GoMining review: Discovering unique mining strategies

GoMining presents a new solution for Bitcoin mining challenges post-halving, offering a user-friendly approach that makes mining more accessible and profitable for all.

Bitcoin Halving was the focal point of the first half of the year with many predicting monumental changes following the event. Analysts, experts and crypto gurus predicted surges and plunges for not just Bitcoin (BTC) but every major and minor coin in the market. However, for those new to the field, the whole event must have been nothing short of confusing.

For the newbies, here’s a simple breakdown: When miners validate transaction blocks, they receive block rewards in the form of BTC. Bitcoin halving is the process of reducing the block reward by 50%. Therefore, the halving process cuts down the supply of BTC entering the market and helps hike its value. This particular event takes place every four years.

However, halving brings with it its own set of problems. With halving, mining difficulty increases significantly, which is not ideal for miners. They would now need increasingly powerful and energy-efficient solutions to compete in the mining space. And this is not without consequences. Since the mining profit is calculated on the margin between the mining reward and the expenses for running the equipment, the profitability decreases after the halving because the rewards are cut. This is detrimental to smaller players in the game who get pushed out by large mining enterprises that are able to afford this hike. 

The solution here could be better mining strategies. An interesting and well-known alternative in the Bitcoin mining sector is GoMining which introduces a unique and inventive new concept to combat some of the above mentioned concerns. Let’s explore this new concept and check out the GoMining project in this article.  

Overview

Company: GoMining 

Token ticker: GOMINING

Blockchain: Ethereum, Binance Smart Chain, The Open Network (TON)

Sector: Bitcoin Mining Platform

Business Model: Digital Mining via NFTs

GoMining 

GoMining is a Bitcoin mining company with nine data centers across the globe and over seven years of industry experience. With 350 MW current power capacity, $137,049,370 market cap and more than 99% uptime of mining equipment, GoMining has emerged as a reliable name in the mining space. On its website, the team makes it clear that their mission is to make NFT Bitcoin mining accessible to everyone. 

With GoMining, users interested in mining no longer need to buy and set up dedicated mining hardware on their own or manage the equipment maintenance. Instead, they can handle everything online.

However, those curious about what is GoMining, might learn more about their “digital miners”. A digital miner is a unique non-fungible token backed with a real share of Bitcoin mining power. In other words, It is a digital record on the blockchain that gives users the right to own a certain amount of terahashes within the digital space. It is saved to a user’s crypto wallet like a cryptocurrency. GoMining’s digital miner uses a technique that they have coined “Liquid Bitcoin Hashrate Protocol”. 

What is Liquid Hashrate Protocol and how does it work?

The Liquid Bitcoin Hashrate (LBH) Protocol is a method that allows users to buy and keep digital tokens that represent Bitcoin mining power. These tokens function just like NFTs, except that these particular NFTs represent mining power for Bitcoin. More precisely, LBH represents a claim to underlying hashrate from Bitcoin mining. 

What are the benefits of this protocol? With LBH, users can engage in Bitcoin mining without the hassle and risks of owning and managing physical mining hardware. Additionally, LHB tokens can be used as collateral for loans and for other DeFi operations on the Ethereum and BNB chains. However, users will need to keep in mind that these tokens do not directly convert into Bitcoin, as in direct mining. 

Another interesting feature about these NFTs is that they have been designed in such a way that they can be upgraded, both in terms of computational power and energy efficiency. Moreover, NFT holders get to have Bitcoin mining rewards daily, which users can send to any wallet chosen by the holder. 

Purchase process and payment methods

Users can purchase digital miners on GoMining’s single marketplace. This makes sure of authenticity and they will automatically appear in the user’s personal account. Another available option is buying a GoMining NFT on external platforms like Getgems or OpenSea. The GoMining ecosystem supports both crypto and traditional payment methods. In crypto, Binance Pay and Coinbase Pay are popular options for users. Plus, GoMining has its own secure payment gateway, GoMining Pay, which accepts BTC, USDT, or ETH.

