GoMining Review [2024] | Liquid Bitcoin Hashrate Protocol 

In this review, we’re taking a look at GoMining, a liquid Bitcoin hashrate protocol promising to lower the Bitcoin mining entry threshold. More specifically, we’ll see what GoMining is, how it came to be, how it works, what its potential uses are. In addition, we’ll provide some tips on how to register and get started with the platform and share some of its pros and cons to give you a clear overview of the platform’s strengths and weaknesses.

About GoMining

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By offering access to Bitcoin mining through non-fungible token (NFT) ownership, GoMining allows individuals to benefit from mining rewards without managing physical infrastructure. With nine global data centers, the company leverages its seven years of crypto industry experience to provide seamless access to Bitcoin mining rewards. 

As of early 2024, the platform has sold over 50,000 NFTs, benefiting over 20,000 holders who own digital miners.

GoMining History and Leadership

Previously known as GMT, GoMining had a rebranding in 2023 and now has seven years of experience in the crypto industry

In 2022, GoMining introduced an innovative approach to Bitcoin mining known as Liquid Bitcoin Hashrate (LBH). The new method connects the Bitcoin mining power generated by GoMining data centers  NFTs, granting them tangible value.

Leading the enterprise is CEO Mark Zalan, a professional with over two decades of experience in IT and consumer finance/banking.

GoMining Highlights

• Nine data centers distributed worldwide;

• 99% uptime

• 350 mW total power capacity;

• $160,000,000 GOMINING token market capitalization;

• Almost 60,000 virtual miners sold.

How Does GoMining Work?

GoMining simplifies Bitcoin mining by offering virtual miners as NFTs, ensuring accessibility and affordability. With nine global data centers and access to cost-efficient energy, GoMining is able to give new users a quick start and scalable solutions to users of any mining power requirement. 

GoMining NFTs come with a low input threshold (starting at 1 TH/s), with mining rewards beginning the next day. The model is easily scalable, allowing users to increase mining power up to 5,000 TH/s for each NFT they own. 

Mining Bitcoin With NFTs

Mixing NFTs with actual computational prowess came about with the introduction of the Liquid Bitcoin Hashrate (LBH). In short, the mining capabilities harnessed by nine GoMining data centers translate into tangible value — non-fungible tokens for user convenience.

With this approach, users can own and manage a genuine stake in Bitcoin mining power, bypassing capital requirements typically associated with a mining operation. Essentially, GoMining seeks to reduce the financial, temporal, and technical barriers to BTC mining initiation.

Moreover, mining Bitcoin through GoMining NFTs has the advantage of scalability for virtual miners. A traditional mining hardware proprietor spends considerable time replacing outdated ASIC equipment and integrating new units to enhance farm productivity. Conversely, GoMining allows to augment mining capacity by purchasing additional power or optimizing the virtual miner’s  energy efficiency in only a few clicks.

Maintenance and placement responsibilities are handled by GoMining itself, so users can manage their mining strategies independently or as part of a pool. As such, GoMining has the potential to be a passive income opportunity for crypto investors, eliminating the need for in-depth knowledge of the crypto market and mitigating volatility risks associated with trading.

Mining Services Offered by GoMining

GoMining offers the following mining strategies:

1. Solo mining;
2. Pool mining;

Let’s explore each in more detail.

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1. Solo Mining

With solo mining, guaranteed rewards are distributed based on computational power derived from all owned NFT miners. This ensures daily rewards are regular and foreseeable. The payback period with solo mining falls within the range of 12 to 18 months, depending on the attributes of each exact NFT. 

Users have complete autonomy over their assets and hashrates. Additionally, the GoMining platform boasts a secondary NFT market, facilitating user-to-user trading of digital miners. This guarantees that acquired NFTs retain their liquidity and allow users to sell them as they see fit.

2. Pool Mining

Pool Mining functionalities are more suited for individuals seeking firsthand experience in Bitcoin mining. It allows them to collaborate by joining a virtual mining pool or establishing one themselves.

Teams that effectively mine a block receive larger rewards, which are then distributed among all pool members according to computational power contribution. However, rewards are issued only if the pool is successful.

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GoMining Virtual Miners

GoMining users can choose any virtual miner from the primary or secondary NFT markets available on the platform or find GoMining NFTs on external marketplaces (e,g., OpenSea).

