Almost all media attention in late 2023 and early this year was about Bitcoin (BTC). Of course, this is a natural phenomenon as it is the No. 1 token in the cryptocurrency market and there are two large-scale events just around the corner this year, including ETF approval and the halving event. However, its main competitor, Ethereum (ETH), looks set to grab the headlines soon.
After the SEC’s approval of the Bitcoin ETF, BTC price actually fell. Attention is starting to turn to Ethereum, where many positive developments are taking place. It could be one of the best performing altcoins in 2024. However, I think the best performing coin this year will be Bitcoin Minetrix (BTCMTX).
Before we get into why we think Ethereum will have a good 2024, let’s first examine Bitcoin Minetrix to see if it can back up our lofty claims.
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Bitcoin Minetrix: A project that solves one of the biggest problems in cryptocurrency
If you ask a random group of people on the street what they think the biggest problem with cryptocurrencies is, I’m sure many of them will mention the amount of energy data centers use to mine cryptocurrencies like Bitcoin. do. If we were to ask many Bitcoin investors and miners the same question, they would actually give similar answers, except it concerns the cost of mining the cryptocurrency.
This is why Bitcoin Minetrix (BTCMTX) is the perfect project for 2024 and the future of cryptocurrency. It solves specific niche problems for Bitcoin miners while also solving large-scale macro problems that will help the cryptocurrency become more sustainable in the future.
The problems with data centers are obvious, but what exactly are the problems facing miners? Well, cryptocurrencies are essentially seen as an anti-banking movement that puts individuals in control of their assets. Unfortunately, Bitcoin has actually become a victim of its own success in this regard.
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Bitcoin began to become popular only about 10 years ago, but before that, anyone with technical know-how could mine Bitcoin on a small scale. The massive explosion in prices changed everything. Bitcoin now takes place almost exclusively in huge data centers that are astronomically expensive to operate.
This has made mining impossible for 99% of cryptocurrency enthusiasts. Therefore, Bitcoin mining can no longer be considered decentralized. This is the problem Bitcoin Minetrix aims to solve, they want to make Bitcoin mining available to everyone who wants to participate.
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How will Bitcoin Minetrix transform cloud mining to find solutions?
This project actually uses the original solution proposed to prevent this problem, but improves on it. The solution was called cloud mining. In theory, this is a process whereby an individual enters into a cash contract with a company that allows them to rent mining time, and then that individual ends up mining Bitcoin.
Unfortunately this didn’t actually work out. These companies charge very high deposit fees and even after that they still ask for a portion of your returns. This is also the best-case scenario. This is because the cloud mining sector is full of scammers who lure miners with initial profits and then pull the rug out after making them pay additional fees.
The Bitcoin Minetrix solution uses cloud mining but enhances it by adding staking to the mix. This is called a Stake-to-Mine system, and the point is that the potential miner is always in control. This starts with staking. Investors have three choices after staking BTCMTX tokens:
#Bitcoin Metrics 20 steps can be completed in just 3 days!
How can I make it? #Bitcoin Is mining more accessible to more people? pic.twitter.com/Z57TX57Oyq
— Bitcoin Minetrix (@bitcoinminetrix) January 18, 2024
They can unstake and sell BTCMTX, hold it and rake in APY% (currently over 560 million tokens staked, which equates to about 74%), or choose the third option if they want to mine. there is.
This involves exchanging accumulated BTCMTX tokens for mining credits. This is a non-transferable secondary ERC-20 token that can be used for one purpose only: burning it in exchange for mining time or a portion of mining profits.
The entire process is a greener and cheaper way to mine Bitcoin. This is the main goal, but who knows how far it could go in helping cryptocurrencies in the future? It has apparently raised over $8.7 million in pre-sales. We are not the only ones who think this coin could be the biggest gainer of 2024.
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How should Ethereum become one of the biggest performers this year?
Ethereum (ETH) has fallen slightly over the past few days, but the 30-day performance chart still shows growth of over 15%. This is very impressive considering how much value Bitcoin has lost since ETF approval. Of course, a big driver of ETH price this year could come from the impending ETF future, which the SEC will decide later this year.
Ethereum has a lot of positive developments going on in its ecosystem, which leads us to believe that it will start pumping again soon. Below you can see some work done by on-chain data group Santiment which shows that Ethereum dominates Bitcoin by a margin of +22.4%.
The data also shows a huge amount of new addresses and wallets created over the past few days. Clearly, Ethereum is looking to achieve very strong growth in the first quarter of 2024. We believe this should continue this year.
�� #Ethereum‘s price power continues to rise. #BitcoinNow it’s +22.4% in one week. There were 89.4K new items during this period. $ETH There are 96,300 addresses created per day and 96,300 wallets just yesterday. Additionally, the supply of the asset with the second largest market capitalization is
(continued) �� pic.twitter.com/9nHC6PJPy
— Santiment (@santimentfeed) January 16, 2024
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conclusion
So, you can see that we are predicting a good year for Ethereum, but we are still expecting Bitcoin Minetrix to be ahead. This affects not only the quality of the project, but also the fact that it is a pre-sale. With a very small price and market capitalization, you can make much more profits. I think we’ll really start getting pumped once the list starts.
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