A Comprehensive Review Of The NFT-Powered Bitcoin Mining Protocol

The thought of getting into Bitcoin mining is a pretty enticing one. After all, who doesn’t fancy the prospect of earning passive income in the shape of digital gold? All they have to do is rig up a few ASIC, pay the bills on time, and sit back and watch those precious BTCs flow into their wallet.

Alas, Bitcoin mining isn’t nearly as easy as many might think. Setting up a mining rig involves quite a lot of technical knowhow, and then there’s the costs. These days, mining has become extremely competitive and to stand any chance of making a profit, you’ll need to invest in some seriously expensive hardware.

Fortunately, there’s another way to get into Bitcoin mining without any of those hassles and major investments. Thanks to and its novel Liquid Bitcoin Hashrate (LBH) vision, it’s now possible to enter the Bitcoin mining industry simply by buying and holding an NFT with a real mining potential.

GoMining NFTs represent a share of the enormous mining power the company has built up across nine data centers spread around the world. GoMining has hit upon the idea of hashrate , and the key to enabling this is the mechanism, which provides a way for the computational power of its physical mining hardware to be attributed to non-fungible tokens.

By simply holding an NFT, you effectively become an owner of the computing power share, generated by extensive GoMining data center infrastructure, but you don’t have to worry about the headaches involved in setting it up and maintaining mining hardware. All you have to do is contribute towards the electricity costs, and you’re officially a part of the Bitcoin mining industry.

The NFTs give holders a share of GoMining’s BTC rewards, proportional to the computing power amount it represents. Once you purchase one, the first rewards will be distributed directly to your wallet within 24 hours, and you’ll continue earning on a daily basis thereafter. 

Alternatively, you don’t even need to own a GoMining NFT to participate. Instead of purchasing an NFT, you can simply acquire the company’s native GOMINING token and stake it via its protocol and earn rewards that way.

The easiest way to do so is to head to an NFT marketplace such as OpenSea and buy one of its NFTs, or alternatively purchase one from GoMining itself. You can also your own GoMining NFT, which involves setting the initial amount of mining power it represents. You can choose from between 1 to 5,000 terahashes per second (TH/s), and once you pay the necessary fee, your first NFT will appear in your wallet. To help with this, GoMining provides a handy bitcoin mining calculator that leverages historic data and BTC prices to calculate your expected ROI, based on the configuration of your virtual miner.

Once the NFT is purchased, all you need to do is sit back and watch as those BTC rewards accumulate, with payouts arriving every 24 hours. GoMining accepts purchases in fiat, BTC, USDT, Toncoin and its native GOMINING token.

In many ways, it’s just like owning shares in GoMining, and NFT holders can cash out at any time by selling their NFT on the open market, but be aware that the value of these tokens is quite volatile, as the prices fluctuate according to the current profitability of mining operations.

The most important thing to understand is that how much BTC you earn from mining will depend on the and of your NFT miner. Whether you buy an NFT that’s preconfigured, or create one yourself, you’ll have the option to upgrade both attributes at any time.

Each NFT can be upgraded to a maximum of 5,000 TH/s, which is about the equivalent of a full shelf of BTC mining gear in one of GoMining’s data centers. As for energy efficiency, this is measured in W/TH, and defines how much power it consumes for each terahash. This is an important consideration, because users have to cover the electricity fees themselves.

Regarding those , there’s no need to worry. The company has strategically located its data centers to take advantage of some of the cheapest electricity supplies in the world, with an average price of around $.0.5 per kWh. These costs can be reduced even more if you pay in GOMINING tokens. The base energy efficiency level of each GoMining NFT is 35 W/TH, but through upgrades this can be reduced to 20 W/TH, meaning greater cost-effectiveness.

When you upgrade your GoMining NFT, you’re taking advantage of the fact that GoMining itself regularly updates its data center hardware with more powerful and efficient hardware devices. 

GoMining’s standard model involves solo mining, but more experienced users who accumulate at least 10 TH/s of processing power can get involved in pool mining by joining an existing pool. Those who have 100 TH/s can create their own mining pool. By pooling resources, mining pools gain a greater overall hashrate which can increase their chances of mining the next block and, therefore, increase their overall earnings.

