Bitcoin Standard Hashrate Token (BTCST) today announces its first tokenization miner, Power360. The initial circulation supply of 1,000,000 BTCSTs comes from 100 PH/s of Bitcoin mining power contributed by Power360 and verified by Binance Pool, the world’s second-largest Bitcoin mining pool.
“We will provide the initial hashrate to get BTCST off the ground, and then BTCST would be open to the entire mining ecosystem,” notes Daisy Zhang, co-founder of BTCST and CEO of Power360.
Power360 is the world’s first cloud mining exchange platform that features mining contracts pegged to physical miners and allowing for the physical delivery of underlying assets. Founded in 2019, Power360 provided Bitcoin mining services to more than 60,000 retail customers.
Power360 is one of the largest single-entity miners in the world. Years of steady procurement helped Power360 build good rapports with leading mining machine manufacturers such as Bitmain, Whatsminer, and Canaan Creative.
In addition, Power360 has extensive experience in building and running mining facilities since 2018. The company currently manages mining sites across Sichuan, Yunnan, and Inner Mongolia, with a total capacity of 70MW.
The initial tokenization of 100 PH/s is intended as a proof of concept. BTCST tokenization is freely participable and will work with any eligible miner to bring exchange-grade liquidity to all.
BTCST is a token collateralized by real Bitcoin mining power. By staking BTCSTs, holders of the tokens will receive daily Bitcoin distributions that correspond to the mining power staked. With BTCST, you mine Bitcoin the DeFi way.
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