GoMining aims to provide a seamless entry to BTC mining for individuals without maintaining costly infrastructure. The project has introduced a simple way to get daily mining rewards by holding NFTs, empowering users with a real share of BTC mining power. Learn about how this BTC mining project continues to innovate, from its NFTs to unique tokenomics, in this comprehensive GoMining review.
- What is GoMining?
- Team and history
- How does GoMining work?
- How does Liquid Bitcoin Hashrate (LBH) work?
- Virtual miners: Creation, purchasing, upgrading
- Trial period
- Available earning strategies
- How to sign up?
- GoMining tokenomics (veTokenomics overview)
- Staking and voting
- Available payment methods
- How does GoMining compare to others?
- User convenience and platform perks
- Is GoMining trusted by users?
- BTC mining for all
- Frequently asked questions
What is GoMining?
GoMining is a Bitcoin mining platform that is unlike most of its counterparts. The company’s guiding principle is to democratize the Bitcoin mining process, making it readily accessible to the masses by eliminating the traditional associated barriers.
These barriers include the hefty startup costs and the specialized financial and operational knowledge needed to establish and run a mining operation. Alongside the necessity for affordable electricity—a resource which remains scarce in many parts of the world— these hurdles represent significant barriers to entry.
This is what GoMining aims to dismantle. In doing so, GoMining aspires to grant everyone the opportunity to partake in Bitcoin mining effortlessly, without the burden of managing expensive infrastructure. Some of its value-adds are:
- Nine data centers distributed worldwide
- 99% uptime
- 350 mW in total power capacity across all data centers
- $160,000,000+ market capitalization of GMT token
- 56,101 virtual miners sold (as of Feb. 28, 2024).
Team and history
GoMining prides itself on its seven years of crypto industry experience as of 2024. The brand underwent a transformation in 2023, evolving from its original identity as GMT.
The helm of this venture is steered by CEO Mark Zalan, a veteran in the IT and consumer finance/banking sector with over two decades of experience. Zalan’s leadership was previously showcased during his tenure as CIO for GE Capital.
GoMining introduced a novel model for Bitcoin mining in 2022, founded on the concept of Liquid Bitcoin Hashrate. This approach transforms the computational effort dedicated to Bitcoin mining into NFTs, imbuing them with tangible value.
Consequently, holders of GoMining NFTs gain ownership of a portion of mining capacity, circumventing the complexities tied to the operation of physical mining rigs. This strategy not only simplifies the mining process but also aligns with GoMining’s vision of making Bitcoin mining an attainable venture for all.
How does GoMining work?
GoMining stands out in the cryptocurrency landscape by offering an earning model that eschews the need for niche expertise or trading acumen. This makes it an ideal entry point for individuals at every level of crypto literacy.
Newcomers venturing into the cryptocurrency domain will find GoMining’s platform especially welcoming, enabling them to participate confidently without the necessity of prior knowledge.
Engaging in Bitcoin mining with GoMining is presented as a comparatively safer alternative to direct investments in cryptocurrencies, which are frequently subject to the whims of market volatility. With a virtual miner from GoMining, users are not just obtaining an NFT that promises daily mining rewards; they are securing a tangible slice of Bitcoin’s mining capacity. This aspect grants the virtual miner an enduring value in the real world.
GoMining offers its users a comprehensive view of the expected outcomes from their virtual miners. The platform includes access to sophisticated analytical tools, such as a Bitcoin mining calculator that utilizes historical data to estimate expected returns.
This feature is available with every purchase or upgrade of a virtual miner, providing holders with valuable insights into their earning potential and supporting sound, informed investment choices.
How does Liquid Bitcoin Hashrate (LBH) work?
The Liquid Bitcoin Hashrate Protocol offers a transparent method for users to acquire and possess digital tokens that symbolize Bitcoin mining power. These tokens unlock various benefits, including:
- The potential for earnings
- Using them as collateral for loans
- Engaging in decentralized finance (DeFi) activities
This protocol enhances the accessibility of Bitcoin mining, providing a fluid and flexible way to participate in the mining ecosystem. Similar to liquid staking derivatives, LBH tokens serve as a tangible claim on a share of Bitcoin’s computational mining power.
