GoMining Review: This Platform Makes Bitcoin Mining Possible Through NFTs

For most crypto enthusiasts, participating in Bitcoin mining remains a pipe dream – between the technical complexity, expensive hardware, and constant upkeep, it seems out of reach for the average person trying to dip their toes into crypto.

But what if you could earn passive Bitcoin without needing to become an overnight blockchain expert or breaking the bank on specialized equipment? A new platform called GoMining is turning that pipedream into reality for everyday crypto fans.

GoMining leverages non-fungible tokens (NFTs) to open up simple, accessible Bitcoin mining opportunities for the masses. By abstracting away traditional mining barriers through tokenization, the platform makes earning Bitcoin rewards possible for literally anyone with just a few clicks. And importantly, their approach maintains a strong focus on safety and security for users (more on that later).

Curious to learn how GoMining is pioneering the democratization of crypto mining? Read on as we dive into the technicals. We will also uncover how you can try the platform and mine BTC using a 7-day free trial.

What is GoMining?

At its core, GoMining is an infrastructure project with a laser focus on efficient, sustainable Bitcoin mining. The team runs a global network of nine data centers packing a massive amount of collective computing power – we’re talking over two exahashes and counting.

These strategically located mining operations maximize energy efficiency by using proprietary hardware and service centers. In other words, GoMining handles all the heavy lifting of optimizing Bitcoin mining at an enterprise scale.

Now, here’s the neat innovation that opens up access: GoMining developed not one but two avenues for individuals to passively participate in those institutional-grade mining returns.

First, there’s the GoMining Token (GMT) – an exchange-tradeable cryptocurrency representing fractional ownership of hashrate from the GoMining mining infrastructure. Pretty straightforward staking model if you’re familiar with crypto.

But then there’s also the NFT mining rig offerings. These specialized NFTs essentially tokenize specific pieces of GoMining’s real-world mining hardware, allowing holders to collect payouts. When a user purchases an NFT, they start receiving mining rewards directly into their Bitcoin wallet within 24 hours, and these rewards continue daily.

By blending infrastructure scale with tokenized participation models, GoMining aims to finally demystify and democratize Bitcoin mining for the masses. No need to run your own solo rig from your garage anymore!

Problems it solves

For individual miners, GoMining fixes several major headaches:

No More Expensive Upfront Costs – GoMining lets anyone purchase fractional mining capability. So rather than investing thousands in your setup, you can start earning with mining NFTs from a significantly smaller budget. It Handles the Technical Complexity – No need to become an expert to participate! GoMining manages all mining operations and logistics for you from their optimized facilities. Low Electricity Costs – GoMining leverages scale across global data centers located in low electricity cost regions, which translates to competitive rewards. Always Up-to-Date Equipment – As mining hardware evolves, GoMining continually upgrades their infrastructure. This means your mining NFTs tap into the latest and most efficient tech automatically.

Virtual Miners: NFTs Explained

Okay, let’s break down these NFTs in a bit more detail. As mentioned, GoMining’s “Virtual Miners” are specialized NFTs that give holders fractional ownership of the platform’s global mining infrastructure.

In plain terms, these NFTs let you earn passive Bitcoin without dealing with the hardware or logistics yourself. By tokenizing mining equipment into digital assets, GoMining opened up access for the everyday crypto fan to participate in heavy-duty rewards previously only possible at an institutional level.

Minting New Virtual Miners

Each time GoMining expands by deploying new physical miners in their data centers, a matching batch of Virtual Miner NFTs gets minted and listed. The ERC-721 blockchain standard ensures each NFT is provably unique and traceable.

When checking out NFT offerings in GoMining’s shop, you’ll notice details around entitled hashrate. This defines how much mining power (TH/s) backings that NFT, which translates to your output. Rather than buying rigs, you’re buying rights to fractional productivity.

Plug In and Start Earning Bitcoin

Once you purchase a Virtual Miner NFT, it gets transferred directly to your crypto wallet. Almost instantly, you’ll start accumulating daily Bitcoin mining rewards every 24 hours. Payout calculations are based on your share of GoMining’s collective hashrate. It’s like owning a slice of an industrial-capacity operation.

As market conditions shift, NFT prices fluctuate but broadly align with mining profitability. You can always sell your NFT later if desired too.

Future-Proofed With Auto-Upgraded Hashrate

As crypto mining hardware keeps advancing, GoMining continually acquires faster and greener rigs to stay competitive. Rather than making you buy new NFTs each upgrade cycle, your existing Virtual Miners can be seamlessly upgraded as well! By burning lower efficiency NFTs, GoMining issues you new tokens representing hashrate from the latest gear. This ensures you stay viable for the long haul.

