Brief Summary
This video introduces Texitcoin, a cryptocurrency aiming to improve upon Bitcoin's original vision. It explains how Texitcoin mining works, highlighting its affordability, ease of use, and the community-driven crowdfunding model that supports its growth. The video breaks down how the funds from mining unit purchases are allocated to various aspects of the project, including community commissions, operations, hardware, liquidity reserves, marketing, and overhead.
- Texitcoin aims to improve upon Bitcoin's original vision as a peer-to-peer digital currency.
- Mining Texitcoin requires a one-time purchase of $995, with no ongoing fees or upgrades.
- The crowdfunding model allocates funds to community growth, operations, hardware, liquidity reserves, marketing, and overhead.
Introduction to Texitcoin
The video starts by drawing a parallel to Bitcoin's history, noting its launch in 2009 and its subsequent rise in value. It emphasizes that Bitcoin transactions are verified every 10 minutes by a decentralized network, rewarding participants with Bitcoin. Texitcoin, launched in January 2024 by Bobby Gray, aims to address what it sees as a drift from Bitcoin's original mission.
Texitcoin Mining Overview
Texitcoin operates on similar principles to Bitcoin but with faster block times, averaging 3 minutes. It also started with no initial value and has since increased in value. Mining Texitcoin requires a one-time purchase of $995, contrasting with the significant upfront and ongoing costs associated with Bitcoin mining. This purchase allows users to mine Texitcoin and earn daily rewards for over 130 years. Texitcoin handles the technical aspects of mining, including installation, maintenance, and electricity costs.
Texitcoin Mining Model
Texitcoin utilizes a permissioned mining model, where only those who purchase mining power through Texitcoin can earn rewards. The Texitcoin mine aims to achieve 100 million megaash of mining power, positioning it among the largest privately-owned mines globally. A $995 purchase grants 100 megaash of mining power, with options to increase this up to 900 megaash for higher rewards.
Crowdfunding and Community Growth
The video highlights the importance of community in the success of a cryptocurrency. Texitcoin's crowdfunding model allocates $400 of each $1,000 purchase towards commissions, fueling community growth through a referral program. This referral program is designed to reward those who help expand the mining community, without making referrals a requirement for earning mining rewards.
Allocation of Funds
The video details how the remaining $600 from each $1,000 purchase is allocated. Approximately $340 (34%) supports Texitcoin's daily operations, including salaries, facilities, and reserves. Around $90 (9%) is used to purchase mining hardware, such as the Ant Miner L9, with weekly audits ensuring sufficient equipment purchases. $80 (8%) is allocated to liquidity reserves in Bitcoin, Ethereum, USDC, gold, and real estate. $50 (5%) funds marketing and promotion through billboards, events, and sponsorships. Finally, $40 (4%) covers overhead costs like cooling, ventilation, and repairs.
Conclusion
The video concludes by emphasizing that crowdfunding a mine involves more than just buying hardware; it builds infrastructure, expands the community, and supports the future financial network Texitcoin is creating. It invites viewers to join in building this future and highlights Texitcoin's commitment to transparency in mining operations, coin promotion, and reward payouts. Viewers are encouraged to contact the person who shared the video to learn more.