The advantage of GoMining is that it eliminates all of the hassles of setting up your own, physical mining operation. These include the steep upfront costs involved. Long gone are the days when anybody could mine BTC with a simple PC. These days, to have any realistic chance of earning, miners must shell out thousands of dollars on powerful, specialized hardware such as GPUs and ASIC chips. GoMining enables these costs to be split between multiple people, so you can get started with a much smaller budget, and only 1 TH/s of computing power, which is far less than any existing physical miner offers.

The second advantage is that GoMining doesn’t require any technical skills. So long as you’re familiar with the basics of crypto, such as setting up a crypto wallet, it’s easy to get started with GoMining.

Third, GoMining’s electricity costs are likely to be substantially lower, because all of its data centers were built in locations where energy is super cheap. So unless you live somewhere with abundant, low-cost energy, GoMining will ensure significant savings.

Fourth, GoMining regularly updates their hardware park with the most modern devices. This means your NFT is based on the best, most efficient technology available.

The serves a number of purposes as the main utility coin in GoMining’s operations. Not only is it a lower-cost payment method for GoMining customers, who can use it to buy NFTs, pay their electricity bills and upgrade their virtual miners, but it also enables users to participate in governance and staking.

GOMINING tokens can be bought on cryptocurrency exchanges such as Bitfinex, Gate.io and MEXC, and they’re currently available on Ethereum and Binance Smart Chain.

The value of GOMINING is maintained via a novel tokenomics design, wherein GoMining periodically burns a percentage of the tokens it receives for electricity payments. This periodic burning helps to reduce the total supply of GOMINING, increasing its value. The company launched GOMINING with an initial supply of 436,915,240 tokens, and has already burnt 15,000,000 of those, aiming to bring the total down to 100,000,000.

When staking GOMINING tokens, users can specify a time period of between one week and four years, with greater rewards paid out on longer commitments. Presently, GoMining says around 27% of the GOMINING supply is staked, locked up for an average of around two years. By staking, users can earn an APR of around 22% annually.

When paying electricity costs in GOMINING, customers receive a generous 10% discount. The protocol says it currently earns around 350,000 GOMINING tokens daily via electricity payments, which equates to around $100,000 per day.

If you’re still looking for a reason to consider investing in GOMINING tokens, consider that Bitscale Capital, one of the most prominent crypto focused venture capital firms, . That’s a huge commitment which underscores the VCs belief in the viability of GoMining’s Bitcoin mining strategy.

Not really. GoMining takes a lot of precautions on the of its operation. For instance, it has implemented a to ensure that the NFT owner owns the BTC wallet address they provide for receiving payouts. So there’s no chance that hackers might somehow manipulate things to steal your rewards.

GoMining’s codebase and smart contracts have also been and validated by CertiK, one of the most respected certification providers in the blockchain business. It means it’s highly unlikely that hackers might find any exploits or bugs in its code.

Additionally, GoMining supports two-factor authentication, which users can choose to enable, making it much harder for someone to get access to their NFTs or earnings, even if that person does manage to steal their login credentials.

Apparently so, at least according to the respected reviews site , where it has achieved a 4.3 rating (out of 5), with notable mentions around its transparency, its evolution, ease of use and its customer support. 

Many reviewers on Trustpilot cited the transparency of GoMining. That’s important, because there have been a lot of concerns in the crypto industry about cloud mining scams and such. However, hundreds of users report receiving timely payouts and they also mention the swift response of its customer service team, which takes quick action to resolve issues such as errors in the payment and withdrawal processes.

Although some users did say GoMining seems a bit complex, they appear to be in the minority. All told, most deem GoMining to be fairly accessible, with plenty of information and guides that can help users get started.

As always, only you can answer that question, but GoMining certainly goes some way to making Bitcoin mining more accessible. By eliminating the hefty upfront costs and the technical complexity, you no longer need to be rich and technically proficient to engage in what can be a very lucrative industry.

Furthermore, GoMining deserves credit for coming up with a highly original utility for NFTs, which paves the way for anyone to start making a passive income in crypto.

That said, as with any investment in the crypto space, it’s necessary to do your own research and due diligence, and remember that crypto mining rewards can be extremely volatile. So even if you sit down and carefully calculate your potential earnings and ROI, bear in mind that market forces can have a big impact on the actual profits you’ll earn from this endeavor. Fortunately, GoMining offers plenty of flexibility in terms of customizing your NFTs processing power and efficiency level, so you can easily create a setup that’s appropriate for budget and goals.

If you’re keen to give Bitcoin mining a go but don’t have the time, money or knowledge to set up your own rig, GoMining might just be the opportunity you have been waiting for.