τBitcoin Launch Guide 3 — Mining Tutorial
Tomorrow (April 2, 2021) at approximately 10:00pm (SGT, UTC+8), BTCST’s implementation of STP 6: Archimedes Proposal will come online. BTCST holders will become the recipients of τBitcoin airdrops and will be eligible to mine τBitcoin by staking BTCSTs.
This post, discussing how to mine τBitcoin with BTCST dApp v2, is the third of 3 guides that we are publishing to help our community members make the most out of the τBitcoin Initial Liquidity Event and the launch of dApp v2.
- Guide 1: FAQs on BTCST dApp v2
- Guide 2: Claiming Airdrops from BTCST dApp v2
- Guide 3: Mining τBitcoin with BTCST dApp v2
Before starting this guide, please make sure that you have enough BNB (BEP20 version) in your wallet to cover network fees charged by the Binance Smart Chain for the operations described below.
Also, to see τBitcoin in your wallet, you should first add it as a Custom Token. We use MetaMask as an example. But steps for other wallets should be substantially the same.
- Open MetaMask and click Assets to see the tokens in your wallet.
- Make sure your MetaMask is connnected to BSC Mainnet, NOT Ethereum.
- Scroll down to the bottom and click Add Token.
- Click Custom Token.
- Paste the contract address for τBitcoin 0x2cD1075682b0FCCaADd0Ca629e138E64015Ba11c into the Token Contract Address field.
- Once the address is in, the other fields should auto-fill.
- Confirm the token add.
Important Reminder: Over 1,000 τBitcoin (about USD 58,000,000 in value) are distributed during the first week of the Initial Liquidity Event. So the mining rewards for the first week will be high in comparison to the remainder of the initial liquidity period.
1. What vaults are available in BTCST dApp V2?
- BTCST-BTCB Vault: This vault represents the current vault on the v1 dApp. This is where our community members may stake BTCST for daily distributions of BTCB. Rewards, Boost Factor, and all other parameters of this vault are identical to those of the current dApp.
- BTCST-BTCST Vault: This vault implements STP 1, where our community members may stake BTCST for daily distributions of BTCST, making this a BTCST Reinvestment Vault.
- BTCST-τBitcoin Vault: This vault is where our community members may stake BTCST to earn τBitcoin.
- BTCB-τBitcoin Vault: This vault is where our community members may stake BTCB to earn τBitcoin.
- τBitcoin-τBitcoin Vault: This vault is where our community members may stake τBitcoin to earn even more τBitcoin.
- All vaults are lossless. There is no impermanent loss. For detailed allocations and the mining schedule, see here.
2. How to stake and mine?
- Step 1: Visit https://app.btcst.finance/ starting at 08:00pm (SGT) Friday (April 2, 2021). If you still see the older version of the dApp, kindly hard refresh your browser page to clear cache.
- Step 2: Connect your wallet to the dApp. We assume you are using MetaMask for the rest of the tutorial. Steps for other wallets should be substantially similar.
- Step 3: Visit the “Mine” page and select a vault you would like to stake in. In this example, we will be staking BTCST to mine τBitcoin. Steps for other vaults are substantially the same.
- Step 4: Click the “BTCST-τBitcoin” Vault to enter the staking menu. Note that the dropdown menu at the upper right corner is where you may switch between “Stake” and “Unstake.”
- Step 5: Input an amount of BTCST you would like to stake. Note that estimates will update in real time right below the input box. This is the best way to estimate how many τBitcoin you may earn daily by staking a certain number of BTCST.
- Step 6: Click “Stake.” If this is the first time you access the dApp, approve the dApp to interact with your wallet. You only need to perform this once. When the transaction has gone through, you can verify that the “Your stake amount” figure has updated accordingly.
3. How to claim mining rewards?
- Step 1: Visit https://app.btcst.finance/ starting at 08:00pm (SGT) Friday April 2, 2021. If you still see the older version of the dApp, kindly hard refresh your browser page to clear cache.
- Step 2: Connect your wallet to the dApp. We assume you are using MetaMask for this tutorial. Steps for other wallets should be similar.
- Step 3: Visit the “Mine” page.
- Step 4: At the top of the page, you see all rewards that you have already mined and earned. The amount of Earned Rewards updates every 30 seconds. While you may claim the Earned Rewards amount into your wallet as often as needed, we suggest claiming once a day to save on BSC network fees.
- Step 5: To claim the Earned Rewards amount into your wallet, and if this is the first time you access the dApp, you need to approve the dApp to interact with your wallet. You only need to perform this once. Otherwise, click the “Claim All” button to claim all the Earned Rewards amount available into your wallet. Confirm on your Metamask to complete the process.
- If you are currently staking in the BTCST dApp, your BTCST staking positions will be automatically upgraded to dApp v2. Your BTC rewards will not be affected in any way by the upgrade.
- τBitcoin is a synthetic Bitcoin that BTCST stakers can mine. The price of τBitcoin is pegged 1:1 to that of Bitcoin in accordance with the price pegging mechanism of the Tau Protocol. Records of τBitcoin’s deflationary rebase and inflationary mining are available from dApp’s Stats page.