0xBitcoin
Crypto Overview
Purpose and Utility
0xBitcoin (0xBTC) is an ERC-20 token on the Ethereum blockchain that implements Bitcoin's mining algorithm. It was created in 2018 to bring Bitcoin-style Proof of Work mining to Ethereum. The token can be mined using GPU hardware, similar to how Bitcoin is mined, but with the advantage of being compatible with Ethereum's smart contract ecosystem.
Business Model and Implementation
The project implements a pure mining model with no pre-mine, no ICO, and no developer fees. All tokens are created through mining, making it one of the most fairly distributed ERC-20 tokens. The maximum supply is capped at 21 million tokens, mimicking Bitcoin's monetary policy.
Real-World Adoption
The token has maintained an active mining community since its launch. It is primarily traded on decentralized exchanges like Uniswap. While trading volumes are relatively modest, there is consistent mining activity securing the network.
Development Activity
The protocol itself is immutable and requires no ongoing development. However, there is continued development of mining software and community tools. The project maintains transparency through its open-source nature.
Token Distribution
There was no pre-mine or initial allocation to founders. All tokens in circulation have been mined through Proof of Work, similar to Bitcoin. This distribution model aligns with principles of fairness and transparency.
Revenue Model
The project operates purely on mining rewards, with no additional revenue streams. There are no lending, staking, or interest-bearing components.
Crypto Impact
To assign a comfort level investing in 0xBitcoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to 0xBitcoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.