BTCST — Mine Bitcoin the DeFi Way
Deployed on Binance Smart Chain (BSC), Bitcoin Standard Hashrate Tokens (BTCSTs) represent real Bitcoin hashrate. Staking BTCSTs mines BTC. Here is how.
1. Get a wallet
Tip: Please always use your own wallet to send BTCSTs to the dApp. Never send BTCSTs from an exchange account. The dApp will not be able to attribute the incoming transaction to you. You will lose your BTCSTs.
2. Connect your wallet with Binance Smart Chain (BSC)
The rest of the guide assumes that you are using MetaMask. Steps to follow for other wallets should be substantially the same.
After installation, your wallet needs to be connected to Binance Smart Chain. Follow instructions here to do so.
For experienced users who have connected their wallets to custom blockchains before, use the following information for BSC Mainnet:
- BSC RPC Endpoint: https://bsc-dataseed.binance.org
- ChainID 0x38, 56 in decimal
- Symbol: BNB
- Block Explorer: https://bscscan.com
3. Add BTCST to your wallet
Tip: Please do not search BTCST by name in your wallet and do not trust contract addresses provided by unofficial sources. Fraudsters are known to provide imposter addresses for scams.
You can manually add BTCST to your MetaMask as a custom asset. In MetaMask, click Assets > Add Token > Custom Token and use the following as the contract address for BTCST:
“Token Symbol” and “Decimals of Precision” will be auto-filled.
4. Stake BTCSTs
Tip: Make sure you have BTCSTs to stake and BNB for gas fee before starting the below.
Visit https://get.1-b.tc to access the dApp. Connect the dApp with your preferred wallet, such as MetaMask.
Click the button below and input the amount you wish to stake. Your MetaMask will ask you to “Approve BTCST” in a pop-up window.
Authorize BTCST to spend your tokens in MetaMask and wait for the authorization transaction to go through.
After authorization, click stake and wait for the authorization transaction to go through.
You have now staked BTCSTs and will receive daily Bitcoin rewards generated by the hashrate that your BTCSTs represent.
Tip: BTCSTs must be staked continuously through a full day to be entitled to a share of Bitcoin rewards from that day. Therefore, typically, the first time a staking holder can claim Bitcoin rewards would be the third day of staking, when rewards from the second day of staking can be claimed.
5. Claim Bitcoin rewards
BTCST distributes Bitcoin rewards in the form of Binance BTC. Before claiming Bitcoin rewards, add the contract address of Binance BTC to your wallet as a custom asset to display its balance. The contract address of Binance BTC is:
Once you can see Binance BTC in your wallet, click the button below to claim the Bitcoin you have mined so far.
Wait for the authorization transaction to go through. Your Bitcoin (in the form of Binance BTC) should now be in your wallet.
1. How do I know real hashrate backs each BTCST?
Live pool observer information published by Binance Pool shows the total hashrate BTCST directs to Binance Pool. Binance Smart Chain explorers show the total number of BTCSTs in circulation.
Any user can verify that real hashrate backs each BTCST by comparing the total hashrate seen here with the total number of BTCSTs in circulation as seen on the blockchain.
2. Where are Bitcoin rewards in the dApp from?
The project as a whole receives Bitcoin rewards from Binance Pool once a day. After daily energy costs are deducted, the remaining rewards are deposited into the dApp for distribution to staking holders.
3. How do I know sufficient Bitcoin rewards are deposited into the dApp daily?
You can view the total number of BTCSTs staked in the dApp here and calculate the total hashrate they represent (in TH/s, by multiplying that number with 0.1). You can then calculate how many Bitcoin can be mined by that amount of hashrate on that particular day using any reliable third-party mining rewards calculator.
4. If I do not stake my BTCSTs in the dApp, can I still claim mined BTCs?
BTCSTs in exchange accounts and wallets are not eligible to receive daily Bitcoin rewards. Only staked BTCSTs mine Bitcoin. If you intend to mine Bitcoin with your BTCSTs, please make sure to stake.
5. BTCST distributes Binance BTC (BTCB). How do I convert that to native BTC?
Binance BTC (BTCB) is a 1–1 pegged version of BTC issued by Binance. You can convert BTCB to native Bitcoin by depositing BTCB into your Binance account and withdraw the same amount of native Bitcoin. Alternatively, you can use Binance Bridge, a decentralized system for cross-chain transfers across Bitcoin and Binance Smart Chain. Please see here for more information on BTCB.
6. How often are Bitcoin rewards allocated to staking holders?
Every day at approximately 8:00 pm Singapore time, after the daily Bitcoin reward is deposited from Binance Pool. Note that only BTCSTs staked continuously through a full day are entitled to claim a share of Bitcoin rewards from that day. Please see the whitepaper for more information.
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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