Integrating Mining Rewards

Step 3: Integrating Mining Rewards onto Binance Smart Chain (BSC)

  • Conversion to Wrapped BTC (WBTC on BSC): Mined Bitcoin can be converted into Wrapped BTC (WBTC), a BEP-20 token on the Binance Smart Chain, pegged 1:1 to the value of Bitcoin.

  • The WBTC Gateway & Minting Process: Miners deposit their BTC into a secure WBTC gateway. Upon confirmation, an equivalent amount of WBTC tokens is minted on the BSC blockchain, backed by the reserved BTC.

  • Unlocking DeFi on BSC with WBTC: These WBTC tokens can then be used in various DeFi applications on BSC – decentralized exchanges, lending platforms, yield farming, etc.

  • Redemption and Withdrawal Flexibility: Miners can redeem their WBTC tokens back to native Bitcoin at any time by burning the WBTC, which releases the underlying BTC.

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