Bitcoin mining is one of the most reliable methods to earn crypto in the blockchain space. Currently, mining a block on the Bitcoin network nets a reward of 6.25 BTC (over $160,000). Tragically, the bitcoin mining space has a high barrier of entry, requiring both a serious financial and technical investment to begin. Because of this, most people don’t have the opportunity to participate.
However, that is all changing thanks to GoMining, an innovative bitcoin mining venture, whose focus is to help everyone mine Bitcoin with minimal cost and risks.
This is all possible with an innovative concept GoMining developed called “Liquid Bitcoin Hashrate” (LBH), which is the ability to tokenize bitcoin mining computing power. GoMining takes their own bitcoin mining data centers and fractionalizes the total daily mining rewards into NFTs.
Their concept has proven valuable to investors, as over 2,000 BTC has already been distributed across their NFT holders over the last 2 years.
To understand why this is happening, let’s take a look at the GoMining ecosystem and learn about their NFT and GOMINING token.
Liquid Bitcoin Hashrate (LBH)
The most fundamental part about GoMining’s investment begins with the aforementioned LBH, which is how GoMining is able to create their NFTs in the first place.
First, GoMining has several data centers across the world that mine Bitcoin. They have spent years building these operations, and rapidly growing them over the past two years. As it stands, GoMining has a hash power of over 2.5 million terahashes. Just a few months ago, they were under 2 million.
Check out the live stats here.
Then, GoMining fractionalizes their hash power and assigns portions of power to each GoMining NFT. The NFTs can range in power anywhere from 1 TH/s up to 128 TH/s.
Because of such a large quantity of hashrate power, GoMining consistently mines BTC, which they then distribute across their NFT holders.
The GoMining NFT
GoMining NFTs are the latest and greatest version of LBH. Each NFT gets a share of the BTC earned across GoMining’s total Bitcoin mined. The proportion is directly dependent on each NFT. Like their Bitcoin miner counterparts, each NFT has two core traits that directly affect how much Bitcoin is earned: the hash power (TH/s) and energy efficiency (W/TH).
When GoMining earns BTC and distributes it across NFTs, they take into account how much hash power your NFT(s) have in total and then subtract the energy usage that your NFT’s hash power used to earn that BTC.
A GoMining NFT with a large hash power (e.g. 32 TH/s) will earn more BTC than an NFT with a small hash power (e.g. 1 TH/s). In contrast, a GoMining NFT with a high energy efficiency (25 W/TH) will spend less in mining fees like electricity than an NFT with low energy efficiency (50 W/TH).
An example GoMining NFT which has 8 TH/s and 35 W/THs.
It’s important to keep in mind the balance between the two traits. A computer that has a lot of hash power can also be very costly if the energy efficiency is low. Or the opposite is also possible, where a user might have a very energy efficient NFT, but the hash power is not strong enough to provide substantial returns.
This is why GoMining gives users the ability to upgrade their GoMining NFTs, specifically to increase either the power or energy efficiency as they please.
The Four Collections of GoMining
GoMining has launched four different collections of the GoMining NFT, each with their own unique traits, artwork, and stories.
The first collection, The Greedy Machines, launched in the summer of 2022. These NFTs were the genesis project, and are all now sold out. The artwork features a hyper-real bitcoin mining rig each in their own liminal environments. This was the blank canvas in which GoMining proved their LBH concept valuable.
The Greedy Machines are only available on the GoMining secondary marketplace.
The East Collection
Not long after their first collection’s success, GoMining launched the East Collection in the fall of 2022. This time, GoMining took inspiration from the countries around the East, where GoMining houses several of their data mines.
Middle Eastern & Eastern themes backdrop these mining rigs.
There are a handful of East Collection available on the primary market , but options are limited.
The North Collection
GoMining was gaining traction, and in 2023, they added yet another collection inspired by natural wonders: the North Collection. The collection’s artwork takes inspiration from the northern parts of the world, and also gives a nod to the importance of cold climates for mining rigs to operate successfully.
North Collection NFTs are surrounded by ice and mountains.
The Khabib Collection
In the summer of 2023, GoMining took a leap and created their most innovative collection yet. In collaboration with UFC legend, Khabib Nurmagomedov, GoMining created the Khabib NFT collection.
Each NFT sports a whopping 29 TH/s, the exact number of wins from Khabib’s legendary career, along with unique imagery and symbols from Khabib’s time in the UFC.
The Khabib NFTs are incredibly strong and energy efficient, making them one of the best options for their price range.
Benefits of the GoMining NFT
Compared to a traditional bitcoin mining rig, a GoMining NFT has several advantages:
- A one-time investment that requires no maintenance or build process.
