Scam or Reliable Way to Mine BTC Seamlessly? GoMining 2024 Review
In April 2024, Bitcoin's halving slashed mining rewards, challenging miners' profits. GoMining offers a lifeline with its Liquid Bitcoin Hashrate (LBH) protocol, using NFTs to make mining more accessible and affordable. Discover how this innovation helps miners stay profitable or whether it is a scam.
In April 2024, the fourth historic Bitcoin halving took place. This event directly affected the economics of mining, as the reward per block was reduced from 6.25 BTC to 3.125 BTC. This reduction significantly impacted the profitability of mining for those with high operating costs or older, less efficient equipment compared to major technology companies.
In response to the halving of rewards, miners need to upgrade their equipment and look for regions with lower energy costs. The main goal for both individual miners and larger players will be to audit and optimize their operational costs to remain profitable. If they are unable to maintain profitability and margins, they may have no choice but to leave the market. In the face of intense competition for Bitcoin mining rewards and significant barriers to entry, both financial and expertise-related, the GoMining project emerges as a potential solution to help miners overcome these hurdles.
The Liquid Bitcoin Hashrate Protocol: How it Works?
The GoMining platform is based on an innovative approach to Bitcoin mining using NFTs. The core of the GoMining solution is the Liquid Bitcoin Hashrate (LBH) protocol, an ingenious method for tokenizing Bitcoin mining power.
The LBH protocol involves distributing real Bitcoin mining power among NFTs, allowing holders to own a share of the computational power that mines BTC daily. Essentially, the computational capacity used in Bitcoin mining is linked to NFTs, which are represented as virtual miners. This approach enables users to bypass the complexities of setting up and maintaining a physical mining farm.
This solution offers several advantages, the most notable being its extremely low entry threshold. The minimum capacity of a virtual miner can be as low as 1 TH/s, significantly less than the output of any ASIC device. Consequently, users do not need to invest substantial amounts of money upfront.
As of this writing, the cost of a basic miner is only $20.99, enabling users to start receiving BTC rewards from day one. Compared to the complexities of purchasing and setting up an expensive physical miner, GoMining provides a simplified, fast, and convenient solution.
Backing the LBH-based ecosystem, GoMining operates over 25,000 ASIC miners located across nine data centers worldwide, maintaining an average 99% uptime. The company has a dedicated team of professionals committed to providing high-quality services to their clients.
Additionally, owners of digital miners benefit from mining using some of the most economical electricity resources globally. The price of electricity is $0.05 per kWh. In comparison, according to Statista, the average cost of electricity in 2023 was $0.44 per kWh in the United Kingdom, $0.17 per kWh in the United States, and $0.08 per kWh in China and the United Arab Emirates.
How GoMining NFTs Work
Each NFT by GoMining represents a certain mining potential defined by two key characteristics: computational power, measured in TH/s, and energy efficiency, measured in W/TH. Users have the ability to set these parameters for all newly created NFTs and subsequently improve them.
Once the creation phase of a miner is complete, it is stored on the platform in virtual form, although its holder is free to mine it on the Ethereum (ETH) or Binance Smart Chain (BSC) networks and transfer it to any external wallet as an NFT. Additionally, users can easily sell their miners on GoMining secondary market or any external marketplace including OpenSea or Getgems in case they change their strategy or wish to exit the project, which is much simpler than getting rid of a hardware miner.
GoMining provides its users with the ability to gradually improve their NFTs according to their mining strategy and capabilities. The platform allows users to enhance the efficiency of their digital miners in just a few clicks. This greatly simplifies the process of scaling and upgrading a fleet of physical mining devices, reducing investment risk and removing obstacles. Mining potential can be easily increased with the option to purchase additional processing power, up to 5,000 TH/s.
The same option is available for the NFT's second key attribute—energy efficiency—aimed at maximizing daily rewards by reducing energy bills. All digital miners featured on GoMining can have energy efficiency levels ranging from 35 to 20 W/TH, which is comparable to the latest ASIC devices hitting the market in 2024.
With a Bitcoin mining calculator based on historical data, users can easily estimate the potential return on investment. This tool is available for any NFT purchase or upgrade, making the asset management process more predictable. Payments for the purchase or upgrade of miners can be made in USDT, Toncoin, GOMINING tokens (the project's token), or the fiat currency of the user's region.
Bitcoin Mining Strategies: GoMining
GoMining's product offers flexibility for a diverse audience, accommodating different mining approaches, requirements, and expectations. NFT owners can follow two primary mining routes:
Solo Mining
NFT owners can effortlessly mine Bitcoin daily by simply holding the NFT in their wallet without any additional effort. In solo mining mode, users are rewarded daily depending on the amount of computing power they own.
Pool Mining
Participants can join forces with other miners and pool their hash rate, potentially increasing their profits. As in traditional mining pools, those with higher hash rates have a better chance of success. While the rewards in pool mining can be higher than in solo mining mode, they are distributed based on luck and collective effort. Pool mining mode is available to anyone with an NFT of 10 TH/s or higher.
GOMINING Token
The project's native token, GOMINING, can be locked for periods ranging from one week to four years. By linking the native token to the veGOMINING contract, users gain management rights, which serve as a participation key for in-platform governance procedures, while receiving rewards in the form of additional GOMINING tokens.
The GOMINING token aims to create a dynamic and useful ecosystem. Users can utilize the token for various payments on the platform, including NFT purchases and upgrades, and receive an additional 10% discount on electricity payments. For instance, the base price of electricity for GoMining NFT holders is $0.05 per kWh, and this cost can be further reduced by using the platform token to cover electricity expenses.
Is GoMining a Scam?
When evaluating whether GoMining is a scam, users should consider the company’s background, recent collaborations, and media presence.
From a blockchain perspective, it's noteworthy that GoMining has undergone an audit by Certik, ensuring it meets the highest standards of security and reliability. Furthermore, their native token, GOMINING, is listed on numerous tier-1 exchanges, enhancing the project's credibility.
GoMining has also been gaining visibility in the media, with CEO Mark Zalan frequently appearing in press interviews. He has provided insights and updates on reputable platforms like Forbes and Cointelegraph, discussing significant product updates as well as the latest industry news.
GoMining is actively developing business collaborations with industry leaders, as evidenced by its partnerships with prominent Bitcoin mining entities like Binance Pool and Bitmain, a leading mining hardware manufacturer. A notable collaboration with The Open Network (TON) reflects this strategy. Through this partnership, GoMining launched the GoMining Whales NFT collection, enabling TON network users to mine Bitcoin using NFTs on their preferred blockchain.
Bottomline
The recent halving has underscored the importance of using energy-efficient mining equipment and maintaining cost-effective operations. While it has certainly increased the complexity of Bitcoin mining, GoMining's new approach marks a significant shift toward a more accessible and user-friendly mining environment. This innovation allows miners to stay competitive amid changing economic conditions by utilizing their resources more efficiently.
