January 11th, 2024 at 8:54 am UTC · 7 min read
/GoMining/ – When Bitcoin first entered the market, mining the first cryptocurrency on your own set up was a great way to earn extra cash. But as BTC’s popularity soared over the years, costly entry barriers and a large number of players all vying for the opportunity to mine the next block drove out the smaller enthusiasts, leaving only big companies and major mining pools.
GoMining, a major mining company, has presented an innovative solution for individual participants to still take part in the mining process by tying computational power to a real world asset (RWA). Whether you are a seasoned crypto enthusiast or just taking your first steps exploring, GoMining has presented a simple solution for all levels.
For over six years GoMining has been a leading mining company, running nine data centers in different countries where they mine the number one cryptocurrency. They introduced the concept of Liquid Bitcoin Hashrate (LBH) protocol, acting as an intermediary between real computational power generated by physical data centers worldwide and NFTs backed with a share of Bitcoin hashrate. This allows NFT holders to participate in the mining process without the complications and expenses of owning a Bitcoin mining farm.
For those still wondering what is Bitcoin mining, it is the process by which a block of information on the blockchain is validated, and new Bitcoins are generated in reward for validating that block. Owning, operating, and maintaining physical miners to complete this process is expensive and time-consuming, so GoMining created a way to mine BTC by holding a simple NFT.
Buying an NFT miner allows one to obtain ownership of a share of computing power produced by real Bitcoin miners. In other words, every NFT by GoMining is backed by real mining equipment that is located in one of the nine data centers around the world that have an over 99% uptime of mining and will mine BTC for NFT holders.
Each NFT is tied to two key characteristics: computing power (measured in terahashes per second or TH/s) and energy efficiency (watts per terahash or W/TH). Both characteristics influence the volume of future rewards and NFT holders have the flexibility to upgrade them to increase their mining reward, paid out daily in BTC. They can also be upgraded to cut electricity fees, which are covered in BTC or in the native GOMINING token.
There is a wide selection of collections to choose an NFT miner from, including exclusive collaborations with famous personalities, like The Khabib Collection with MMA superstar Khabib Nurmagomedov. NFTs can be purchased on both the primary and secondary market, or on the OpenSea marketplace. To purchase an NFT, there are a wide range of payment methods available including USDT, BTC, the GOMINING token, as well as fiat from many regions worldwide via card.
After acquiring an NFT miner, the holder always has the option to upgrade their NFT and increase the amount of rewards by purchasing additional power or optimizing energy consumption. As with the initial purchase of the NFT, upgrades can be purchased in USDT, BTC, the GOMINING token or with fiat by card. Before purchasing, a user-friendly mining calculator can be consulted to estimate the upgraded miner’s profitability and ROI. Users can determine upfront if the upgrade will bring an increased ROI that they feel is worth the purchase.
There are two main strategies to earn from mining with GoMining – Solo and Pool. Solo Mining is the most stable and predictable way to earn. One simply needs to hold an NFT moner, and BTC will be mined daily. Solo mining rewards are easily predictable and distributed proportionally to the user’s computational power. Since the NFT miners directly represent a portion of computational power, the higher the power of NFTs you own, the more rewards you receive.
In the case of Pool Mining, users can either enter a virtual mining pool, or organize their own to mine BTC as a team. Rewards go to teams that successfully mine a block, and just like in a regular mining pool, are then distributed among all pool participants based on their contribution in terms of computational power. Pools must compete to mine a block.
With a pool mining strategy, users have a unique opportunity to join or even lead a community of like-minded individuals, collaborating to collectively compete for the chance to mine the next block. If their pool succeeds, the rewards can be significantly higher than what solo miners receive.
Users can also influence the distribution of additional perks through GoMining’s staking and voting mechanism, veGOMINING. Besides earning rewards, veGOMINING holders can decide how GoMinging Rewards will be distributed, whether it be Pool Mining multipliers, additional discounts for solo miners, or increasing the power of GoMining NFT collections.
Mining rewards are not complicated on the platform as they are paid out daily straight to an internal wallet or any external wallet of the NFT holder’s choice. It’s important to note that in order to withdraw funds from an internal wallet requires a quick KYC procedure, as well as getting rewards sent to an external wallet directly.
The GOMINING token is required for covering electricity fees, staking, and can be used to purchase NFTs as well as their upgrades. GOMINING is traded on numerous DEXs as well as CEXs, some of the most prominent being PancakeSwap, Uniswap, HitBTC, Bitfinex, Gate.io, and more.
Users can easily top up their account from any external wallet via a direct transfer, as GOMINING is available on both ERC-20 and BEP-20 chains. Other ways to top up one’s account include crypto such as BTC, ETH, USDT, Binance Pay and Coinbase Pay. Users can also use Apple or Google Pay, as well as bank or card depending on their region of residence.
The GoMining platform includes a variety of features to aid users such as making it available in 19 languages and numerous regions from around the world. There is also round-the-clock live support from specialists and a vast knowledge base and FAQ sections. There, users can learn everything they need about not only the product, but also the mining industry itself. Users can manage their mining from multiple devices as GoMining is available on desktop, as well as on any iOS and Android devices through a convenient application.
It’s understandable why users may be apprehensive to try new mining programs, as it’s not uncommon to hear stories of how platforms turned out to be fraudulent. But unlike the exposed cloud mining projects that previously turned out to be a scam, GoMining relies on a self-owned physical mining structure, along with strong and scalable tokenomics.
With numerous collaborations with both celebrities, as well as entities that include tier-1 exchanges, it’s plain to see that GoMining has worked towards building a reputation that users can trust.
GoMining takes the simple concept of being able to earn off mining by owning a share of computing power by owning an NFT, and turns it into reality. They also give enthusiasts the opportunity to interact with crypto in a novel way by having NFTs represent RWAs, while also receiving daily rewards. Armed with positive user reviews, an extensive history, and a versatile platform, GoMining is a compelling case for the future of Bitcoin mining.
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