Why Virtual Miner NFTs Beat DIY Mining

Dodges hardware costs and headaches Daily BTC deposits straight to your wallet Hashrate auto-scales to stay optimized Easy tradability provides liquidity

Steps to Start Mining BTC with GoMining NFTs (+ 7 Day Free Trial)

Ready to start earning passive Bitcoin through GoMining’s NFT mining platform? The process is simple:

Step 1: Create Your GoMining Account

Go to app.gmt.io and click “Get Started” in the top right corner. You’ll need to enter a valid email and create a secure password. Make sure to use an email you can access, as you’ll receive verification codes for the next steps.

You can also create an account by connecting your wallet. Current supported wallets include WalletConnect, Trust Wallet, MetaMask, and TON Wallet.

Step 2: Complete KYC Verification

To comply with Anti-Money Laundering regulations, GoMining requires users to complete a quick know-your-customer (KYC) check. Pretty basic stuff in the industry these days thanks to the rapid increase in crypto regulation. 

Step 3: Start Your 7 Day NFT Mining Free Trial

GoMining offers new users a 7-day free NFT trial to experience mining rewards firsthand. You’ll receive a demo Virtual Miner NFT with 16 TH/s allocated to your account. Finding the free trial is easy. Just log into your GoMining account and navigate to the “NFT Game” section.

Over the next week, you’ll accumulate real BTC payouts based on that hashrate. Payouts are simply deposited into a virtual wallet during the trial period. You will receive real BTC rewards as if you owned a real NFT – but the only difference is that the rewards are saved to your virtual balance.

To maximize your profits, you need to log in to the platform every day and “Service” your mining rig. To do this, simply come back to the same menu and click the service button and you’re good to go. There will be a countdown timer that tells you how long you need to wait before you can do it again. Each time you service your rig, you will get daily rewards and increase your payout. 

Step 4: Buying Your First Virtual NFT Miner

After testing out Bitcoin mining rewards during the free trial period, it’s time to graduate to your own Virtual Miner NFT connected directly to your wallet.

Start by opening the NFT Marketplace within your GoMining account. Browse through the listings of available Virtual Miners with details on represented hash rates and real-time pricing. Consider factors like:

Your overall budget Desired mining power allocation Current market conditions influencing mining profitability

Once you’ve found the perfect Virtual Miner NFT matching your needs and price range, click “Buy Now” to purchase. Confirm the details look accurate on the checkout screen.

After completing the transaction, your new NFT will instantly show in your wallet, while your free trial NFT disabled. Any demo BTC accumulated transfers over plus your first actual rewards. Now you’ll continually collect Bitcoin payouts based on your owned hashrate. 

Step 5: Understanding the ROI

When you first start exploring the site, it can be a little overwhelming to get your bearings and understand all of the lingo. In general, the most important thing you need to keep in mind is the ROI potential.

The good news is that each Virtual Miner comes with a handy toolbar that lets you calculate the predicted ROI of each investment. You can use the slider to see your ROI over various timeframes, and you can also select and deselect the discounts and bonuses from the servicing function we mentioned earlier, as well as the 10% discount from using the native GMT token.

Once you have chosen your parameters, you will see an estimate window like this:

Of course, this is not to be taken as an exact measure. There are plenty of variables at play. This is crypto, after all.

Managing Your Mining

After you’ve started mining with GoMining, there are several ways to manage and optimize your mining operation.

Tracking Performance

Logging into your dashboard gives you a real-time snapshot of what your miners are up to from different angles – your overall network hashrate contribution, total BTC earned, projected future value based on market conditions, yield over time, etc.

Having all this visibility in one place lets you easily track progress, spot trends, and figure out optimal times to make money moves.

Reinvesting to Grow Your Position

A proven investing mantra is letting your money work for you through compound interest. As such, GoMining enables seamlessly upgrading your Virtual Miner NFTs to more powerful models with greater hashrate allotments, earning you more Bitcoin rewards. This multiplier effect accelerates mining revenue through continuous expansion of your infrastructure holdings.

Cashing Out

Whenever you want to realize your mining profits, you can easily withdraw your Bitcoin rewards to an external wallet. GoMining covers the blockchain transaction fees, ensuring you receive your full earnings. Alternatively, you can sell your Virtual Miner NFTs on the secondary NFT marketplace, allowing you to potentially profit from appreciation in the value of your mining power.

GoMining Security 

Let’s talk security – because when money is on the line, protection matters. First of all, it’s worth mentioning that GoMining alleviates many of the security risks associated with traditional mining. Solo miners often have to consent with concerns such as:

Hardware Vulnerabilities: Solo home mining rigs can attract hackers looking to infect setups with malware to make off with hard-earned crypto. Technical Knowledge Gaps: Miners who are still getting up to speed with security best practices are vulnerable to making mistakes. Holes in setups expose them to attacks. Physical Risks: Accidents happen, and thievery is always a risk. When operating a mining rig, you need to take both digital and physical security into account. 

