After continuing the mining model for over 13 months, BitMax is putting a brake to its transaction mining and reverse mining process. This termination will take place on 10:00 a.m. EDT on September 12th, 2019.
As stated in this announcement article, BitMax will be entering a new phase while permanently locking all the pending mining tokens (BTMX tokens) and releasing the private sale tokens held by the investors.
The total supply of the BTMX token will be less than 1 billion.
BTMX Will Be A Deflationary Token
As per George Cao, the CEO of BitMax, the platform will soon be a regular exchange with data rewards (daily dividends) continuing as usual. At the time of writing this article, a million BTMX token (locked) will fetch you $104 every day.
As tokens get locked due to various activities (purchase of cards, auction, and so on), BTMX circulating supply will only reduce from here. In fact, in the recent AMA (Ask Me Anything) on the Telegram channel, George also shared two compelling points:
- The BTMX release mechanism is as follows: for every 2 tokens we permanently lock, we release one token into circulation. So BTMX will enter into a deflation era for quite some time.
- Right now, the data reward feature is built into token economics. BitMax wants to change it in the way that it is offered by the BitMax platform not the BTMX token.
Among the several third generation mining exchanges we have seen so far, BitMax has stood strong with its trans-fee and reverse mining model. As stated in the interview earlier, George is eager to position BitMax as a platform to attract both the intitutional and traditional investors.
With this new move, the company is moving in the right direction.