{"id":355672,"date":"2023-09-08T03:00:34","date_gmt":"2023-09-08T02:00:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=355672"},"modified":"2023-09-08T00:41:06","modified_gmt":"2023-09-07T23:41:06","slug":"bitcoin-mining-is-for-the-people-thanks-to-gomining","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-mining-is-for-the-people-thanks-to-gomining\/","title":{"rendered":"Bitcoin mining is for the people, thanks to GoMining"},"content":{"rendered":"

Bitcoin mining is one of the best ways to support and participate in the network and earn BTC. However, for most people, it is not easy to get started. Bitcoin mining\u2019s barrier of entry continues to remain high, as the financial investment, technical knowledge, and active maintenance required are all too difficult for most people to enter the space.<\/p>\n

Yet, that is all changing thanks to an incumbent bitcoin mining company, GoMining.<\/p>\n

What is GoMining?<\/h2>\n

\"\"<\/p>\n

At its core, GoMining <\/a>is a bitcoin mining company whose mission is to make bitcoin mining easy and available to everyone. Through their GoMining NFT and GOMINING token, anyone can invest in bitcoin mining without the hassle of needing physical mining equipment.<\/p>\n

It's thanks to a concept GoMining pioneered called Liquid Bitcoin Hashrate <\/a>(LBH). LBH is the idea that the computing power of bitcoin miners can be tokenized into digital assets. As tokens, LBH can then be utilized among DeFi ecosystems for buying, selling, borrowing, and lending.<\/p>\n

GoMining has successfully implemented the LBH token concept on the GoMining NFT, an NFT that displays a mining rig with unique computing power and energy efficiency. Currently, there are over 2,000 unique NFT holders, who have received more than 2,000 BTC through the last two and a half years.<\/p>\n

As more GoMining NFTs are sold, GoMining builds more hash power, and, subsequently, earns more Bitcoin for all token holders.<\/p>\n

Most recently, GoMining released their latest tokenomics on the GOMINING token. Let\u2019s learn more about the GoMining ecosystem, diving into the NFT, the token, and wrap up with GoMining\u2019s roadmap.<\/p>\n

The GoMining NFT<\/h2>\n

The GoMining NFT is a unique kind of digital asset, as it\u2019s an NFT that is directly tied to GoMining\u2019s bitcoin mining equipment. Each NFT has two traits: hash power (TH\/s), and energy efficiency (W\/TH).<\/p>\n

Hash power is simple. The more terahashes (TH\/s) your NFT has, the more Bitcoin you earn per day. Energy efficiency works the opposite way. The lower your watts per terahash (W\/TH), the cheaper the energy cost is to mine.<\/p>\n

More TH\/s = More BTC. Lower W\/TH, lower costs.<\/p>\n

GoMining<\/a> currently has four NFT collections, with their latest being the Khabib NFT, a collaboration with the MMA legend, Khabib Nurmagomedov. The collection showcases artifacts across Nurmagomedov\u2019s iconic rise to fame, and all of the NFTs sport 29 TH\/s of computing power, the same number of victories in his career.<\/p>\n

Anyone can explore the many GoMining NFTs on the GoMining Marketplace, where primary and secondary markets exist.<\/p>\n

GOMINING, the Token<\/h2>\n

With their latest update, GoMining has given their token a new form and function. First and foremost, the token ticker is now GOMINING instead of its predecessor, GMT.<\/p>\n

Second, GOMINING now has several new functions that increase the utility of the token:<\/p>\n

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  1. Discount Token Model: GoMining NFT owners can receive a 10% discount on all mining fees by paying with GOMINING. This lowers the costs of operations, and subsequently, earns more Bitcoin per day.<\/li>\n
  2. Burn & Mint Process: All GOMINING that is spent to pay for mining fees are burned. Then, a smaller amount of newly minted GOMINING is redistributed to service providers, veGOMINING stakers, NFT holders, and the GoMining team.<\/li>\n
  3. Vote-Escrow (ve): Users that lock GOMINING to the veGOMINING contract acquire governance rights and a share of the rewards allocated to governance participants.<\/li>\n<\/ol>\n

    \"GoMining<\/p>\n

    Theoretically, the discount token model is the main demand mechanic, as more GOMINING will be purchased and spent for mining fees. In contrast, the burn\/mint process and the vote-escrow mechanic are supply control mechanics, ensuring that less GOMINING exist in circulation over time.<\/p>\n

    \"GoMining
    GoMining Key Benefits<\/figcaption><\/figure>\n

    In other words, GOMINING is the fuel that powers the GoMining NFT engine, and that fuel becomes more scarce over time.<\/p>\n

    The Bright Future With GoMining<\/h2>\n

    GoMining<\/a> has big goals for its future. Their roadmap is simple: build systems to account for 20% of the world\u2019s BTC production within the next two years, equating to a capacity of 30,310,000 TH\/s.<\/p>\n

    What\u2019s most incredible about this goal is the speed at which they've already attained their current state, already achieving over 2 million TH\/s.<\/p>\n

    With users powering the GoMining ecosystem through GOMINING and the GoMining NFT, there\u2019s a high chance that GoMining will reach its goals. And if that happens, the amount of Bitcoin distributed to their token holders will completely overshadow their prior successes.<\/p>\n