Minting CBTC
Introduction
This document provides a comprehensive guide to minting CBTC from Bitcoin on the Canton Network. The process utilizes the Canton iBTC Network's secure minting console to convert your Bitcoin holdings into CBTC tokens at a 1:1 exchange rate.
Overview
Platform URL: https://mint.console.canton.ibtc.network/
Exchange Rate: 1 BTC = 1 CBTC
Required Confirmations (Mint / Burn): 6 Bitcoin network confirmations
Wallet Requirement: Taproot-compatible Bitcoin wallet
Mint Steps
Step 1: Access the Minting Console
Navigate to the Canton iBTC minting console and log in to your account. Upon successful authentication, you will see the main minting interface, which displays two primary sections:
Mint CBTC panel for initiating transactions, and
Pending Deposits panel for tracking your minting progress
Step 2: Specify the Minting Amount
Once logged in, you can specify the amount of CBTC you wish to mint. Enter the desired BTC amount in the input field, and the corresponding CBTC amount will be automatically calculated based on the 1:1 exchange rate. After confirming your amount, click the "Deposit BTC for CBTC" button to proceed to the next step.
Step 3: Generate or Select a Deposit Address
After initiating the minting process, you will be directed to the deposit address selection page. Here, you have the option to either select an existing Bitcoin deposit address from your account or generate a new one. The system will display your selected address along with a convenient copy button for easy access.
Step 4: Send Bitcoin to the Deposit Address
Copy the provided Bitcoin address and initiate a transfer from your Taproot-compatible wallet. Send the exact amount of BTC you specified in Step 2 to this address. Once your transaction is broadcast to the Bitcoin network, the system will automatically detect it and display the transaction ID as soon as it appears in the mempool.
Step 5: Monitor Transaction Confirmations
After your Bitcoin transaction is detected in the mempool, the system begins tracking confirmations on the Bitcoin network.
The "Pending Deposits" panel will update in real-time, showing the current confirmation count (e.g., "2 / 6 confirmations").
The full transaction hash is displayed for your verification and reference.
Step 6: Processing and Verification
Once your transaction reaches 6 confirmations on the Bitcoin network, it automatically transitions into the processing state. During this phase, the BitSafe Attestor network verifies the confirmations and submits the corresponding mint transactions to the Canton Network.
This process is fully automated and requires no action on your part.
Step 7: Completion and Accessing Your CBTC
Upon successful completion of the minting process, you will receive a confirmation message indicating that your CBTC has been deposited into your wallet.
Your newly minted CBTC tokens will be immediately visible in your account balance, displayed in the upper-right corner of the console interface.
You can then access and manage your CBTC through the utility app or any compatible Canton Network wallet.
Summary
The minting process provides a secure and transparent method for converting Bitcoin into CBTC. With real-time tracking, automated verification through the BitSafe Attestor network, and a straightforward user interface, users can confidently mint CBTC tokens for use within the Canton ecosystem. The entire process typically completes within the time required for 6 Bitcoin network confirmations, after which your CBTC is immediately available for transactions and transfers.
For additional support or questions regarding the minting process, please contact the support team through official channels
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