Background Behind GoMining's Emergence
According to statistics from CoinWarz, as the demand for Bitcoin continues to rise, the difficulty of bitcoin mining has reached a historic high. The bitcoin mining market is becoming increasingly competitive, leaving little room for smaller players. The landscape is now dominated by so-called "whales," that is, large pools and mining companies racing to capitalize on the next block.
Most mining operations now take place in warehouses or mining farms, not on home computers or laptops. Large mining farms equipped with specialized ASICs (Application-Specific Integrated Circuits) dominate the network. These ASICs are 100,000 times more efficient than CPUs. In the current cryptocurrency environment, large-scale operations are squeezing out individual miners.
Today, we will delve into GoMining, a bitcoin mining platform dedicated to enabling smaller clients, including those new to the cryptocurrency market, to enter the mining sector. The native token of GoMining platform, GOMINING, has recently been listed on HTX.
Introduction to GoMining
GoMining is a global bitcoin mining company with over seven years of market experience, operating nine top-notch data centers strategically located around the globe. Seeking a sustainable solution to re-engage individual miners and crypto enthusiasts, GoMining introduced the Liquid Bitcoin Hashrate (LBH) protocol, an innovation that democratizes cryptocurrency investments, providing users with the opportunity to mine Bitcoin without the complexities of traditional methods. The LBH vision is built upon the idea of assigning shares of bitcoin mining power to NFTs (also called digital miners), thus helping their holders to avoid the intricacies associated with running physical mining equipment. Simply put, the real bitcoin mining capability is linked to virtual miners, which exist as NFTs. To date, GoMining has attracted over 69,000 unique holders with over 141,000 total NFTs sold, successfully reducing entry costs for miners and speeding up the onboarding process.
The GoMining ecosystem includes NFTs, NFT games, and the GOMINING Token.
How to Mine Bitcoin With NFTs
Bitcoin (BTC) mining involves solving complex and energy-intensive computational tasks to generate the next block on the blockchain. The first entity to successfully complete this task receives a Bitcoin reward, as defined by the blockchain's rules.
As mentioned earlier, large mining pools are critical in possessing and overseeing vast computational power from expensive mining equipment. The challenges facing retail miners trying to join this battle go well beyond the significant investment needed to establish an efficient bitcoin mining operation. Considering the immense electricity consumption and the urgent need for skilled infrastructure maintenance, it is nearly impossible for individuals to undertake this task alone.
GoMining has significantly redefined BTC mining accessibility by offering smaller players a chance to enter the market. With their Liquid Bitcoin Hashrate concept, the project aims to establish scalable synergies between infrastructure operators and individuals.
The concept is both simple and ingenious. As noted above, GoMining links the computational power generated by its nine global data centers to NFTs (also known as NFT miners). These NFT miners enable users to participate in the mining process without the need to build and maintain their own mining infrastructure. Instead, they ensure stable and sustainable ownership of a fixed share of bitcoin mining rights, measured in terahashes.
Introduction to Digital Miners
GoMining NFTs, also known as digital miners, are characterized by two key parameters: computational power (measured in terahash per second, TH/s) and energy efficiency (expressed in watts per terahash, W/TH). These parameters directly determine the NFT's mining potential and its owner's rewards. To enhance efficiency, GoMining offers the lowest electricity prices for miners to mine BTC efficiently.
To engage users in NFT bitcoin mining, GoMining allows enthusiasts to directly purchase digital miners on the platform or through popular centralized or decentralized exchanges. The starting price for GoMining NFTs is as low as $22 (which may vary slightly due to exchange rate fluctuations), with multiple payment methods available, such as USDT, BTC, the native GOMINING token, or fiat currency, thereby providing accessibility and convenience for a global audience.
Digital Miner Customization Menu
Purchasing & Upgrading NFT Miner Efficiency
To start mining Bitcoin, users can choose to buy their first NFT miner or opt for a free trial period (up to 15 days) before making a final decision about the purchase.
Once the digital miner is purchased, users are free to customize it by upgrading computational power levels from 1 to 5,000 TH/s, creating a unique digital asset. Mining rewards are distributed daily based on the computational power held by each owner. As noted earlier, every GoMining NFT has two main characteristics: computational power (measured in terahashes per second or TH/s) and energy efficiency (watts per terahash or W/TH). Both of these parameters are available for upgrade.
The additional computing power and higher energy efficiency levels can easily be purchased with just a few clicks. A user-friendly bitcoin mining calculator is readily available to help you visually assess the feasibility of upgrades. While electricity costs, which are covered daily, can be settled in BTC or GOMINING tokens with an additional 10% discount.
Mining Strategies & Payback Period
Solo Mining
The GoMining platform offers two main profit strategies: Solo and Pool mining. In Solo mining, rewards are guaranteed to be distributed proportionally based on the total computational power of all users' digital miners, providing GoMining with a stable and predictable way of earning daily rewards.
NFT holders simply need to simply hang on to their digital miners and cover the electricity fees to mine Bitcoin easily every day. The average expected payback period for Solo mining is about 12-18 months, which, although not supersonic, is far less risky compared to direct investments in altcoins or BTC. Importantly, GoMining users fully own their NFTs and associated hashrate, whereas Bitcoin cloud mining projects are usually based on the rented mining capacities of third parties.
