Owing to the deteriorating macroeconomic outlook and continued delays in the approval of spot BTC ETFs, the Bitcoin price remains range-bound near the $27,000 mark after a slight uptick yesterday.
This lack of any substantial upside has seen investors pivot to utility tokens that offer staking, with the new cryptocurrency Bitcoin Minetrix emerging as one of the top BTC alternatives on the market.
The robust demand for the token is evident in its presale, which is nearing the $200,000 milestone today – just 72 hours after its launch.
Bitcoin Minetrix is offering one of the best opportunities for retail investors to generate passive income by allowing them to mine BTC rewards in a secure and decentralized manner.
The platform’s innovative cloud mining approach is giving everyday investors a fair and competitive chance in a mining industry that has been monopolized by wealthy corporations for over a decade.
The Bitcoin ecosystem is big on decentralization – after all, despite several new cryptocurrencies now offering faster transactions, lower costs and improved scalability, BTC’s distributed peer-to-peer architecture puts it in a class of its own.
However, unbeknownst to many, the largest blockchain is facing severe centralization risks in its mining process.
Satoshi Nakamoto, in his visionary Bitcoin whitepaper, highlighted the importance of the proof-of-work consensus mechanism in ensuring the network’s security. He believed that this mechanism would encourage competition between miners, keeping the blockchain decentralized.
However, the miners soon started utilizing costly hardware equipment to maximize their computational power, trying to give themselves the highest chance of earning BTC rewards. The CPUs were replaced by GPUs, which ultimately gave way to large mining rigs based on cutting-edge ASICs. Even then, the top mining companies combined their computational power to form mining pools.
It is extremely difficult for ordinary Bitcoin enthusiasts to build such an expensive and extensive set-up, making it nearly impossible for them to compete and mine BTC rewards.
To combat this, Bitcoin Minetrix is allowing investors to rent the computational power without having to operate a mining farm. They can simply purchase $BTCMTX tokens and stake them to generate non-transferable mining credits, which can later be burned in exchange for cloud mining time or for a percentage of the yields.
This allows investors to earn passive BTC rewards, without the need for any technical expertise or the hassle of dealing with the heat and noise generated from the mining process.
Bitcoin is merely days away from entering the fourth financial quarter, which has traditionally been its most successful quarter in previous years. However, popular crypto analyst @DaanCrypto believes that the market is still searching for a bullish catalyst to start its “Uptober” rally.
Experts believe that the macroeconomic outlook is simply not suitable for a BTC bull run. Federal Reserve chairman Jerome Powell already signalled a strong possibility of another interest rate hike, and surging US Dollar and oil prices are only going to bolster the central bank’s hawkish stance.
Furthermore, the SEC has delayed its decision on the pending spot BTC ETF applications. In his congressional hearing this week, SEC chairman Gary Gensler did not give any signal which would lead market participants to believe that an approval is imminent.
Widely followed trader @DaanCrypto posted a recent Bitcoin price prediction – he believes that a “Choptober” scenario could be a strong possibility.
Trader @MacroCRG also posted a Bitcoin price prediction – noting that BTC was rejected at the 100 day EMA yesterday – currently consolidating below it, and needing a clean break above to be bullish.
One of the most followed crypto traders, @CryptoDonAlt, is not ‘excited’ yet as Bitcoin is at daily resistance. He did notably post a $100,000 Bitcoin price prediction earlier this year, but is now waiting for BTC to reclaim the $29,000 level to ‘join team bull’ again.
During such trading periods, projects like Bitcoin Minetrix surge in demand due to their passive income utility. As mentioned, investors can stake their $BTCMTX tokens and earn BTC – especially valuable while the Bitcoin price is low but predicted to rise after the 2024 halving.
Even before the cloud mining platform is fully rolled out, investors can purchase and stake their tokens to start earning staking rewards paid out in additional $BTCMTX in the presale itself – for which the APY is currently over 5,000%.
Bitcoin Minetrix’s stake-to-mine mechanism also offers transparency and legitimacy, separating it from other cloud mining platforms that are plagued by scams and centralization risks.
For example, legacy platforms like Fancy Crypto, Happy Miner and IDMining set up legitimate-looking websites and promise too good to be true promises. In reality, these are just scams that give a bad reputation to the entire industry. Even legitimate cloud mining services force clients to enter burdensome, cash-based contracts.
On the other hand, Bitcoin Minetrix’s tokenized approach allows investors to unstake and sell their tokens at any time, making the process accessible for anyone with an Ethereum-compatible Walter like MetaMask.
It is therefore no wonder that Bitcoin Minetrix has also already snared deep-pocketed crypto whales and smart money traders, who are not wasting any time in grabbing the token at a cheap price of $0.011.
For example, the admin of the Crypto Whale Pumps group on Telegram – which has 25k subscribers – is hyped about the token’s long-term prospects and has invested a five-figure sum in the ICO.
Similarly, Michael Wrubel, who has over 310k subscribers, positively reviewed the new cryptocurrency in a recent video.
Most expert Bitcoin price predictions are for BTC to trade higher in the years to come – Pantera Capital for example expects the Bitcoin price to hit $148,000. Earning passive income in the months to come ahead of the next bull run can result in compounded returns.
Visit Bitcoin Minetrix Presale