Tau Protocol – a staking platform for Bitcoin hashrate tokens – is now reside, providing another option to spend money on bitcoin mining.
Standard Hashrate Group’s latest challenge allows staking of the Bitcoin Normal Hashrate Token (BTCST) on the Tau Protocol for staking rewards in both bitcoin or the artificial tBitcoin. The latter is equal in worth to the highest cryptocurrency by market worth, in accordance with the startup.
BTCST first launched in December and is backed by Genesis Mining, Binance Pool, Atlas Mining and others, comprising a claimed 12% of the worldwide hash charge, the processing energy on the Bitcoin community.
Just like different hashrate tokens, BTCST is an artificial asset which derives its worth from a portion of Bitcoin’s mining hash energy. Every BTCST at present represents 0.1 TH/s of mining energy and garners actual money flows from bitcoin mining. It allows hash energy to be traded on BSC-based exchanges like 1Inch.
Now, these tokens may also be staked on Tau Protocol for additional earnings in artificial property.
“We imagine BTCST has linked Bitcoin mining to the DeFi world,” Atlas Mining CEO Tony Ma mentioned in a press release. “With BTCST, we will first earn actual BTC through DeFi-native staking. Now, we will stake BTCST to earn artificial proof-of-work property. It is a logical step for BTCST because the bridge for Bitcoin to enter DeFi.”
The hashrate token market stays immature general, in accordance with a latest report from Galaxy Digital Mining. Just a few mining swimming pools have hashrate tokens, reminiscent of Poolin and Binance Pool, they usually stay solely a drip within the crypto market bucket.
For instance, the Poolin token, pBTC35a, has a market cap of solely $23.4 million at press time, in accordance with CoinGecko. But, a “clear development” of crypt mining financialization is underway, the report provides, reminiscent of with the BTCSH token and hashrate token staking.
“BTCST expands the bitcoin ecosystem and … has the potential so as to add lots of worth to the DeFi universe,” Genesis Mining COO Rene Hennen mentioned in a press release.