 12% of the global hashrate. In the summer τDoge was added for farming, following the same Tau Protocol pegging system.
As I said above, every two or three months I remember about BTCST and go check the pools! The τDoge farming was concluded, even if I still receive airdrop shares. Up to date, the total airdrop is $2.53 τBitcoin and $0.98 τDoge.
I was earning only BTCST throughout the summer but I had no clue because I didn't check it since June. Even so, 1.39 BTCST was farmed and I went to stake it for BTCB.
Staking 1.39 BTCST on Binance Smart-Chain required 0.00144 BNB, a minor fraction compared to ETH staking. The estimated BTCB daily reward was $0.0184, at 23.28% APY.
After 8 months of farming I gathered over $100 worth of BSC tokens. The highest earnings are in BTCB ($50.30), followed by τBitcoin ($44.09) and 219 τDoge ($7.03). I will not use τDoge and τBitcoin for DeFi and I plan to sell them but I am undecided what to buy instead.
The BTC Standard Hashrate Token that was valued $150 in February 2021 has grew nicely. The positive vibes I felt for this project are now repaid, as 24.68 BTCST are now 3x the value they had 8 months ago. BTCST had a constant growth in value with good farming rewards, being one of the top assets in my portfolio.