Rather than owning physical mining hardware located in a data center or mining at home, individuals hold a non-fungible token that signifies their share of this computational capacity. However, unlike direct mining, these liquid hashrate tokens do not directly convert into Bitcoin.
Instead, LBH tokens function as NFTs or tokenized hash power. You can use them within the Ethereum and BNB chains for DeFi-related operations. This essential links real-world mining value to a proof-of-stake (PoS) protocol.
Virtual miners: Creation, purchasing, upgrading
GoMining has simplified the Bitcoin mining process. Through its NFT miners, it has removed significant obstacles, making it straightforward for users to begin mining.
Virtual miners are NFTs powered by actual computing capacity, varying from 1 to 5,000 TH/s based on the NFT’s type and tier. GoMining has designed these NFTs for easy enhancement, improving their computational strength and power efficiency. In other words, any GoMining NFT can be effortlessly upgraded in terms of its computing power or energy efficiency attribute — seamlessly and with just a few clicks.
This enables owners to amplify their mining results effortlessly. Holders of these NFTs receive Bitcoin mining rewards daily, which you can send to any wallet chosen by the holder. This includes both within the platform and an external one. It’s important to note that basic virtual miners cost around $25-30.
What are the unique features of these NFTs?
Every virtual miner by GoMining could be minted on the ERC-721 standard on the Ethereum blockchain or the BEP-721 standard on the BNB Smart Chain, depending on the holder’s choice.
Currently, the latest NFT collection available on the platform is the Mine Box Collection. Mine Box NFTs:
- Generates automatically upon purchase
- Have dynamic traits that vary by each NFT, like fans, buttons, body, and other traits
- Each trait has a rarity class from common to legendary
Each collection is supported by the ever-increasing computational power of the data centers. When you buy an NFT, you acquire a share of mining power, which is actively mining Bitcoin.
Owning an NFT from the collections entitles you to daily mining rewards. These rewards are based on the computing power associated with your NFT. Any NFT can also be upgraded in terms of its computing power and energy efficiency attributes.
Additionally, these NFTs are also digital art pieces. You can trade them on any public marketplace.
Trial period
GoMining extends a special offer to all newcomers and those who haven’t previously held any NFTs — a complimentary seven-day trial of an NFT. This trial NFT is showcased on the NFT Game page and boasts a mining power of 16 TH/s and an energy efficiency ratio of 35 W/TH.
Throughout this week-long period, trial NFT holders are entitled to real BTC mining rewards, which are accumulated in their virtual balance. Furthermore, trial users enjoy unrestricted access to the Solo mining mode in the NFT Game section and may also benefit from reduced maintenance fees during this introductory phase.
Available earning strategies
There are a few ways that you can earn through GoMining. Most obviously, you can earn through holding the GoMining NFTs — or Solo mining. This allows you to earn a portion of the mining rewards minus the electricity fees. The amount you earn is displayed in your virtual balance.
If you accumulate 10 TH or more, you can switch to Pool mining and become a pool player. You can either join a pool or create your own. Note that when you switch to Pool mining, you stop receiving rewards for Solo mining.
To join a mining pool, you need at least 10 TH — or the third NFT level. To create a mining pool, you need at least 100 TH or the 5th NFT level.
Rewards are paid in Bitcoin. However, you can pay the electricity fees in Bitcoin or GOMINING tokens. If you pay in GOMINING, you receive a 10% discount on the electricity fees.
You can also earn from staking GOMINING tokens. When you stake GOMINING tokens, you convert them into veGOMINING. veGOMINING holders are paid from a portion of newly created tokens. 20% of all newly created tokens go to holders.
If you are an NFT holder, you can also earn potential profit by selling your NFT on the secondary market. GoMining NFTs are listed on GoMining’s proprietary marketplace as well as OpenSea.
How to sign up?
1. Go to the GoMining website and enter your email address to create an account.
2. Go down to KYC and press agree on the following screen.
3. Select your country of residence and document type. You can use a driver’s license, ID card, residence permit, or passport.
