The bitcoin mining industry boasts a 15-year history, dating back to the creation of the globe’s number one cryptocurrency in 2009. This continuous track of development has witnessed a truly spectacular evolution from the first bitcoins mined by enthusiasts on old-school PCs to the current level of ASIC development.
Bitcoin has experienced three halving events, resulting in several all-time high records broken in 2013, 2017, and 2021. The industry is now fascinated with the upcoming 2024 Bitcoin halving event, speculating on its potential impact on both BTC price and the mining landscape.
In today’s review, we will delve deeper into an innovative way of mining BTC by holding NFTs, introduced by the GoMining platform.
Mining BTC With NFTs: How Does It Work?
The idea of empowering NFTs with real computing power stems from the Liquid Bitcoin Hashrate concept (LBH), introduced by GoMining in 2022. Following this innovative idea, the mining capabilities generated by nine GoMining data centers worldwide constitute real-world value, which is added to non-fungible tokens for users’ convenience.
As a result, users gain the option to own and control a real share of bitcoin mining power, bypassing the high entry thresholds associated with the substantial funds required to launch and maintain a mining farm. In other words, the company assumes responsibility for all operational aspects, significantly reducing the money, time, and expertise required to start mining BTC.
Another undeniable advantage of mining Bitcoin via GoMining NFTs is the unique scalability of virtual miners. Consider this: a physical mining equipment owner spends a great deal of time unplugging old ASIC equipment and installing new ones when upgrading the farm’s productivity. For GoMining NFT holders, the process of adding additional mining power or optimizing energy consumption takes only a matter of seconds.
Buying a Virtual Miner
To start earning BTC with GoMining, all that’s required is to simply choose any virtual miner available on the Primary or Secondary NFT market on the platform. GoMining NFTs are also available on several external marketplaces, including OpenSea.
Another option is to generate your own unique virtual miner, which can be done seamlessly in just a few clicks. To do so, one needs to choose the initial amount of mining power, ranging between 1 and 5,000 TH/s, and make a purchase once the virtual miner is generated. This choice is made even easier with a smart, historical data-based bitcoin mining calculator that helps assess the potential ROI of the chosen miner NFT’s configuration.
For those willing to give NFT mining a try before making a purchase, there’s an option to choose a free 7-day trial. In this case, the generated miner will start earning daily mining rewards just the same way, giving its holder access to the in-platform flow and functionality. Once the trial period is over, the user is free to choose whether they would like to make a purchase and take home the rewards earned or wait a bit longer to consider other options.
For customers’ convenience, the NFT purchase can be done in USDT, BTC, the platform’s native GOMINING token, or with any of the available fiat options. With the minimal price for a virtual miner currently starting from around $25, GoMining appears to be not only the smoothest but also the most affordable way to obtain a share of computing power and start mining BTC.
Virtual Miner Upgrade: Power & Efficiency
The productivity of every virtual miner by GoMining is determined by two main attributes: mining power and energy efficiency. NFT holders are free to upgrade both components in accordance with their mining strategy and budget whenever they want.
As mentioned above, computing power represents the strength of your virtual miner, which directly influences the size of daily rewards this NFT brings. Users are free to upgrade their NFT up to 5,000 TH/s. The latter is equal to the output of an entire shelf of mining equipment and is available instantly after additional power is purchased.
The energy efficiency attribute, measured in W/TH, defines the energy consumption of a virtual miner. Just like any physical miner, virtual miners by GoMining also utilize electricity to mine BTC, and the fees are covered daily in Bitcoin or GOMINING token, which provides an additional 10% discount.
While the basic energy efficiency level for most available NFT miners is set at 35 W/TH, the upgrade allows users to lower this feature to 20 W/TH, making it one of the best estimates among all modern mining devices currently available on the market.
Another aspect that makes GoMining NFTs especially valuable and efficient is the low energy rate, available for all virtual miner holders regardless of their share of computing power and energy efficiency level. The average electricity price for GoMining users is established at around only $0.05 per kWh, all thanks to the successful choice of their data center locations. This amount could be even lower for those clients covering the fees in GOMINING token.
GOMINING Token & veTokenomics
GOMINING serves as a utility token of the GoMining platform. Besides being utilized as an alternative payment method for purchasing and upgrading virtual miners, GOMINING merits separate attention and research.
Currently traded on several major exchanges such as MEXC, Bitfinex, and Gate.io, GOMINING is available on both the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains. The deflation-based veTokenomics stimulates the rise in price for GOMINING token as it continually reduces the number of tokens circulating through burn and mint cycles.
Another significant option, accessed by holding GOMINING, is staking and in-platform voting mechanics. Along with the ability to define the general vector of development, users can vote for situational perks like bonuses and additional discounts via their veGOMINING votes received in exchange for staked tokens.
The platform offers various staking options ranging from one week to four years, making it simple for holders to choose the right duration depending on their goals and strategy.
Bottom Line
GoMining’s virtual miners present a considerable alternative for those seeking passive income in crypto, free from the risks associated with the volatility of digital assets. Thanks to the seamless platform interface, GoMining caters perfectly to both experienced BTC mining enthusiasts and those taking their first steps in the crypto field.
The company has ambitious plans for further development, outlined in their roadmap. Along with several new data centers set to be constructed in 2024, GoMining aims to increase their total hashrate to 25,000,000 TH/s by mid-2025, which is significant in terms of industry statistics. For instance, according to Blockchain.com data, the world’s total hashrate output is currently only 570,000,000 TH/s as of February 2024.