We are just three days into 2024 and already Bitcoin (BTC) has surpassed last year’s highest price. After a day of considerable growth, likely sparked by the likely upcoming approval of spot Bitcoin ETFs, many are now wondering how far the price can go in 2024. We believe it is well within the realms of possibility that we see a new all-time high for crypto’s number one token.
Elsewhere, there is a presale project that could help Bitcoin reach new highs. Bitcoin Minetrix (BTCMTX) is one of the most exciting presales right now it is catching the eyes of some whale investors. It has raised over $7.8 million already as we head closer to its official launch.
Just 4 days remaining for #BitcoinMinetrix Stage 17!
How might #BitcoinMining technology spur innovation in other industries? 🌍⚙️ pic.twitter.com/KoeIZCV1s6
— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024
Bitcoin Minetrix- The solution to Bitcoin’s mining problem that should help both projects pump
As we mentioned above, there is great optimism around the market that Bitcoin can hit an all-time high in 2024. Something that might aid that is an up-and-coming presale coin called Bitcoin Minetrix (BTCMTX). The project aims to tackle a problem that currently plagues the mining of crypto’s biggest coin.
As most readers will already know, the Bitcoin mining sector comes under a lot of fire from outside entities that do not like how much energy the process takes. It is actually this process that has caused the issue within the crypto community too.
Bitcoin and crypt, in general, are supposed to be anti-bank and decentralized movements that give individuals power over their investments. Bitcoin mining was once an activity that could be done in your own garage or basement. Unfortunately, its rise to power has actually negatively affected it in this way.
Mining is now almost exclusively done on an industrial level scale in data centers that require an incredible amount of power to function. This has eliminated everyone except the ultra-wealthy from being able to mine Bitcoin. Not very decentralized anymore.
How a combination of cloud mining and staking will change the way we mine Bitcoin
Cloud mining was supposed to be the antidote to this problem. It is a system that involves prospective miners entering into cash contracts with these big entities that mine crypto, and then they receive a share of the yields.
The problem now is that the companies are charging big deposits to enter into these contracts and, even after this, take a share of your yields. This is the best-case scenario, as the landscape is full of scammers who lure you in with good returns at the start, but then it all starts to dry up.
It is Bitcoin Minetrix’s combination of cloud mining and staking that will breathe new life back into mining. The staking puts the power back into the investor’s hands and allows cloud mining to work as it was originally intended.
Stake-to-mine is what the process is called. Investors can stake their tokens just like they would with any other project and receive a very generous APY%, which, at the time of writing, is around 88%. They can also unstake and sell their tokens at any time if they wish.
The third option is where things get interesting. Investors can exchange these staked tokens for mining credits. These non-transferable secondary ERC-20 tokens have just one function: to be burned in exchange for mining time or a share of mining yields. A greener and cheaper way to mine Bitcoin that gives investors control every step of the way.
Why Bitcoin could be in for an even bigger year in 2024
As we can see from Bitcoin’s (BTC) 7-day performance chart, it has been a great start to the year for the market’s main token. In just two days, BTC’s price has hit a high not seen since 2022. There are many factors that suggest this growth could continue too.
Even the dogs on the street know that the impending spot Bitcoin ETF decision by the SEC is likely the main driving force. This week, we will likely learn about the future of the 11 applications that are currently pending. ETF approval has been seen as a way of pushing crypto into the mainstream and legitimizing it as a risk market.
We also have the Bitcoin halving event that is only a few months away. Traditionally, this has been great for the price of Bitcoin and it looks like that pattern will continue this year. These factors and even Chat GPT predicting Bitcoin could hit $100k in 2024 are all signs to be very optimistic.
Conclusion
So, as we come to the end of this piece, it does really feel like 2024 will be a great year for everything Bitcoin. There are many factors that indicate that crypto’s number one token is in for a record-breaking year and one of them is Bitcoin Minetrix.
The presale token is selling out fast, and it’s no wonder, either. The project could revolutionize the Bitcoin mining sector, and even if you don’t mine this project could be very profitable for you. We expect it to be one of the biggest gainers in 2024.
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