Table of Contents
- How Is It Possible to Mine BTC with NFTs?
- NFT miners
- Ease of Use & Customization
- Earning strategies
- Rewards and Fund Withdrawals
- Platform Features and Reputation
- Conclusion
This year's eagerly anticipated Bitcoin halving is the talk of the crypto town and definitely not without reason. Following each halving event, Bitcoin prices grew from over a whopping 8,000% a year after the first halving in 2012, to more than 500% following the last halving in 2020. With Bitcoin halving 2024 on the horizon, analysts are eyeing at least a 100% increase in Bitcoin price, giving rise to upbeat sentiment across the board.
However, there's a flip side to the coin, both figuratively and literally – to the firstborn cryptocurrency itself. According to data from CoinWarz, Bitcoin’s mining difficulty has recently soared to an unseen level of 75.50 trillion, requiring a bitcoin miner to use more powerful and energy-efficient equipment to win the harsh mining competition. With this surge in mining difficulty, rising electricity prices in most developed nations, along with the imminent reduction of mining rewards, the battle for market share is likely to be won by big players, potentially pushing smaller ones out of the game.
The way out may be found in a highly productive Bitcoin mining farm with access to cheap energy and the most innovative mining strategies. Leading the charge, GoMining is reshaping the sector by introducing the concept of Liquid Bitcoin Hashrate (LBH), where the real bitcoin mining power is tied to virtual miners, which exist as NFTs. Brushing off the ‘GoMining scam’ gossip, the project has confidently proven its worth with clear, impressive, and verifiable outcomes. With 9 data centers around the globe and 51K+ NFTs sold so far, they have managed to lower entry costs and speed up onboarding for miners, enabling NFT owners not to spend a fortune on physical miners and farm maintenance.
How Is It Possible to Mine BTC with NFTs?
Before diving any further into NFT mining, it’s essential to clarify some terms to get everyone on the same page. For readers still asking themselves “what is bitcoin mining” and seeking to understand how it operates, here's how it works. Bitcoin mining is the process of solving incredibly difficult cryptographic equations, which requires loads of computing power and electricity. The proof-of-work (PoW) mechanism, which is used to validate transactions and secure the network, is at its core.
Building on this understanding, the concept of the Liquid Bitcoin Hashrate Protocol (LBH) revitalizes the classic PoW model, harnessing Bitcoin's hashrate for use on Ethereum and BNB networks, and thus effectively sidestepping PoW’s most contentious aspects. This is achieved through NFTs, which are powered by the real computational capabilities of data centers located around the world.
To further grasp the nuances of LBH, it is necessary to understand the concept of liquid staking derivatives (LSD). LSDs refer to tokens that represent a holder's ownership of a share of an underlying staking reward or asset. In a similar way, LBH represents a claim to underlying hashrate from Bitcoin mining. Thus, instead of a physical mining rig in a data center, your share of computing power is efficiently represented by a virtual miner.
GoMining has revolutionized the concept of Bitcoin mining by introducing the Liquid Bitcoin Hashrate (LBH) through NFTs. With nine data centers worldwide, over six years of market experience, and a hefty market cap of over $155 million, GoMining has cemented its position as a leader in the mining industry.
Moreover, the project seems to have its sights firmly set on the future with an array of ambitious plans like constructing a 200 MW data center and aiming to list on big-league exchanges by year's end. Further boosting its credentials, over 99% uptime of mining equipment, a current hashrate of 2,847,077 TH/s, and a 350 MW power capacity of GoMining’s data centers bring its sturdy infrastructure and operational excellence to the fore.
Rather than simply resting on its laurels, the project has its roadmap with goal-oriented plans for substantial hashrate increases – aiming to increase the project's hashrate to 5,000,000 TH/s in the first half of 2024, to 10,000,000 TH/s in the second half of this year, and to 25,000,000 TH/s by 2025. The GoMining team is also set to unveil its brand-new mining pool as well as to tap into artificial intelligence tools to improve mining equipment performance, among other strategic initiatives.
NFT miners
NFT miners, which are also called virtual miners, are distinguished by two critical parameters: computing power, measured in terahashes per second (TH/s), and energy efficiency, denoted as watts per terahash (W/TH). These parameters directly determine the mining potential of the NFT and its owner’s rewards. In line with enhancing efficiency, GoMining offers the lowest prices on electricity necessary for miners to mine BTC efficiently.
To get users’ feet wet in NFT Bitcoin mining, GoMining allows enthusiasts to buy virtual miners right on the platform or via popular centralized or decentralized exchanges. With a starting price of around $27 per NFT (which may slightly vary with exchange rate fluctuations), a broad array of payment methods like USDT, BTC, the ecosystem's native GOMINING token or fiat, the platform offers accessibility and convenience for a global audience.
Moreover, it is a seemingly attractive choice for over 20K existing NFT holders since it provides daily mining rewards in Bitcoin, with electricity fees conveniently covered in either Bitcoin or GOMINING. Additionally, users have the freedom to tweak their settings within their personal account, making sure everything is tailored just right for them.