4. Upload your identifying document.
5. Allow app.gmt.io to use your camera and position your face in the circle.
6. Verify that the information is correct.
7. The verification process is completed within 48 hours but usually takes a minute.
GoMining tokenomics (veTokenomics overview)
The GoMining ecosystem has two tokens, GOMINING and veGoMining. The proprietary token, GOMINING, is supported by the Ethereum (ETH) and Binance Smart Chain (BSC) networks. It serves a dual purpose within the company: as a tool for managing crypto assets and a means of user verification.
You can trade the token on several platforms, including Gate.io, Bitfinex, Bitget, MEXC, and Uniswap. GOMINING plays a crucial role in facilitating transactions on the platform, such as buying and upgrading NFTs. It also offers an additional benefit of a 10% discount on electricity charges.
Token holders have the option to stake GOMINING for periods ranging from one week to four years, which qualifies them for annual percentage returns (APR) and the ability to vote in platform decisions. The GoMining Token offers its holders several additional benefits. With it, you can:
- Buy NFTs on GoMining’s dedicated NFT Marketplace.
- Make purchases in various online shops.
- Cover in-app payments, including electricity fee.
- Earn royalties from sales generated via referral links.
The tokenomics allow the token’s value to increase over time through a deflationary “veTokenomics” model. This model systematically reduces the circulating supply via a series of burn and mint cycles.
Staking and voting
veGOMINING refers to a voting mechanism within the updated GoMining tokenomics framework. Holders of veGOMINING votes gain the ability to receive GoMining token rewards and participate in the governance of the project.
These votes are securely stored on the blockchain and operate through the veTokenomics smart contract. This ensures that the voting process is not confined to the GoMining system alone.
The source of veGOMINING rewards is the token distribution mechanism that follows each Burn & Mint cycle within GoMining’s economy. Specifically, 20% of the tokens newly created during these cycles are rewards for veGOMINING holders. Distribution of these rewards occurs every Tuesday, aligning with each burn and mint cycle.
The amount of rewards a vote holder receives for staking is proportional to their voting power. In essence, the share of rewards a holder is entitled to directly corresponds to the ratio of their veGOMINING votes to the total number of votes issued.
This system incentivizes the locking of GoMining tokens, as participants can lock their tokens for a period ranging from one week to four years to acquire veGOMINING votes, with the lock-in duration being at the discretion of the token holder.
Keep in mind that, in order to maintain fairness, the veTokenomics model decreases the number of votes on your balance as your lock-up period progresses. This gives lower balances somewhat equal footing with high balances. The proportion of this decrease is directly correlated to the mint and burn cycle.
Available payment methods
GoMining supports a suite of convenient payment methods in its ecosystem. Users can opt for cryptocurrency payments, including established options like Binance Pay and Coinbase Pay. Additionally, GoMining provides its own secure payment gateway, GoMining Pay, which accepts BTC, USDT, or ETH.
The process for making a purchase is standardized across all methods:
- Users start by entering the amount of GOMINING tokens they wish to acquire or the fiat amount they intend to spend,
- Followed by the selection of a recipient wallet.
- Subsequent steps are specific to each payment method, with clear instructions provided for each gateway.
For users preferring traditional payment methods, GoMining supports a range of options that vary based on the user’s location. Available choices include:
- Credit cards
- Bank transfers
- Mobile payment solutions like Apple Pay and Google Pay
- Local payment methods unique to the user’s country
GoMining Pay is the platform’s dedicated payment gateway, enabling transactions within the user’s account using a selection of cryptocurrencies. It supports GOMINING tokens in both BEP-20 and ERC-20 formats, USDT across BEP-20, ERC-20, and TRC-20, as well as ETH and BTC. This gateway is versatile, serving multiple functions within the GoMining platform. It can be used for:
- Purchasing NFTs on the NFT Marketplace
- Upgrading existing NFTs
- Buying items in the GoMining Shop
- Topping up the virtual wallet
- Transferring funds through the GoMining Bridge service
How does GoMining compare to others?
GoMining is not a cloud mining platform, although it serves as a real alternative to such operatorss. For example, GoMining has NFTs, allows for governance, and even allows you to utilize proof-of-work (PoW) on PoS protocols. Some of its closest competitors include Nicehash, BitFuFu, and Hashing24.
