Press releases
BitMax.io to Enter New Phase of Business Expansion with Decision to Discontinue Transaction Mining on September 12th
Bitcoinist | Sep 11, 2019 | 15:49
BitMax.io (BTMX.io), the industry-leading digital asset trading platform with a broad range of innovative financial products and services, has announced to its decision to discontinue the unique combined Transaction Mining and Reverse-Mining program at 10:00 a.m. EDT on September 12th, 2019. This move is a strong signal of BitMax.io transitioning into a new phase of business expansion with next-stage strategic plan implementation.
Since its launch in late 2018, BitMax.io has experienced significant growth from global user basis, platform liquidity and depth, to strategic listing partnerships and rapid product launch such as its innovative margin trading and volatility products. As part of initial ecosystem buildout, transaction mining model was introduced to attract the liquidity, accelerate customer acquisition and develop token economics, especially during the blockchain winter.
Now with its one-year anniversary approaching, the platform is entering a new phase of business expansion with solid product and listing line-up, the recent launch of incubator fund JV, B-Tech and strategic partnership with UltrAlpha asset service platform. Upon holistic business review, it is a mature timepoint of the executive management of BitMax to discontinue the transaction mining and reverse-mining combined trading modes.
For platform regular traders, there will be almost no impact on day-to-day cash and margin trading. Transaction fees will be charged based on regular trading fee schedule with the introduction of a tiered fee structure in the near future. For BTMX token holders, all the current use cases for BTMX token will continue, such as payment of different fees, purchase of point card and multiple airdrop cards, participation in promotional activities, etc. Details can be found at the official website announcement center.
One of the critical implementation aspects is to permanently lock up all the pending mining portion. Therefore, instead of having all the BTMX mined and subsequently released to the market, this measure itself will effectively bring down the circulation cap and potentially mitigate sell pressure on the secondary market. On the longer run, BTMX token holders should see the benefit from enhanced token valuation with limited supply and robust token utilization in the ecosystem.
“We have been preparing to stop mining from Day 1,” said Dr. George Cao, the Co-founder & CEO of BitMax.io, “We were just waiting for the perfect timing.” Just as an initiation of the innovative mining mechanism, discontinuation mining is also part of BTMX token economics design. The mining mechanism has accomplished its mission and is ready to make its curtain call, as the platform is stepping up strategic efforts in further advancement of its comprehensive ecosystem.