Alternatively, they can create their own unique virtual miner by choosing the initial mining power, ranging from 1 to 5,000 TH/s, and completing the purchase once the virtual miner is generated. To make the process easier, users can rely on a smart Bitcoin mining calculator fueled by historical data to evaluate the potential ROI for their configuration.

NFT purchases can be conducted using USDT, BTC, the platform’s native GOMINING token (see below), or any of the available fiat options. For those willing to explore, there’s a free trial available.

GoMining Tokenomics

GoMining token, GOMINING, is a crypto-asset management and authentication token within the GoMining ecosystem.

GoMining tokenomics revolves around epochs, burn and mint cycles, and veGOMINING votes, the primary objective being to maintain a balance in the circulating token supply, foster price appreciation, and reward token holders.

The concept of Liquid Bitcoin Hashrate emphasized on the platform is inspired by Liquid Staking Tokens (LSTs), which enable users to stake their assets in Proof of Stake (PoS) networks while retaining liquidity. 

LBH represents Bitcoin hashrate, allowing users to own a non-fungible token reflecting their hashrate position while mining operations occur in data centers. Unlike staked Ethereum (ETH), GoMining NFT holders have to cover only the electricity costs required for all BTC mining operations. LBH tokens, typically represented as NFTs, encode not just mining power (TH/s) but also energy efficiency (W/TH) as metadata. 

While LBH tokens function similarly to LSTs in decentralized finance (DeFi) protocols, they cannot be redeemed for BTC directly but can be sold on the open market. They serve as collateral for borrowing, similar to staked Ether in Ethereum-based DeFi strategies.

Staking and Voting

Holders of veGOMINING votes gain access to GoMining token rewards and play a role in platform governance. The votes are recorded on the blockchain and managed through the veTokenomics smart contract, so the voting process goes beyond the confines of the GoMining system.

veGOMINING rewards are based on the token distribution protocol following each burn and mint cycle within GoMining’s economic structure. More specifically, 20% of all tokens generated during each cycle are distributed as rewards for veGOMINING holders. Rewards are distributed on a weekly basis, synchronizing with each burn and mint cycle.

The reward amount for staking is based on each individual holder’s voting power. In other words, the proportion of rewards you receive corresponds directly to the ratio of your veGOMINING votes to the total issued votes.

This means participants can lock their tokens for periods ranging from one week to four years to acquire veGOMINING votes. The lock-in duration is determined by the token holder.

How to Get Started 

Getting started with GoMining is relatively simple, especially with a free trial period you can use to get familiar with the platform before committing. Below, we explain how to get started with the free trial.

Step 1: Register

To start with the free trial, head over to the GoMining Dashboard and click on the Get Started button in the top right corner (as shown below):

As you will be able to tell, new users can use an email address or simply connect a self-custodial wallet like Metamask or Trust Wallet. The choice is up to the user, but the following steps will be virtually the same no matter what you opt for.

Step 2: Know-Your-Customer (KYC)

To avoid money laundering, GoMining users have to undergo a Know-Your-Customer (KYC) verification process. You can find the KYC page on the left-hand side of the dashboard, under KYC. 

First, you will have to select your area of residence. Next, you’ll be required to upload a photo of an ID document and take a selfie. Overall, the KYC process should only take a few minutes.

Step 2: Start the trial

GoMining has a 7-day NFT trial you can use to explore the platform. Upon registration, you’ll receive a 16 TH/s demo Virtual Miner NFT. To start the trial: simply click on the NFT Game option on the left-hand side of the dashboard and then click on the Start for free button (as shown below).

With your free trial, you’ll receive BTC payouts based on your allocated hashrate in the following seven days. The payouts will be deposited into a virtual wallet during the trial period. 

GoMining Fees and Discounts

Registering on GoMining is free. However, there are still fees essential to cover the electricity expenses, although they are competitive, going as low as $0,05 per kWh.

The discounts that may apply include:

• The level discount, based on your personal mining farm level and offering a percentage reduction in maintenance fees;

• Service discounts earned by clicking the “Service” button in your Mining farm regularly, with consecutive clicks bringing higher discounts;

• Solo mining discounts available in solo miner mode and determined by community votes;

• GOMINING token 10% discount, enhancing your overall rewards. 

Is GoMining Safe?

GoMining is considered a safe platform. According to CertiK, one of the leading security ranking platforms, it has a security score of 83.48% as of March 2024. Likewise, the average user review on Trustpilot shows a rating of 4.3.