Other mining providers simply allow you to profit from mining. You can not use NFTs to resell on the secondary market, nor can you stake tokens. Additionally, GoMining NFTs are affordable. Other mining platforms have maintenance costs that can easily rack up.
Note that GoMining only gives exposure to Bitcoin. Other platforms may allow you to mine multiple tokens.
| Features | GoMining | Nicehash | BitFuFu | Hashing24 |
|---|---|---|---|---|
| Platform | LBH cloud mining | Hash rate marketplace | Cloud Mining | Cloud Mining |
| Pricing | NFTs $25-30 | Miner fee: 0.5% to 4% | Hashrate Fee: $0.0160 T/D Service fee: $0.0439 T/D Hosting fee: $0.0750/kWh Rental fee: $4.76/T | N/A |
| Payouts | Daily | Automatic | Daily | Daily |
| NFT marketplace | Yes | No | No | No |
| Governance | Yes | No | No | No |
User convenience and platform perks
Once you’ve acquired your NFT, you’ll begin to earn BTC rewards through Solo mining. The platform deposits these rewards into your BTC wallet or records them in your virtual balance if you haven’t linked a BTC wallet.
At any moment, you have the option to switch to Pool mining mode. This allows you to engage in gaming and earn additional rewards. You can manage these settings through your GoMining personal account under the NFT miners and GOMINING Wallets sections.
If your NFTs are stored in an Ethereum wallet like MetaMask, Trust Wallet, or any other wallet that supports ERC-721 tokens, you can still switch modes and enjoy the benefits outside of their service.
Is GoMining trusted by users?
The user experience with GoMining, as reflected in its Trustpilot score of 4.3, showcases a community that appreciates the platform’s evolution, transparency, and customer support.
The platform is lauded for its transparency, a crucial factor given the skepticism around mining due to prevalent scams. GoMining’s commitment to clear communication and exceptional customer service is reflected in instances where the team swiftly addressed and resolved users’ issues, such as refunding erroneous transactions, underscores its reliability.
Moreover, while some users initially find the services complex, the abundance of information provided through articles and social media helps demystify the offerings, making them accessible and potentially lucrative.
GoMining has established itself as a reliable platform, earning credibility through strategic alliances with prominent industry leaders. Notable partnerships include collaborations with Binance Pool, Bitmain, and the Blockchain Mining Council.
Further enhancing its reputation, in 2021, UFC lightweight champion Khabib Nurmagomedov and Till Lindemann, the lead vocalist of Rammstein, joined GoMining as partners and brand ambassadors.
BTC mining for all
GoMining has not only gamified its crypto ecosystem; it has wide the accessibility of BTC mining to all. Users can explore the benefits of mining regardless of their starting capital and expertise level. With GoMining, mining becomes a smooth and user-friendly passive income option. Be sure to never invest more than you can afford to lose, and remember that mining profits are never guaranteed.
Frequently asked questions
GoMining is a dynamic cryptocurrency platform that democratizes Bitcoin mining through NFTs backed by actual mining power, eliminating traditional entry barriers. It features a unique ecosystem with the GOMINING token, enabling staking, transactions, and governance participation. The platform combines profitability, accessibility, and user engagement, making it a comprehensive solution for crypto enthusiasts.
Holders enjoy multiple benefits, including daily Bitcoin rewards from NFTs linked to mining power and discounts on electricity fees. Staking GOMINING tokens offers flexibility in investment periods and potential for APR earnings, alongside engagement in platform governance. NFTs also double as crypto art, offering both aesthetic value and the potential for financial gains through trading.
Yes, GoMining is tailored for users at all experience levels, providing detailed educational resources to demystify its mining and tokenomics processes. The platform is designed with an intuitive interface, making it straightforward for beginners to start mining. Supportive resources and a community-driven approach facilitate a smooth entry into cryptocurrency mining.
GoMining simplifies Bitcoin mining, offering a platform that doesn’t require expensive hardware or complex setups, thanks to NFTs that represent real mining power. It enhances user participation through veGOMINING votes, integrating governance and reward mechanisms within its ecosystem. This approach makes it stand out as both accessible to beginners and rewarding for experienced miners.
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