With Bitcoin mining problems at an all-time high, is it too late for newcomers to start mining the largest cryptocurrency by market cap? The short answer is no. There are special services that facilitate the entire mining process.
Bitcoin mining is a complex business. Keeping a facility running requires expensive equipment, cheap, stable electricity, and extensive maintenance, such as cooling systems and upgrading equipment.
Currently, starting a Bitcoin mining operation from scratch as an individual is not a good business plan. Many factors must match perfectly, including geography, energy costs, regulations, weather and the price of Bitcoin (BTC). However, the initial cost is too high for ordinary people.
Beginners can start mining by joining a dedicated mining pool. However, caution is required as mining pools charge fees and distribute rewards among participants. The problem with these groups is that they are centralized organizations that are not always transparent or expose their participants to risks. For example, during Crypto Winter 2022, mining pool operators stopped withdrawing Bitcoin due to liquidity issues.
Bitcoin mining for beginners
Some Bitcoin mining services remove barriers to entry for beginners. One example is GoMining, which offers a number of features that give Bitcoin miners more control and power.
By joining GoMining, users do not need to purchase, prepare or maintain equipment. All processes are performed online and GoMining does all the work behind the scenes. This mining service has been in operation for more than six years and currently has an electrical capacity of 350 megawatts in nine data centers spread around the world. This means that the total hash rate is 2.1 million terahashes per second.
For more than two years, GoMining has been offering people access to its data centers for mining and paying rewards, even during the crypto winter of 2022 and other bear markets. In addition, GoMining is a member of the Bitcoin Mining Council and its ambassador is MMA legend Khabib Nurmagomedov.
GoMining allows users to access Bitcoin mining through their own token system, which includes:
- HOMINATION sign. It is the most important utility token in the GoMining ecosystem. This allows holders to purchase non-fungible tokens (NFTs) from GoMining and lock them on VeGoMining to receive paid rewards for participating in management.
- GoMining NFT. GoMining NFTs represent ownership of the Bitcoin hash rate in its data center, which entitles owners to receive daily mining rewards.
Source: GoMining
The new tokenomics brings transparency
GoMining recently changed its name and introduced new tokenomics to facilitate access to Bitcoin mining, and its native token changed its token from GMT to GOMINING to avoid confusion with other projects. The latest update introduces the so-called Liquid Bitcoin Hashrate (LBH) protocol, which borrows from decentralized finance (DeFi) platforms like Lido.
LBH's GoMining token, which comes in the form of an NFT, allows users to transparently and securely own the hash rate. Holders of these tokens have to pay for electricity while receiving mining revenue, so they are in a better financial position than traditional miners. In addition, these LBH tokens can be used to lend and borrow in DeFi or be traded in the secondary market.
Source: GoMining
Thanks to the new Tokenomics model, LBH token holders can pay for electricity with GOMINING and receive a 10% discount. In addition, the model uses a burn and release mechanism where all tokens used to pay electricity costs are algorithmically burned while the system redistributes the mined tokens among community rewards and service providers, VeTokenomics stakeholders and the GoMining team.
Source: GoMining
The new tokenomics offers greater transparency while ensuring that NFTs are directly connected to the data center.
New products, data centers and exchanges are coming soon
GoMining is expanding its network and plans to launch new features and products to make Bitcoin mining more interesting. By the end of this year, they plan to add a 50 megawatt data center in the MENA region and increase the overall hash rate to 3,000,000 Terahash/second. In addition, GoMining is also working on Web3 games and plans to list them on major exchanges.
GoMining CEO Mark Zalan said:
“Our goals include expanding the company's global network by building additional data centers around the world. At the same time, we explore technologies such as DeFi and other advances in blockchain.
Not all mining software is designed for beginners, but projects like GoMining are changing that with easy-to-use, quick-start features that enable virtually anyone to get involved in Bitcoin mining without installing complex hardware.
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