Notably, the company's digital miners can easily be sold on the secondary market, ensuring that any purchased mining power remains a liquid asset, and allowing users to sell it on their own terms, tailor their strategies, or adapt to changing plans.
GoMining NFT Marketplace
Pool Mining
Participants can join forces with other miners, pooling their computational power to increase earnings. Users can also establish their own mining pools to further strengthen the mining community.
For those who want to get a hands-on understanding of how bitcoin mining works, Pool mining is the perfect choice. It offers the opportunity to band together with other participants by entering a virtual mining pool or organizing one themselves. In this scenario, the team that successfully mines the block will receive more rewards, which are distributed to all pool participants based on their contributions in terms of computational power, provided their pool is successful, although the rewards are not guaranteed like in Solo mining mode.
Solo and Pool Mining Modes
Future Development of GoMining
GoMining appears firmly focused on the future, with a series of ambitious plans, such as constructing a 200-megawatt data center and planning to list on major exchanges by the end of the year. With over 99% uptime of mining equipment, a current hashrate of 2,847,077 TH/s, and a power capacity of 350 MW at GoMining data centers, its credibility is further enhanced, making its robust infrastructure and outstanding operations stand out from the competition.
The project is not content with the status quo, having mapped out a roadmap of targeted, significant increases in hashing power — the goal being to raise the project's hashing power to 5,000,000 TH/s in the first half of 2024, to 10,000,000 TH/s in the second half of the year, and to 25,000,000 TH/s by 2025. The GoMining team also plans to launch a brand-new mining pool and employ strategic measures such as enhancing mining equipment performance via artificial intelligence tools.
User Experience at GoMining
Regarding user convenience, GoMining's strength lies in offering numerous options that make the user experience smooth and direct. These include, round-the-clock live support and the flexibility to seamlessly manage the mining process via a user-friendly app from desktops, iOS, and Android devices.
Additionally, the platform offers an extensive knowledge base on mining and company products, supplemented by an easy-to-understand FAQ section.
Technical & Investment Background
The ongoing growth in the GoMining ecosystem is achieved through building a solid network of partnerships in both the community and technical fields. The long list of tier-one collaborations includes bitcoin mining industry leaders such as Binance Pool, Bitmain, and more. The GoMining team is actively working on scaling their bitcoin mining services and providing an intuitive gateway for communities and audiences of other blockchains and prominent projects. Recent collaborations with The Open Network (TON) and Trust Wallet serve as first-hand evidence of this effort.
GoMining recently received a $3 million investment from Bitscale Capital. Bitscale Capital will acquire $3 million worth of equity in the form of GoMining's native ecosystem token, GOMINING, and an NFT portfolio, with the NFTs representing shares of GoMining's digital bitcoin mining infrastructure spread across nine global data centers.
GoMining Team
GoMining's CEO, Mark Zalan, is a financial technology expert and Web3 visionary with over 25 years of experience in operations and business development. Mark has worked at the intersection of banking and technology for over two decades, including overseeing IT infrastructure in the financial sector.
GoMining veTokenomics
GOMINING is the native token of the GoMining platform and plays a crucial role in the veGOMINING token model. Accessible on both the Ethereum and Binance Smart Chain blockchains, GOMINING can be used for discounted electricity payments, staking, and in-app payments, like digital miner purchases and upgrades.
According to GoMining's unique deflationary-based token model, a portion of GOMINING's supply collected for electricity payments undergoes weekly burn and mint cycles. During these cycles, all collected tokens are burned and then minted back in a lesser amount. The amount of minted tokens is defined by the ratio of the ongoing epoch and cycle. Currently, the platform mints back 83% of the weekly collected amount.
GoMining Token Burn & Mint Cycles
The burn and mint process aims to increase the asset's value by gradually decreasing the circulating supply. With an initial GOMINING supply of 436,915,240 tokens, the ecosystem is targeting a mid-term goal of reducing this to 100,000,000 tokens. According to platform statistics, approximately 350,000 tokens are currently paid for maintenance daily, equating to around $100,000 daily and $3 million monthly directed to burning.
The newly minted GOMINING tokens are distributed among service providers (65% of the newly generated supply), with the remaining portion allocated to GOMINING stakers, reward pools, and the team. Each burn and mint cycle eliminates a small portion of the initial supply, encouraging constant growth in the price of the token.
Another important factor driving GOMINING's price growth is the increasing number of NFT holders. The logic is simple: the more digital miners and terahashes owned, the greater the demand for GOMINING. Combined with a constantly decreasing token supply, this increasing demand is expected to push the token price up in the mid- and long-term.
GOMINING Token Performance
GOMINING's price performance has been impressive, with an increase of 201% last year. It is currently in a phase of slow ascension after completing a base formation, making it a good time to buy.
Appendix Links
Official Website: https://gmt.io/
Twitter: https://x.com/GoMining_token
Start Trading: https://www.htx.com/trade/gomining_usdt
