Bitcoin Mining with NFTs: In-depth GoMining Review 2024 – Business News
As the crypto market has begun to pick up momentum again after a notable downturn in 2022, community interest in the world's number one cryptocurrency has proven to be a key driver of the bullish trend. Although the Bitcoin Fear and Greed Index is still nowhere near the highs of late 2020 and early 2021, market sentiment has been steadily becoming more optimistic since January 2023, as the index indicates.
Following surging demand for BTC, the Bitcoin mining difficulty chart has reached an all-time high as of mid-January 2024, currently at 73.20T, according to Coinwarz data. The increasing competition in the Bitcoin mining market leaves less room for smaller players, as the current landscape is mainly dominated by whales – large pools and mining companies racing to capitalize on the opportunity to mine the next block.
In today's review, we'll be taking an in-depth look at GoMining, a Bitcoin mining platform that emphasizes its commitment to keeping the mining market accessible to younger customers, including those taking their first steps into the crypto market also included.
GoMining Explained: How Does NFT Mining Work?
Let's start with a brief explanation for those readers who are still wondering what Bitcoin mining is and how it works. BTC mining involves a complex and energy-consuming process of solving blockchain computing tasks to generate the next block. The party that first successfully completes this task following the rules defined by the blockchain is rewarded with Bitcoin.
As mentioned earlier, major mining pools play a vital role in holding and overseeing substantial shares of computing power derived from expensive mining equipment. The challenges for retail miners attempting to enter the sector go far beyond the significant investment required to set up an efficient Bitcoin mining farm. This task has become almost impossible for individuals due to excessive power consumption and the imperative need to maintain efficient infrastructure.
GoMining, a long-time leader in the mining industry, has redefined the landscape to democratize participation, giving smaller players the opportunity to enter the sector. With their Liquid Bitcoin hashrate approach, the project aims to establish a scalable synergy between infrastructure operators and individuals.
The concept is both simple and straightforward. GoMining combines the computing power generated by its nine data centers around the world to mine NFTs, also known as NFT miners. These NFT miners enable users to engage in the mining process without the complexities associated with building and maintaining their own mining infrastructure. Instead, they secure stable and permanent ownership of a certain portion of Bitcoin mining power, measured in a certain number of terahash.
Buying and upgrading NFT miner efficiency
To start mining Bitcoin, users can choose to purchase their first NFT miner or opt for a seven-day free trial period to become familiar with the process and form an opinion about the platform. The start of the trial period is user-friendly, does not involve any difficult processes including wallet connection. Once the demo period ends, users can choose to acquire their miners to claim the rewards already earned or decide to discontinue their involvement with the platform.
For those who want to get started right away, there is a diverse range of NFTs available on both the primary and secondary markets, with the most budget-friendly miners trading at around $30. The platform features a variety of payment options, including direct card transactions with USDT, GOMINING tokens or fiat, catering to many regions around the world.
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 characteristics: computing power (measured in terahashes per second or TH/s) and energy efficiency (watts per terahashe or W/TH).
The former affects the reward amount and it can be easily increased by a few clicks to buy additional power. A user-friendly Bitcoin mining calculator is always at one's service for intuitive assessment of the feasibility of an upgrade. Although it is the latter that defines the electricity expenses, which can be automatically settled in BTC or GoMining, an additional 10% discount is offered.
Mining Strategies and Payout 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 of all their NFT miners, providing a stable and predictable way to earn daily rewards with GoMining.
As of the completion of this review, the average expected payback period with solo mining is around 12-18 months, which, while not supersonic, is highly competitive and safe compared to investing directly in altcoins or BTC. Importantly, unlike Bitcoin cloud mining projects, GoMining users have full ownership of their NFTs and associated hashrate, promising significant profitability from minimal investment.
It is worth noting that GoMining has 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 own terms to customize their strategy or adapt to changing plans.
Pool mining
Pool mining is the perfect option for those who want to experience how Bitcoin mining works first-hand, offering the opportunity to join other participants by entering a virtual mining pool or organizing one yourself. In this case, increased rewards are given to teams that successfully mine the block, the rewards are distributed among all pool participants based on their contribution in terms of computational power, but only if their pool is successful.
GOMINING token
GOMINING is the native token of the GoMining platform, which plays a key 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 NFTs serve as an alternative asset for all purchasing operations, including purchasing and upgrading miners. It is also available for staking, which provides additional earning opportunities within the platform. This option could be particularly promising, given the recent dynamics in GOMINING prices, which have more than doubled during Q4 2023 and show no signs of losing momentum in 2024.
Last but not least are the in-platform voting opportunities, which allow WegoMining holders to support initiatives that best align with their earning strategy or contribute to the priority of WegoMining platform development.
UX and reputation
When it comes to user convenience, GoMining excels by providing multiple options to make the UX intuitive and straightforward. These include full product localization in twenty-one languages, round-the-clock live support from experts, and the flexibility to seamlessly manage the mining process from desktop, iOS, and Android devices through user-friendly applications.
Additionally, the platform offers an extensive knowledge base on mining and the company's products, complemented by an easy-to-understand FAQ section. Users still want clarity on whether the GoMining platform is a scam or legitimate, they can refer to the variety of GoMining reviews available on Mobile Store, Trustpilot, and many other platforms.
The GoMining platform is considered to be an option for individuals looking for an earning strategy on the crypto market. Bitcoin mining, although not as immediately profitable as investing in other assets, offers a certain degree of freedom from the market fluctuations associated with crypto assets.
It is advisable to do your research (DYOR) to gather information before making a decision.
Source: www.newsbtc.com
Source: biz.crast.net
