GoMining offers holders and miners a profitable channel to earn Bitcoin (BTC) via its native GMT token without having to buy expensive mining equipment or spend high electricity fees.
If you have interacted with Bitcoin (BTC), the largest cryptocurrency, you probably know that mining is how you earn or obtain new coins. Over the past decade, Chinese miners have dominated the Bitcoin mining industry – with past estimates showing close to 70% of the total hash power coming from the country.
However, the miners are now caught in a conundrum and dilemma following the government ban on cryptocurrency mining due to the huge electricity costs, accelerated coal mining, and obviously, the monetary policy effect that Bitcoin carries. As mining facilities were shut down, many miners looked for alternatives elsewhere – Texas, U.S., and Kazakhstan being popular destinations to relocate their mining equipment.
With the decree set in China, conversations and debates around Bitcoin mining have become more heated as governments around the world start cracking down on Bitcoin mining facilities leaving miners with no passive income.
Other than the negative regulatory influences, Bitcoin mining also suffers from unsystematic problems and challenges that make it difficult to be profitable. The high cost of Application-Specific Integrated Circuit (ASIC) mining equipment, the environmental effects, and the high cost of electricity are barriers of entry to any regular person who wishes to mine Bitcoin.
Solutions To The Bitcoin Mining Problem
Launched in 2017, GoMining is a platform that aims to reduce the challenges of mining Bitcoin via its GMT token, which makes it easier for both experienced and newbie investors to start their Bitcoin mining journey.
“GoMining has created a unique token backed by the real computing power of their mining fleet of devices,” its website reads. “It increases in its price and allows users to get daily BTC income without buying equipment and spending electricity.
Each unit of GMT token is backed by real units of constantly increasing hashing power in Th/s on the Bitcoin mining SHA-256 protocol. Hence there’s no need to purchase expensive equipment or struggle through the technical installation process for mining equipment. Additionally, the GoMining token developers also integrated a burning schedule to reduce the number of GMT in circulation – boosting the value and mining capacity of early holders.
According to the firm, each additional emission of GMT tokens is followed up with a burning schedule determined by the management. The schedule is based on the cost of the purchased equipment and the price of GMT (during the additional emissions) – with 20% to 100% of the new tokens set to be burnt.
As a result of the burning, the released computing power is redistributed among all GMTs in circulation, increasing the computing power that provides tokens hence increasing the passive income.
Notwithstanding, the GoMining token is also “committed to environmental friendliness”, one of the factors leading to the ban of mining in China, and sustainable development. According to statements from the company, a total of 50% of its electricity is derived from renewable sources of energy such as hydroelectric power plants and wind turbines.
GoMining’s approach in providing a simple, fast and profitable mining structure is key for the company to reach its goal to “control 20% of the total Bitcoin mining industry in future”.
In conclusion, moving towards a cleaner, more sustainable, and a profitable path will help Bitcoin mining grow across the world. Chinese miners being forced out of the country can benefit greatly by buying mining contracts that are “coal-free, cheap and regulatory friendly” keeping them profitable.