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The Bitcoin price breakout at $35,000 signals the beginning of a potentially historic bull run for the top cryptocurrency. Bitcoin Minetrix, a cloud mining upstart, is expected to benefit greatly from this trend, having raised $2.19 million from alpha-seeking crypto investors. Prior to recent court developments, which prompted the US Court of Appeals DC Circuit to instruct the Securities and Exchange Commission (SEC) to review its decision regarding the conversion of the Grayscale Bitcoin Trust into an exchange-traded fund (ETF), there were already optimistic forecasts circulating. The last time Bitcoin traded above $35k was 17 months ago, in May 2022. The highly-anticipated Bitcoin halving bull run now seems more likely, especially with positive news surrounding the potential approval of a spot Bitcoin ETF. While there is still some risk associated with whether or not the SEC approves a spot Bitcoin ETF, analysts at Bloomberg Intelligence believe there is a 90% chance of approval for the ARK and 21Shares applications. The latest update to the filing indicates a “constructive conversation,” which typically occurs when approval is imminent. A decision on the ARK 21Shares application is expected by January 10. In addition, a judge has instructed the SEC to reconsider the Grayscale application, making it highly probable for the SEC to move forward with approvals. With the recent listing of the iShares Bitcoin Trust on the Depository Trust & Clearing Corporation site, it is a strong indication that an ETF has been or is about to be approved. There are currently a dozen spot Bitcoin ETFs awaiting approval.
Bitcoin Minetrix, a tokenized cloud mining crypto, has raised $2.1 million and offers an even better return on investment compared to Bitcoin. Priced at fractions of a penny, Bitcoin Minetrix has the potential for significant growth due to the mining revolution it brings to the Bitcoin ecosystem and its affordability as a means to gain exposure to Bitcoin’s growth story. While Bitcoin hitting a new all-time high would result in a return of 100%, investing in altcoin Bitcoin Minetrix (BTCMTX) could yield returns in the thousands of percent. As Bitcoin gains momentum, it benefits other coins in its ecosystem, including Bitcoin Minetrix. Unlike other imitator clones or meme coins, Bitcoin Minetrix aims to revolutionize Bitcoin mining.
Bitcoin Minetrix’s use case is centered around tokenizing mining credits using the Ethereum blockchain. By staking their BTCMTX tokens, holders can earn mining credits in proportion to the number of tokens they have staked. This approach offers advantages over traditional mining operations and cloud mining services, as it eliminates the need for cash and reduces the risk of scams. Tokenization allows for decentralized control and eliminates the need for upfront payments that are often associated with fraudulent schemes promising high returns. Bitcoin Minetrix’s ecosystem provides a friction-free route into mining for both retail and corporate investors. Despite the upcoming Bitcoin halving event in April 2024, which will decrease block rewards to miners, the increase in Bitcoin’s value is expected to outweigh the impact on mining revenues. As the price of Bitcoin rises, hodling tendencies and institutional interest are likely to increase, further driving up demand and prices. Bitcoin Minetrix is well-positioned to capitalize on these trends, particularly in terms of Bitcoin mining. While a spot Bitcoin ETF offers exposure to price and capital growth, investing in Bitcoin Minetrix provides an additional passive income stream through mining revenues.+