{"id":54912,"date":"2021-12-17T18:05:29","date_gmt":"2021-12-17T16:05:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=54912"},"modified":"2025-09-03T22:46:29","modified_gmt":"2025-09-03T19:46:29","slug":"the-erc-20-bitcoin-standard-an-overview-of-the-0xbitcoin-project","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/the-erc-20-bitcoin-standard-an-overview-of-the-0xbitcoin-project\/","title":{"rendered":"The ERC-20 ‘Bitcoin’ Standard: An Overview of the 0xBitcoin Project"},"content":{"rendered":"

The gradual transition<\/a> of Ethereum from proof-of-work to proof-of-stake is forcing miners to seek other ways to earn income.<\/p>\n

One alternative is the project 0xBitcoin<\/a>, which allows mining ERC-20 tokens on the Ethereum network. We explain what is needed to mine 0xBitcoin and estimate potential earnings.<\/p>\n

About the project<\/h2>\n

Until 2018, the only methods for distributing tokens on Ethereum were token sales and airdrops.<\/p>\n

For this reason, InfernalToast proposed the EIP-918: Mineable Token Standard and the 0xBitcoin token based on it. The project community continued its development. As of writing, the number of addresses holding 0xBitcoin (0xBTC) exceeds 7600<\/a>.<\/p>\n

Users receive 0xBTC as a mining reward. To do this they compute hash function values using the SHA3 algorithm as specified in the 0xBitcoin smart contract 0xBitcoin<\/a>.<\/p>\n

The token is protected against 51% attacks at the network level. In December, Ethereum’s hash rate crossed the 800 TH\/s mark: to capture control of the blockchain for an hour, attackers would need more than $2 million. In such conditions the attack becomes uneconomical.<\/p>\n

Thanks to the ERC-20 standard, 0xBTC is compatible with DeFi services. The 0xBitcoin community is developing the DAO The Guild<\/a>, where you can stake 0xBTC and receive tokens Guild Reserve<\/a>.<\/p>\n

0xBitcoin Tokenomics<\/h2>\n

The 0xBTC developers designed the token as a means of payment and store of value on Ethereum. They compare 0xBTC with Wrapped Bitcoin (WBTC), but this is not entirely accurate. <\/p>\n

WBTC is a centralized token issued by BitGo in exchange for bitcoins at a 1:1 ratio. 0xBTC has no issuer or backing. It is linked to limited supply and decentralization.<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
According to the developers’ concept, 0xBitcoin combines features of Bitcoin, Ethereum and Wrapped Bitcoin.<\/figcaption><\/figure>\n

0xBitcoin trades on the decentralized crypto exchange Uniswap<\/a>. At the time of writing, its price was $3.4.<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
At the latest local high, the token price almost reached $4.<\/figcaption><\/figure>\n

Emission of 0xBitcoin is 21 million tokens. To date, miners have mined about 8.5 million tokens<\/a>. At 10.5 million, the 0xBTC mining reward will halve.<\/p>\n

As of writing, the average block time is 5 minutes<\/a>, and the reward for finding it is 50 0xBTC.<\/p>\n

Mining the tokens<\/h2>\n

We tried mining 0xBitcoin<\/a> on a home computer with an Nvidia GTX 1050 Ti GPU.<\/p>\n

First we installed the Cosmic<\/a> app. It is designed for Nvidia GPUs; for AMD you need to download the utility MVis<\/a>.<\/p>\n

Configured Cosmic: selected the Options \u2192 General Setup<\/strong> menu item, then entered the Ethereum wallet and the pool address mike.rs<\/a> in the dialog. Clicked Save Changes<\/strong>.<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
Getting ready to mine: configuring the Cosmic app.<\/figcaption><\/figure>\n

After finishing the setup, we pressed Start Mining<\/strong>. The app connected to the pool and began mining 0xBTC.\u00a0<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
The GPU core temperature is shown in the Temp column. If the value is above 80\u00b0C, Cosmic highlights the cell in red.<\/figcaption><\/figure>\n

Remember that Cosmic uses the maximum number of GPU threads by default. In our case, mining with 24 threads heated the GPU to 80\u00b0C in a few minutes.<\/p>\n

To adjust the number of threads, right-click the device and select Configure GPU<\/strong>.<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
If you click on the row for a GPU, Cosmic will colour the row blue. Be careful: this can hinder temperature monitoring.<\/figcaption><\/figure>\n

In the settings window there are two options: the thread count slider and device monitoring.<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
Reducing the number of threads lowers the GPU hash rate. With 24 threads it was 270 MH\/s, with 16 threads \u2014 160 MH\/s.<\/figcaption><\/figure>\n

We moved the slider from 24 to 16 threads, i.e., reduced the load by 33%. The GPU temperature dropped to a stable 65-70\u00b0C.<\/p>\n

Additionally we enabled overheating and fan-speed drop warnings.<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
The processor, RAM and hard drive are not used during mining \u2014 non-3D-accelerated applications will run as usual.<\/figcaption><\/figure>\n

If you don\u2019t want to reduce mining speed, install MSI Afterburner or another app that allows you to adjust the device\u2019s temperature profile: raise the fan speed or lower the core voltage.<\/p>\n

Cosmic does not display the amount of 0xBTC mined \u2014 you must check it on the pool site. To go to the site, open the list of active miners and find your Ethereum wallet address.<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
Our profile on the mike.rs pool: hashrate, number of paid and unpaid tokens.<\/figcaption><\/figure>\n

Mining profitability<\/h2>\n

Over 12 hours we mined 0.04 0xBTC. With a steady 50% load, the GPU consumed about 35 Wh and burned 420 Wh of electricity.<\/p>\n

At the price at the time of writing, daily mining profit for 0xBitcoin was $0.27. We accounted for electricity costs and neglected GPU wear and tear.<\/p>\n

When transferring tokens to a wallet, the miner pays Ethereum transaction fees. The pool recommends monitoring gas prices so they do not erase profits.<\/p>\n

\"\u00ab\u0411\u0438\u0442\u043a\u043e\u0438\u043d\u00bb
Miners can request current fees in the Discord community.<\/figcaption><\/figure>\n

Conclusion<\/h2>\n

0xBitcoin is a decentralized ‘Bitcoin’ on Ethereum, which can be compared to the original cryptocurrency in its early days.<\/p>\n

The project community is small, and 0xBTC mining is pursued mainly by enthusiasts. Nevertheless, the token is traded on Uniswap at around $3.4.<\/p>\n

Limited supply and compatibility with DeFi protocols could positively influence 0xBitcoin’s image and attract new users.<\/p>\n

Subscribe to ForkLog news on Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The gradual transition of Ethereum from proof-of-work to proof-of-stake is forcing miners to seek other ways to earn. One alternative is the 0xBitcoin project.<\/p>\n","protected":false},"author":1,"featured_media":54913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"2","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1137],"class_list":["post-54912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"2","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=54912"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54912\/revisions"}],"predecessor-version":[{"id":54914,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54912\/revisions\/54914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/54913"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=54912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=54912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=54912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}