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Crypto Prices Sag But Bitcoin Minetrix Raises $820,000 for Secure Bitcoin Cloud Mining, While Risky Competitor Coin Fails DEXTools Audit

Gary McFarlane
Last updated: | 7 min read

Much-talked-about Bitcoin cloud-mining project Bitcoin Minetrix ($BTCMTX) has raised more than $822,000 from investors in a week as it sets out to revolutionize the industry by tokenizing Bitcoin cloud mining.

It looks like this carefully thought-through project and its innovative use case is already attracting imitators. MineLab coin which launched on decentralized exchanges yesterday has seen its native coin soar in price by 10,300%. But there are worries that the coin could be a scam.

Cloud mining of Bitcoin is an attractive idea, but there are many instances of fraudulent operations where customers hand over money only for the mining revenues never to materialize.

Bitcoin Minetrix eradicates those problems because no cash changes hands, as everything is handled at the level of Ethereum smart contracts in a fully automated service.

The $BTCMTX coin is currently in presale, and after a rejigging of its price ladder, the current first stage ends on October 16th (in 6 days and 20 hours at the time of writing). 

However, the first stage could sell out before then, which means you could miss out on the lowest price available of $0.011 by delaying. The next price point is $0.0111.

With $822,000 raised, more than half of the first stage sale total ($1,540,000) is complete and selling out the rest of the tokens at a quickening pace. Up to 70% of the total supply of 4 billion $BTCMTX is available to purchase at presale.

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So how does Bitcoin Minetrix stack up against MineLab? 

It is important to note that Bitcoin Minetrix is audited by blockchain security firm Coinsult. The project passed the audit with no major issues. 

However, MineLab looks like a different proposition – in a bad way. No audit has been commissioned or completed. If there had been one carried out the team would presumably have mentioned this on the website, but there is a general paucity of information there on all matters.

Alarmingly, though, for buyers of the MineLab coin, automated contract audit systems on sites such as DEXTools have detected that the contract owner is able to modify the balancers of token holders.

Until confirmed to the contrary, this major security hole could enable a bad actor to wipe all wallets and in effect transfer those funds to wallets under their direct control by resetting all balances. This would be a way of initiating a rug pull.

Update – several Twitter users have reported their balance being set to zero.

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Another worry that presents itself for potential MineLab buyers is the apparent lack of locked liquidity. This could be because the coin is listed on Uniswap V3 which prevents liquidity locks being shown on third-party analytics sites like DEXTools. But, a click-through to Team Finance shows there is no lock.

During the writing of this article, the price of MineLab has swung from a gain of more than 11,000% to now just 69%, adding to suspicions about the token.

Sources at Bitcoin Minetrix say they will be locking liquidity when the coin launches on decentralized exchanges, although it will also be targeting listings on centralized exchanges.  

MineLab has a 95 out of 99 DEXTscore, which is a broad measure of project reliability, but only 12 have voted so far, so it is difficult to hold too much store by that. 

In addition, the volume is only $340,000, and the number of token holders is relatively small at 400. When any coin makes such a dramatic run-up in price, it always raises suspicions of market manipulation.

The website of MineLab is underwhelming, to say the least. There is a “start mining” button that does nothing when clicked. There is an email but it looks like the individuals behind the website haven’t even bothered to get a domain email, as it is a non-corporate Gmail address. 

There is no whitepaper available at the website and the project claims to be based in the UK but provides no address to make this verifiable.

Finally, a 3% yield from cloud mining is promoted, but there is no explanation of the assumptions behind that percentage. The website, and by inference the project, has every sign of being thrown together in a hurry.

Now compare against Bitcoin Minetrix.

Safe and secure cloud mining with Bitcoin Minetrix stops the scammers

As we have seen, Bitcoin Minetrix is audited by Coinsult, and a link to both the audit and whitepaper are prominently displayed above the fold on the website.

MineLab says it is based in the UK. Aside from the possible regulatory issues presented by the new UK laws on crypto promotions which it should be abiding by, there is no address. 

By contrast, Bitcoin Minetrix is based in crypto-friendly  Georgia, and the address of the project is provided in the website footer: Ana Politkovskaia Street 3, Block 6, T’bilisi, 0186, Georgia.

Also, anyone thinking of investing in MineLab should be seeking maximum transparency on where earnings are coming from. That is not provided. Again, in contrast, Bitcoin Minetrix has a well-worked-out stake-to-mine system that will take in deposits which will earn cloud mining credits.

Unlike MineLab, with Bitcoin Minetrix you can start earning from staking immediately while the coin is in presale. When the presale ends and the coin launches, it will switch to a stake-to-mine setup.

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Buy and stake now to earn a yield of 733% with $BTCMTX, $30,000 Minedrop Giveaway is live now

Everything is above board and easily understandable with Bitcoin Minetrix. Of the total token supply of 4 billion $BTCMTX, 7.5% is allocated for staking.  and you can earn two passive income streams. 

First, there’s the $BTCMTX tokens that can be earned, currently at an annual percentage yield of 733%. For every ETH block produced, 158.5 $BTCMTX are rewarded.

At the moment, 56 million $BTCMTX has been staked.

The second income stream will be from the mining operations, after the switch over to stake-to-mine has taken place. Encouragingly, the team has already entered into preliminary discussions with a number of cloud vendors.

Unlike MineLab, Bitcoin Minetrix is the real deal.  

If you are still on the fence about where to put your hard-earned funds, the launch of a $30,000 Minedrop giveaway. Full entry details about the Gleam-hosted giveaway can be found on the Bitcoin Minetrix website.

YouTube crypto influencers think Bitcoin Minetrix is onto something big – 10x at launch? 

Crypto experts are lining up to back Bitcoin Minetrix because of its positioning as a disruptive force in the industry.

A key factor in determining mining profitability is the cost of the electricity to run the ASIC rigs that operate 24/7 around the clock. It means that the days of individuals mining Bitcoin on their laptops are long gone. But Bitcoin Minetrix provides new hope for the little guy. 

For individuals looking to get involved in mining, the capital outlay is prohibitively expensive, and that’s what makes the cloud-mining approach even more attractive.

The frictionless tokenized entry route to Bitcoin mining that Bitcoin Minetrix provides is just one of the reasons why Michael Wrubel told his 310,000 subscribers “I am bullish on BTCMTX”: 

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Crypto expert analyst Austin Hilton believes with Bitcoin Minetrix he has unearthed a hidden gem that will massively disrupt the Bitcoin mining industry. He thinks it is “the ultimate altcoin now”. 
 

Bitcoin Minetrix is being cited by presale analyst Jacob Crypto Bury (20,000+ subscribers) as having 10x return potential:
 

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Conor Kenny, a YouTube influencer with 165,000, is cheerleading for Bitcoin Minetrix and, again, is also blown away by the simplicity of the idea and the passive income routes it opens up for ordinary folk.

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Last but not least, Humphries, with 116,000 subscribers on YouTube is also focused on the passive income potential of the Bitcoin Minetrix platform: 

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Here’s how to buy Bitcoin Minetrix ($BTCMTX)

To buy the $BTCMTX token you will need ETH, USDT, BNB or a bank card. If you plan to purchase with ETH you can start staking-to-earn straightaway. 

All you need to do is connect your wallet, determine how much you wish to invest and make sure you have a small amount in excess of that to cover transaction fees (approximately $10-20), if using the Ethereum blockchain.

Buy Bitcoin Minetrix today

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Crypto investments are highly volatile. You could lose all your capital.