- Significantly cheaper start-up costs than a competitive mining rig.
- BTC is earned every day.
- Choose to earn BTC or GOMINING with a simple click.
- Upgrade an NFT with a few clicks, unlike having to rebuild a mining rig.
- More NFTs = more hash power. More hash power = more BTC.
- Electricity fees are deducted directly from earnings.
- GoMining NFTs will never lose money from mining fees.
The GoMining Games
Alongside the GoMining NFT, GoMining has created a game with three different game modes, all aimed at helping users increase their earnings and maximize the discounts they can earn on fees.
GoMining created the games as a means to incentivize holders to work together and earn more Bitcoin. There are three game modes, and each has its own advantages.
Solo Mining
If a user is getting started with GoMining, it is best they start with Solo Mining, as it’s a passive game mode where they can get a discount of up to 19%.
Pool Member Mining
If you have a sum of 10 TH/s from all your NFTs, you can access pool mining and join an existing pool as a member. When pool mining, all users combine their terahash power and share the total rewards with each other. In addition to the 19% discount that solo miners have access to, pool members also get exposure to reward multipliers, where BTC rewards can be multiplied up to 64x.
Pool Owner Mining
If you have a sum of 100 TH/s from all NFTs, you have the opportunity to create your own pool. In addition to the benefits of a pool member, pool owners also earn an extra 1% from all pool rewards, making for lucrative earnings through the NFT game.
Overall, the GoMining NFT and its NFT game is a great way to earn BTC within one part of the greater GoMining ecosystem. However, we have yet to discuss the vital GOMINING token.
GOMINING, Explained
The GOMINING token is what fuels the GoMining economy. Like gas in a car, GOMINING “powers” GoMining’s NFTs, governance processes, and rewards distribution systems.
The GOMINING is an update both in function and form. GOMINING was rebranded from the former ticker, GMT, and it had three major functions built into it:
- Discount Token Model: GoMining NFT holders that pay their mining fees with GOMINING will receive a 10% discount.
- Burn & Mint Process: Every week, all the GOMINING used to pay mining fees is burned. Then, a new, smaller amount of GOMINING is redistributed to data centers to pay electricity (65%), GOMINING governance (20%), rewards (10%), and the GoMining team (5%).
- veGOMINING: Users can lock their GOMINING to obtain governance voting power and weekly rewards from newly minted GOMINING tokens. Voters also have the ability to choose where the 10% of GOMINING is distributed as rewards.
These mechanisms create both demand and supply-side economics that the GoMining team hopes will improve the utility of the token for all GoMining ecosystem participants.
Benefits of GOMINING
With these three core functions of GOMINING, it’s important for new and existing users of GoMining to understand how they can take advantage. Below are several of the benefits of GOMINING:
- GoMining NFT holders can save 10% on mining fees by paying with GOMINING.
- Locking GOMINING for governance will give those users 20% of the newly minted GOMINING after each burn.
- Governance voters can determine how the 10% of rewards are distributed. Specifically, they can choose to upgrade the Greedy Machines, increase the GoMining game’s multiplier, or give discounts to solo mining players.
- Users can choose to get mining rewards in BTC or in GOMINING, which can help them continuously pay in GOMINING for the 10% discount on mining fees.
What People Have to Say About GoMining
People have gone on several review sites and shared their experiences about investing in GoMining. Most reviews are positive, saying that while the LBH concept is a challenge to understand at first, the Bitcoin earnings make up for it.
Across Revieweek (4.4), Reviews.io (4.5), SiteJabber (4.6), and TrustPilot (4.2), the average rating for GoMining is above 4/5 stars.
One user had this to say about GoMining:
After a detailed study of all the conditions and features of this company, I realized that this is exactly what I need. Now I own several collections of NFT and have already managed to get some income. Everything is exactly as it was stated when opening an account.
Another user admitted that, while it was challenging to understand GoMining, that they still love the investment tool.
Mining Bitcoin has been a territory for a long time only accessible to those with a hefty budget, and ones with a pretty solid technical understanding of how to install and maintain all that expensive mining equipment.
I was happy to discover that GoMining is making it easily available and accessible for all the enthusiasts who want to try this opportunity to earn some extra money. Kudos for that!
However, this is a completely new territory, at least for me…Even though it looks simple, I am still trying to comprehend the details of their operations.
Anyone can check out the user reviews from the linked sites and form their own opinions on GoMining. What is clear is that many crypto investors are paying attention to the GoMining ecosystem and placing their bets before the next bull run.
Check out the project’s website