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Since the crypto market began to regain momentum following a notable downturn in 2022, community interest in the globe’s number one cryptocurrency has proven to be the key driver of the uptrend. Although the Bitcoin Fear & Greed Index is still nowhere near the heights of late 2020 and early 2021, market sentiment has been consistently turning more optimistic since January 2023, as indicated by the index.
Following the increasing demand for BTC, the bitcoin mining difficulty chart has reached an all-time high, currently standing at 73.20 T as of mid-January 2024, according to CoinWarz stats. The growing competition in the bitcoin mining market leaves less room for minor players, as the current landscape is predominantly dominated by whales — the large pools and mining companies vying to capitalize on the opportunity to mine the next block.
In today’s review, we will delve deeper into GoMining, a bitcoin mining platform that asserts its commitment to keeping the mining market accessible for smaller clients, including those taking their initial steps into the crypto market.
Table of Contents
● Buying and Upgrading NFT Miner Efficiency
● Mining Strategies and Payback Period
GoMining Explained: How Does NFT Mining Work?
Let’s begin with a brief explanation for readers still wondering what is bitcoin mining and how it works. BTC mining involves a complex and energy-consuming process of resolving blockchain computing tasks to generate the next block. The party that successfully completes this task first is rewarded with Bitcoin, following the rules defined by the blockchain.
As mentioned earlier, major mining pools play a pivotal role, possessing and overseeing substantial shares of computing power derived from costly mining equipment. The challenges for retail miners attempting to enter the fray extend beyond the significant investments needed to establish an efficient bitcoin mining farm. Factor in the immense electricity consumption and the imperative need for adept infrastructure maintenance, rendering the task virtually impossible for individuals.
GoMining, a longstanding leader in the mining industry, has redefined the landscape to democratize participation, providing an opportunity for smaller players to enter the scene. With their Liquid Bitcoin Hashrate vision, the project aims to establish a scalable synergy between infrastructure operators and individuals.
The concept is both simple and ingenious. GoMining has linked the computing power generated by their nine data centers worldwide to NFTs, also known as NFT miners. These NFT miners enable users to engage in the mining process without the complexities associated with constructing and maintaining their own mining infrastructure. Instead, they secure a stable and sustainable ownership of a fixed share of bitcoin mining power, measured in a certain number of terahashes.
Buying and Upgrading NFT Miner Efficiency
To start mining Bitcoin, users can select their first NFT miner for purchase or opt for a free seven-day trial period to acquaint themselves with the process and form an opinion about the platform. The trial period initiation is user-friendly, bypassing any arduous procedures, including wallet connections. Once the demo period concludes, users can choose to acquire their miner to claim the rewards they’ve already earned or decide to discontinue their engagement with the platform.
For those eager to get started right away, a diverse array of NFTs is available on both the primary and secondary markets, with the most budget-friendly miners trading at approximately $30. The platform facilitates a variety of payment options, encompassing USDT, GOMINING tokens, or straightforward card transactions with fiat, catering to numerous regions worldwide.
Mining Bitcoin with NFT miners from GoMining is straightforward, as mining rewards are distributed daily based on the computing power owned by the holder. Each GoMining NFT is characterized by two primary attributes: computing power (measured in terahashes per second or TH/s) and energy efficiency (watts per terahash or W/TH).
The former influences the reward amount and can be easily augmented by a few clicks to purchase additional power. A user-friendly bitcoin mining calculator is always at one’s service for a seamless assessment of the feasibility of upgrades. While it is the latter that defines electricity expenses, which can be automatically settled in BTC or in GOMINING, offering an additional 10% discount.
Mining Strategies and Payback Period
Solo Mining
The GoMining platform offers two main earning strategies, namely Solo and Pool mining. In Solo mining, guaranteed rewards are distributed in proportion to the total computational power one owns from all their NFT miners, providing a stable and predictable way to receive daily rewards with GoMining.
As of the completion of this review, the average expected payback period with Solo Mining ranges around 12-18 months, which, while not supersonic, is highly competitive and secure compared to investing directly in altcoins or BTC. Importantly, GoMining users have complete ownership of their NFTs and the associated hashrate, in contrast to bitcoin cloud mining projects that promise significant profitability from minimal investment.
It’s worth noting that GoMining features a secondary NFT market where users can trade miners with each other. This ensures that any purchased miner remains a liquid asset, allowing users to sell it on their terms to optimize their strategy or adapt to changing plans.
Pool Mining
Pool Mining is the right choice for those who want to experience how does bitcoin mining work firsthand, offering an opportunity to join forces with other participants by entering a virtual mining pool or organizing their own. In this case, enhanced rewards go to the teams that successfully mine a block, with rewards distributed among all pool participants based on their contribution in terms of computational power, but only if their pool succeeds.
GOMINING Token
GOMINING is the native token of the GoMining platform, playing a crucial role in veGOMINING tokenomics. It is available on both the Ethereum and Binance Smart Chain blockchains and is traded on several major DEXs and CEXs, including PancakeSwap, Uniswap, MEXC, Bitfinex, and Gate.io.
Within the GoMining platform, GOMINING serves as an alternative asset for all purchase operations, including buying and upgrading NFT miners. It is also available for staking, providing an extra opportunity to earn within the platform. Given the recent dynamics in GOMINING prices, this option may be particularly promising, having more than doubled during Q4 2023 and showing no signs of losing momentum in 2024.
Last but not least are the in-platform voting opportunities, allowing veGOMINING holders to support initiatives that align best with their earning strategy or contribute to the prioritization of GoMining platform development.
UX and Reputation
When it comes to user convenience, GoMining excels by offering a number of options to make the UX smooth and straightforward. These include full product localization in twenty-one languages, round-the-clock live support from specialists, and the flexibility to manage the mining process seamlessly from desktops, iOS, and Android devices via a user-friendly application.
Additionally, the platform provides an extensive knowledge base on mining and the company’s products, complemented by an easy to understand FAQ section. Users still seeking clarity on whether the GoMining platform is a scam or legitimate can refer to a variety of GoMining reviews accessible on mobile stores, Trustpilot, and numerous other platforms.
Conclusion
The GoMining platform is considered an option for individuals looking for a strategy to earn on the crypto market. Bitcoin mining, while not as immediately profitable as investing in other assets, offers a degree of independence from the market fluctuations associated with crypto assets.
It is advisable to conduct your research (DYOR) to gather information before making a decision.