For users wishing to go the traditional route, GoMining accepts Credit cards, Bank transfers, Mobile payment options like Apple Pay and Google Pay, and other country-specific local payment solutions.

NFT collections

Each of GoMining’s NFT collection is designed to cater to different investor preferences, from lower-cost entry points to high-capacity, energy-efficient mining options. The NFTs are backed by real computing power, and they allow holders to earn daily BTC rewards directly to their wallets.

The Greedy Machines Collection, The Khabib Collection, The East NFT Collection, The North NFT Collection, The South NFT Collection, The Golden Box Collection and The Party Box Collection are some of the existing collections, although the biggest one is The Mine Box Collection.

Earning strategies

Solo Mining: This type of mining strategy accesses the most secure and predictable practices which don’t require any real participation in the process. These digital miners mine BTC on a daily basis without any effort from the user.

Pool Mining: With the pool mining option, users can join a pool of other users and mine BTC as a team. The right strategies and engagement can help users earn even more with a collective hashing power. However, this method does involve more risks than solo mining and rewards here are not guaranteed. 

Staking and Voting: VeGoMining (voter escrowed) Token Model is the governance mechanism used by the platform. Here’s how it works: To initiate a lock position, a holder must select the number of GOMINING tokens to freeze on the smart contract, and the lock period. Then the holder must approve the transfer and locking of tokens on the veGOMINING smart contract. After that, the user will receive veGOMINING votes in proportion to the volume of locked tokens and the lock-up time. veGOMINING grants governance rights so that token holders can influence the distribution of additional rewards and how rewards will be distributed.

GoMining token and tokenomics

According to the whitepaper, the main purpose and function of the GoMining ecosystem is to provide simple and intuitive access to mining to participants with different levels of knowledge ranging from beginners to professionals.

GOMINING Token, GoMining Protocol, veGOMINING votes and Liquid Bitcoin Hashrate are the main elements within the GoMining ecosystem. 

GoMining Token is traded on cryptocurrency exchanges under the ticker GOMINING. The price of a GoMining token is determined solely by supply and demand. The token is currently available on various exchanges, including Gate.io, Bitfinex, Bitget, MEXC, Uniswap and has been recently listed on HTX.

Continuous Demand Growth is one of the core features of the GoMining token. It provides a 10% discount on electricity expenses to the hashrate power owners.Thus, the more Bitcoin hashrate is owned by users, the higher is demand for token.  

Additionally, GoMining permanently burns a certain percent (17% in July 24) of tokens they receive for electricity payments, reducing total supply. With a target supply set at 100,000,000 tokens, over 15,000,000 of the initial 436,’15,240 supply has already been permanently burnt.   

GoMining reviews and public opinion 

GoMining has gone the extra mile when it comes to trust and transparency. On the website, users can find information about the mining facilities that is continuously updated. They even showcase Live camera footage of their facilities. Despite past rumors of a GoMining scam, the team has successfully demonstrated its trustworthiness to the crypto community.

Adding to this, the platform is in collaboration with projects such as The Open Network (TON) and the Trust Wallet, among others. VC fund Bitscale recently invested $3,000,000 in GoMining, highlighting the project’s long-term prospects and sustainable growth.

At the moment, 27% of the total GOMINING supply is locked for an average period of more than two years, receiving up to ~22% APR. This demonstrates strong community support and long-term commitment to the project.

If none of this is to go by, users can check out the GoMining app reviews left by users on TrustPilot and mobile app stores. On TrustPilot, GoMining has an average rating of 4.0, with several glowing customer reviews. 

Verdict

Overall, GoMining brings us a unique idea that is both convenient and user-friendly. Its Liquid Hashrate Protocol is a commendable effort in making mining more accessible to the public and removing the roadblocks of traditional mining. Our verdict: 4.5 on 5.

Interested users who found GoMining appealing, can check out the project’s website for more information: https://gmt.io/about/