According to the platform’s website, using the GOMINING token comes with a number of advantages, such as an additional 10% discount on electricity payments. It also opens up a wide range of options within the GoMining ecosystem like purchasing NFTs, buying branded merch, locking up tokens for rewards and voting, and numerous other perks.
Ease of Use & Customization
Users have the ability to purchase or generate miners with initial power ranging from as low as 1 TH to as high as 5000 TH. This broad spectrum caters to a wide array of users, from beginners seeking to enter the mining world with minimal investment to large-scale miners looking for substantial mining power equivalent to multiple physical miners. They can have this system up and running in just one day, and by the next, they might start seeing rewards – making it incredibly swift and scalable.
GoMining allows users to upgrade their NFT miners’ power and energy efficiency to boost daily mining rewards or reduce electricity costs, which is a remarkably user-friendly process, requiring only a few clicks. Moreover, payments for these upgrades can be made in USDT, BTC, GOMINING or fiat currencies via bank cards, making it available to users in many regions worldwide.
To help users strategize investments and optimize returns, GoMining has an intuitive bitcoin mining calculator, which estimates the NFT purchase's efficiency and calculates an approximate payback time.
Earning strategies
GoMining not only revolutionizes, but also breathes new life into Bitcoin mining by blending in game-like elements that liven up the process. NFT holders have three main avenues to earn Bitcoin:
- Solo Mining: This type of mining allows NFT holders to mine Bitcoin daily by simply holding the NFT in their wallet without any additional effort from.
- Pool Mining: This option teams users up with other miners and to ramp up their collective hashing power that could give their profits a boost. Users can create their own pools and lead a mining community for the chance to mine the next block. While the rewards in a pool can be much higher than in solo mining operations, unlike solo mining, they are not guaranteed.
- Staking & Voting: GoMining's staking and voting mechanism, veGOMINING, grants governance rights so that token holders can influence the distribution of additional rewards and how rewards will be distributed, whether they are Pool Mining multipliers, solo miners discounts, or the increasing power of GoMining NFT collections.
Rewards and Fund Withdrawals
Receiving mining rewards on the platform is straightforward and hassle-free, as they are automatically credited daily to either an internal wallet or an external wallet, according to the preference of the NFT holder. However, it's crucial to understand that withdrawing funds from an internal wallet will require a brief Know Your Customer (KYC) verification process. Similarly, opting to have rewards transferred directly to an external wallet also requires this verification step.
As mentioned above, the GOMINING token can be used for electricity payments, powering staking strategies, and streamlining the buying and upgrading of NFTs. Users can find the token on a number of crypto exchanges, like PancakeSwap and Uniswap for those who prefer decentralized options, or get it on many centralized platforms. A number of big centralized exchanges like BitGlobal, HitBTC, LBank, EXMO, and MEXC Global are on board with trading this token, as well as smaller platforms such as Phemex, Gate.io, Coinsbit, BitMart, and Bitget that are quickly gaining traction within the crypto community.
Account replenishment is made convenient and flexible for users, allowing for direct transfers from any external wallet, thanks to GOMINING's compatibility with both ERC-20 and BEP-20 blockchain protocols. Users also have the option to top up their accounts with a range of cryptos like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), or through seamless transactions with Binance Pay and Coinbase Pay. For those preferring conventional payment methods, Apple Pay, Google Pay, and direct bank or card transfers are available, depending on the user's location.
Platform Features and Reputation
The GoMining platform stands out for its always-on live help, so users can get the support whenever they need it. With a platform that's accessible in multiple languages and regions, GoMining genuinely caters to users worldwide. GoMining's clear guides and detailed FAQs empower users to fine-tune their mining tactics with confidence. For those preferring the ease of mobile apps or users looking for the full features on their computers, GoMining has it all. It feels seamless whether you are tapping on your iPhone, swiping through an Android, or clicking around on a desktop – everyone can access the platform no matter their choice of tech.
GoMining's reputation is bolstered by high scores on Trustpilot, with an Excellent rating and 75% 5-star reviews demonstrating the platform's high customer satisfaction and reliability.
In GoMining reviews on the App Store (iOS), the app's reputation shines with 4.3 out of 5, where users praise its innovative approach to NFTs that offers a vast array of digital assets in a transparent and secure way. On Google Play (Android), GoMining’s bitcoin mining app is also highly regarded by its users, with a strong overall rating of 4.2 out of 5 based on a substantial number of reviews, further attesting to user approval.
GoMining's strong reputation is further enhanced by partnerships with industry giants like Bitmain and the Bitcoin Mining Council.
Conclusion
GoMining's innovative approach to Bitcoin mining through NFTs offers a unique and accessible way for anyone to participate in crypto mining. With a focus on simplicity, profitability, and governance, GoMining appears to hold the potential for further expansion and development in the crypto mining industry. As always, potential users need to conduct their own research before engaging with the platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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