As Bitcoin enters a new cycle following the halving event in April 2024, the landscape of Bitcoin mining continues to evolve. Mining plays a crucial role in maintaining the sustainability of the Bitcoin ecosystem, yet the industry has transformed significantly over the years. Dominated by large-scale players, the barriers to entry for individual miners have increased drastically. High initial investments, technical expertise, and the uncertain legal status of Bitcoin mining in many countries present significant challenges.
The current state of affairs creates a daunting task for individual miners looking to claim their piece of the mining pie alongside market whales. The process is now much more competitive and complicated compared to the 2010s when almost anyone could easily mine Bitcoin using their home PC and receive a 50 BTC block reward. Mining enthusiasts are consistently looking for solutions to stay competitive and remain in the game.
Another important aspect that makes Bitcoin mining hardly accessible for individuals is the heavy reliance on access to cheaper electricity resources. Since mining equipment needs to run 24/7, the price and stability of electricity significantly influence the profitability of mining operations. This creates a substantial margin between the cost and profit for those utilizing cheaper resources and more efficient equipment.
While successful mining requires overcoming all the aforementioned challenges, more and more individual miners are struggling, especially amid the recent Bitcoin Halving, which cut the block rewards in half to 3.125 BTC. Fortunately, growing demand often generates game-changing solutions, and GoMining could be considered one such innovation in the Bitcoin mining niche.
Mining Bitcoin with NFTs
Imagine simplifying the mining process to merely managing the computing power output of your equipment. The bottlenecks, such as selecting the right ASIC, setting it up, and maintaining it, are no longer your concern. Instead, these aspects are handled by experts who possess the necessary expertise and know-how.
In essence, this is the idea behind hashrate tokenization introduced by GoMining. Through this innovative approach, called the Liquid Bitcoin Hashrate (LBH) concept, shares of real Bitcoin mining power are attributed to NFTs, making the process of hashrate ownership and management smooth, quick, and instantly scalable. NFT holders are freed from the need to manage the mining equipment themselves, streamlining the entire process.
In other words, GoMining NFTs address a long list of showstoppers preventing individual miners from entering the market by introducing an efficient and simplified model of owning hashrate instead of physical mining equipment. This removes the need for significant starting capital, as mining BTC with GoMining is available from just 1 TH/s, which is significantly less than the output of any existing physical miner. The infrastructure setup and maintenance, as well as the search for cheap and stable electricity supply, are also no longer headaches, as the devices backing the GoMining NFTs are managed by the company.
Being a well-known and established mining company with over seven years in the market, GoMining currently operates nine top-notch data centers globally. These centers mine Bitcoin 24/7, maintaining an impressive 99% equipment uptime. Over the years, the company has built a robust network of professional connections and partnerships with industry giants such as Binance Pool and Bitmain, the leading mining equipment manufacturer.
Unveiling the Potential of BTC adoption
Over the past several years, GoMining has become a real driver in Bitcoin mining adoption, keeping the industry’s doors open for individual miners despite the growing competition reflected in the increasing BTC mining difficulty. Since 2022, when the unique approach of mining Bitcoin with NFTs was first introduced, GoMining has successfully attracted over 62,000 unique NFT holders, collectively owning more than 130,000 digital miners, as the company calls them.
Bitcoin difficulty chart. Source: CoinWarz
Additionally, GOMINING—the native token fueling the GoMining ecosystem—serves as further evidence of community trust in the GoMining concept. Currently traded on multiple tier-1 centralized and decentralized exchanges, such as MEXC, Gate.io, and PancakeSwap, GOMINING offers extensive utility. Beyond its functional benefits within the ecosystem, it is also considered a promising crypto asset to watch.
The GoMining tokenomics is built on a deflationary model, where tokens gained for digital miners’ maintenance are burned every week and then minted and distributed in a smaller amount. With an initial token supply of 436,915,240, GOMINING is targeted to reduce to only 100,000,000 tokens over a few years, aiming to increase the token’s value over time.
GOMINING Burn & Mint process. Source: GoMining
In addition to covering the digital miners’ maintenance costs, which provides an additional 10% discount on already competitive electricity prices set at only $0.05 per kWh, the native token is also available for staking for periods ranging from one week to four years. According to internal data provided by GoMining, over 27% of the token supply is currently staked for an average period of over 2 years.
Bitcoin Mining: Multi-chain Accessibility
From the user’s perspective, creating a GoMining NFT is smooth and simple, taking only a few minutes. GoMining NFTs are available on both the GoMining marketplace and external markets like OpenSea and Getgems. The easiest way to start is to create a digital miner from scratch on the GoMining platform, where users can set the initial computing power and energy efficiency level of their digital miner. These attributes define the net rewards and maintenance expenses of the digital miner.
Once set up, the NFT begins generating mining rewards every 24 hours from day one. The earnings are instantly available in an in-app wallet or can be redirected to any external BTC wallet chosen by the user.
GoMining Whales NFT Collection on Getgems marketplace. Source: Getgems
Another significant benefit that sets GoMining apart from managing physical mining equipment is the unparalleled scalability of mining operations. Every digital miner can be upgraded in terms of hashrate with just a few clicks. Currently, the highest available computing power amount is 5,000 TH/s, which far exceeds the output of any existing physical miner. This upgrade is done instantly, with various payment methods available, including USDT, Toncoin, GoMining tokens, or fiat transfers.
Moreover, GoMining NFTs not only offer easy scalability but also provide a straightforward exit strategy. Users can list their digital miners for sale on the GoMining secondary market or other platforms. Unlike outdated physical miners, GoMining’s digital miners maintain their appeal to potential buyers, as they can be easily modified in terms of their output to meet the buyer’s requirements.
The Bottomline
Bitcoin mining is a challenging niche market that demands innovation to remove barriers to further adoption. Platforms like GoMining could become a powerful driver of Bitcoin mass adoption by providing cost-efficient and user-friendly access to BTC mining for everyone, regardless of their location or experience level. As Bitcoin continues to drive the development of the crypto space, the demand for mining operations promises to grow, attracting more and more crypto enthusiasts.
With individual mining strategies becoming increasingly expensive and complicated, ecosystem solutions like GoMining may provide a sustainable and beneficial gateway for those looking to support BTC performance and earn from backing its infrastructure.
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