GoMining has solidified its reputation as a dependable platform via strategic partnerships with notable names in the industry, such as Bitmain, which ensures all risks and responsibilities for equipment maintenance and repairs are borne by the service provider.

GoMining has also bolstered its credibility by enlisting UFC lightweight champion Khabib Nurmagomedov, as a brand ambassador in 2021.

Security 

GoMining mitigates security risks arising from factors such as hardware vulnerabilities, lack of technical knowledge and expertise, and physical risks associated with operating a mining rig by securely managing everything in professional data centers and employing measures such as:

• Reward wallet verification: GoMining employs a robust verification process to confirm ownership of the provided crypto wallet and ensure accurate distribution of BTC mining rewards;

• CertiK smart contract audit: GoMining is audited by CertiK, validating the security of its code and blockchain infrastructure;

• Two-Factor Authentication (2FA): 2FA significantly enhances protection against unauthorized access by demanding double login credentials;

• Know-Your-Custome (KYC): A KYC process mitigates fraudulent activities.

Why Do Users Choose GoMining?

There are several reasons why users might choose GoMining over some of its competitors. For example, the platform operates its own data centers and uses its own equipment, ensuring all operations are executed within its own ecosystem.

Moreover, the GMT token provides holders with an opportunity to access BTC mining infrastructure without the necessity of acquiring cloud mining contracts. Additionally, the system incorporates periodic token burns determined by cryptocurrency prices, enhancing the potential value proposition for GMT holders.

In short, GoMining addresses various challenges faced by individual miners, such as:

• Eliminating upfront costs: GoMining allows for fractional mining, allowing individuals to start earning by mining NFTs with a significantly smaller budget;

• Simplifying technical complexity: Mining NFTs on the GoMining platform doesn’t require expertise. The platform itself handles all mining operations and logistics;

• Lowering electricity costs: With data centers located in regions with low electricity costs, GoMining lowers electricity costs;

• Providing new equipment: GoMining consistently upgrades its infrastructure and equipment, ensuring efficient mining.

GoMining Pros and Cons

GoMining Customer Support and Community Platforms

Most crucial information regarding GoMining and its platform can be found on the official website, blog, and social media channels. Those seeking further details are also encouraged to peruse the company’s NFT FAQ and Token white paper.

Here are GoMining’s main community and support channels: 

• Website: Most important information about the platform is available on its official website;
• Medium: Check out the GoMining Medium page for platform updates and educational material;
• Blog:  Check out the GoMining blog for quick updates and resources.

GoMining social media platforms:

• Telegram and Discord: Chat with the GoMining community on Telegram and Discord and learn what others have to say about the platform;
• Instagram: Check out GoMining’s Instagram page for company news, platform updates, and event announcements;
• Facebook: Keep up with GoMining on Facebook for all the latest announcements; 
• X (Twitter):  Follow GoMining on X (Twitter) to stay in the loop with important updates. 

Conclusion

In conclusion, GoMining is a compelling option for investors looking to start Bitcoin mining while mitigating the financial risks associated with setting up their own mining operations. The platform is flexible, enabling users to start mining with a fraction of the mining power available from conventional devices and giving them the freedom to scale up their output as desired.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs about GoMining

What is GoMining?

GoMining is a Bitcoin mining platform that leverages non-fungible tokens (NFTs), thus removing conventional entry barriers. It operates its own GOMINING token ecosystem, where users can stake, transact, and participate in platform governance, seamlessly integrating profitability, accessibility, and user interaction.

Is GoMining safe?

Yes, GoMining is considered a relatively safe platform. At the time of writing (March 2024), it has a score of 83.48 on CertiK.

Can you use GoMining on mobile?

Yes, GoMining has a mobile app on both Android and iOS. The app mirrors all the features of the web-based platform.

What are the benefits of using GoMining?

Users will potentially choose GoMining for a number of reasons. For example, they can receive daily Bitcoin rewards through NFTs and enjoy reduced electricity fees. Moreover, by staking GOMINING tokens, users can stay flexible in investment durations and potentially earn APR earnings, all while participating in platform governance.

What blockchain are GoMining NFTs issued on?

GoMining NFTs are issued on Ethereum (ERC-721 standard) and Binance Smart Chains (BEP-721 standard).