GoMining lifts those burdens by handling everything safely in professional data centers, which is certainly a significant benefit when it comes to maintaining peace of mind. 

GoMining Security and Safety Features 

Okay, now we know GoMining takes away those pain points, let’s take a look at some of the safety and security features of the platform itself:

Reward Wallet Verification: GoMining employs a rigorous verification process to ensure that you are the owner of the cryptocurrency wallet you provide and so that it can correctly determine where the BTC mining reward should be safely distributed.  CertiK Smart Contract Audit: GoMining has undergone an in-depth audit by CertiK. This evaluation validated the security of the platform’s code and blockchain infrastructure. Two-Factor Authentication 2FA: This adds a critical layer of security to your account, making it significantly harder for bad actors to gain access.  KYC Compliance: GoMining follows industry standard KYC compliance to mitigate fraudulent activity. 

Tips to Enhance Security

Finally, proactively verify the authenticity of any social media profiles. Cross-check them against GoMining’s official, confirmed channels list.

GMT Tokenomics

As you may have noticed, there are some pretty nice rewards and discounts for using the native GMT token. Let’s take a look at some of the token’s utility:

Fee Discount Token

By paying platform fees in GMT, NFT holders receive a 10% discount reducing overhead costs and boosting mined Bitcoin. This incentive kickstarts regular token circulation.

Deflationary Burn and Under-Mint

When GMT gets spent on fees, tokens get permanently destroyed via burning. Meanwhile, the system mints new GMT representing a significant percentage of the amount burned. This continual burn and under-mint process structurally diminishes circulating supply over time, applying incremental deflationary pressure on GMT.

Reward Redistribution

Of the amount reminted, tokens are distributed across platform incentives like miners, service providers, community grants, liquidity pools, and veToken stakers. This stimulation shares wealth while aligning stakeholders.

Decentralized Governance

Users committing to locking up GMT get veToken status. This earns governance votes steering the DAO’s direction while collecting fee distribution rewards. Aligning stakeholders reduces risks from fragmentation while bringing community oversight.

Closing Thoughts

GoMining is aiming to flip the script on the idea that crypto mining is a highly technical process that only hardcore blockchain experts can pull off. 

By packaging up institutional-grade mining infrastructure into user-friendly NFTs, GoMining opened the door for regular crypto fans to tap into passive income. Now there’s no need to mess with clunky hardware and maintenance – it’s condensed into a few clicks.

At the same time, Gomining has not had to sacrifice viability or efficiency, since all the heavy lifting still happens behind the scenes at a massive scale. Users just get to kick back collecting Bitcoin off the mass output. 

Of course, it’s still important to enter into this with all of the same savvy and diligence as any crypto endeavour. Keep in mind that the market is volatile and that returns are not guaranteed. There are many factors at play, so be sure to do your research so you can find a set-up that works best for your finances and your risk profile. 

With that said, if you have always wanted to try out Bitcoin mining for yourself but have never had the time, energy, or money to set up your rig, Gomining just might be the solution you were looking for. 

FAQs

What blockchains are NFTs issued on?

GoMining NFT collections are issued on both Ethereum (ERC-721 standard) and Binance Smart Chain (BEP-721 standard). Some popular collections include The Greedy Machines, the Khabib Collection, The East Collection, and The North Collection.

What makes GoMining’s NFTs unique?

The NFTs represent fractional ownership of GoMining’s real computing infrastructure actively mining Bitcoin. Owning them entitles holders to daily mining rewards proportional to the hashrate tied to each NFT. They also function as creative digital artworks tradable on marketplaces.

How can I upgrade my NFT’s mining power?

GoMining enables upgrading your NFTs to higher hashrate tiers, increasing potential rewards. Twenty levels exist, with Level 1 representing 1 TH/s and Level 20 maxing at 5000 TH/s. Upgrading costs less than buying a separate NFT at the target level. The higher your current tier, the cheaper upgrading becomes.

What fees apply and is there a way to reduce them?

Daily electricity and maintenance fees get deducted from rewards, but discounts apply:

Level Discount: 0.3% – 1.2% off based on total hashrate Service Discount: Up to 3% for clicking a daily button Solo Mining Bonus: Extra off as a platform incentive 10% GMT Discount: When paying fees in native tokens

Activating discounts significantly increases net Bitcoin payouts.

RELATED TOPICS

Could Bitcoin Be The Future Of DeFi? What is Cloud Mining and How Does it Work? What is Blockchain Gaming and its Play-to-Earn Model? What is the tokenization process and why it is so important? Powerloom to Hold First Ever Node Mint on Polygon Network