What is Gomining? All You Need to Know About GMT

GoMining offers digital Bitcoin hashrate ownership via NFTs on Ethereum/BNB and Bitcoin blockchains, eliminating physical mining infrastructure needs.

The challenges of Bitcoin mining, including technical complexities, the need for equipment purchase, setup, and ongoing maintenance, have created significant barriers for non-professional participants. The process involves a substantial time investment, during which the money spent on hardware remains idle and does not generate returns. Furthermore, the depreciation of mining equipment and the risk of component failures add to private investors’ difficulties.

Recognizing these barriers, a solution was crafted to democratize access to Bitcoin mining, leveraging Web3 technologies to eliminate traditional operational obstacles. This initiative allows individuals of varying blockchain expertise to engage in BTC mining effortlessly, with the introduction of Gomining (GMT), offering real-time asset management in a simplified manner.

What is Gomining (GMT)?

Founded in 2017 by a group of international investors, GoMining is a pioneering force in the cryptocurrency mining industry, dedicated to making mining accessible to a wider audience. The company introduced the GoMining Token (GMT) as a solution to the technical complexities of mining. This token serves as the backbone of a liquid bitcoin hashrate (LBH) protocol, transforming bitcoin hashrate into a liquid, tradable asset on Ethereum/BNB chains through NFTs, with BMINE as the first service provider.

In 2021, GoMining allocated real capacities of 100,000 TH/s, launching GMT on both ERC-20 and BEP-20, and securing listings on major DEX and CEX exchanges. Notable milestones included a CertiK audit, partnerships with leading wallets, and endorsements from celebrities like Till Lindemann and Khabib Nurmagomedov. The year also saw the project’s hash rate exceed 250,000 TH/s.

The year 2022 was of exponential growth, with the hash rate crossing 1,000,000 TH/s, the introduction of the first NFT collection, mobile app launches, and significant partnerships, including with Bitmain.

In 2023, the project achieved listings on Gate.io, introduced staking, and launched the Khabib NFT Collection, marking its presence in over 170 countries and pushing the hash rate to 3,000,000 TH/s.

GoMining plans to expand its hash rate to 5,000,000 TH/s, expand its digital and physical infrastructure, and continue innovating in the NFT and mining space, demonstrating its commitment to growth and community engagement.

How Does Gomining Work? Virtual Mining and Real-World Asset Tokenization

GoMining introduces a novel approach to Bitcoin mining, making it accessible and straightforward for individuals to participate without the traditional complexities and barriers. This method, known as virtual mining, democratizes Bitcoin mining through digital assets backed by real computational power from GoMining’s data centers worldwide. By purchasing GoMining’s NFTs, individuals acquire a share of this computational power, allowing them to earn Bitcoin rewards daily without the need for physical mining hardware, setup, maintenance, or dealing with equipment failure risks.

GoMining has partnered with Bitmain to boost its Liquid Bitcoin Hashrate NFTs, offering unparalleled mining efficiency and profitability. These NFTs simplify upgrades and guarantee industrial-grade returns with minimal involvement. Furthermore, as a new member of the Bitcoin Mining Council, GoMining champions sustainable mining, committing to transparency and the pursuit of renewable energy sources, aligning with global efforts to ensure the cryptocurrency mining sector’s environmental responsibility.

Designed to be inclusive, GoMining’s ecosystem caters to users across the spectrum of blockchain expertise. The core of this model is the virtual mining process where NFTs represent liquid bitcoin hashrate (LBH), serving not just as art but as functional assets with specific mining power and efficiency. This approach simplifies and makes mining more accessible and profitable, offering users daily profits from their NFTs, reduced electricity costs, and simple online asset management. The LBH tokens, tradeable on Ethereum/BNB chains, increase liquidity and open up broader Bitcoin mining participation.

GoMining’s innovation significantly transforms the crypto industry. By incorporating LBH into their ecosystem, GoMining bridges virtual assets with real-world mining operations, providing an easy, cost-effective mining entry point and enriching the DeFi ecosystem by enhancing the accessibility, liquidity, and energy efficiency of Bitcoin mining.

Transitioning from virtual mining, it is vital to explore how GoMining further innovates through tokenizing real-world assets. This step converts the tangible value of bitcoin mining power into a digital format that can be easily traded, managed, and utilized, broadening the horizons for investment and engagement in the mining sector.

Source: gmt.io

Real-World Asset Tokenization

Real-World Asset Tokenization through GoMining’s innovative approach revolutionizes Bitcoin mining by simplifying it for millions and leveraging Bitcoin’s hashrate as a tangible asset within the DeFi ecosystem. This process enables the hashrate, represented by NFTs, to not only generate Bitcoin continuously but also to be traded or used as collateral in DeFi platforms akin to any traditional asset. The cornerstone of this transformation is the Liquid Bitcoin Hashrate (LBH) concept, devised by GoMining. While the physical mining infrastructure operates seamlessly in data centers, users gain ownership of NFTs that symbolize their stake in this mining capacity.

These LBH tokens function similarly to Ethereum-based liquid staking tokens (LSTs), generating passive income, offering liquidity through trade, and serving as collateral in DeFi protocols for borrowing or lending. This flexibility allows for innovative financial strategies, such as using LBH tokens as collateral to borrow stablecoins for yield farming, enhancing the owner’s income potential. Beyond their utility in mining and DeFi, LBH NFT owners can delve into play-to-earn dynamics, further enriching the mining experience. GoMining introduces GameFi elements that engage the community and open avenues for additional revenue streams atop the foundational Bitcoin mining rewards.

This strategic integration of real-world mining operations with digital asset tokenization and DeFi participation marks a significant leap forward. By transforming the hashrate into a versatile, liquid asset, GoMining sets a new standard for how cryptocurrencies can bridge the gap between the virtual and the tangible, offering users unprecedented access to Bitcoin mining and the broader financial utility within the digital economy.

Source: gmt.io

Gomining Use Cases

GoMining provides an innovative approach to Bitcoin mining, blending traditional mining concepts with modern NFT technology to create a user-friendly and profitable ecosystem. Here’s how GoMining stands out with its unique use cases:

• Solo Mining with NFTs: Simply by holding an NFT, users can mine Bitcoin independently, receiving daily BTC rewards without needing active management or participation. This passive income model leverages the computational power tied to each NFT.
• Pool Mining: Users can join mining pools, collaborating with others to mine Bitcoin more efficiently. This approach encourages strategic engagement and can lead to increased earnings compared to solo mining.
• Instant Start with No Maintenance Hassles: Unlike traditional mining, which requires significant setup time and ongoing maintenance, GoMining allows users to start mining within a day of acquiring an NFT. The GoMining team handles all maintenance, enabling hassle-free mining.
• Cost-Efficient Operations: GoMining’s operational efficiency is highlighted by its low electricity costs, which are significantly below average rates in the United States. This cost-saving is passed on to NFT owners, who benefit from reduced operational expenses and the potential for higher profits.

Traditional mining setups may entail electricity costs upwards of $0.10 per kWh, along with initial hardware investments and maintenance fees. In contrast, GoMining NFTs offer an entry point into Bitcoin mining without the upfront hardware costs and with approximately 50% lower electricity rates, thereby potentially doubling profitability margins compared to conventional mining methods.

By integrating NFTs with the mining process, GoMining not only demystifies Bitcoin mining for novices but also enriches the experience with a blend of technology and entertainment, making it a uniquely engaging venture in the crypto space.

Whether opting for solo or pool mining, users benefit from an easy start-up, minimal maintenance, and cost-effective operations. By integrating gaming features, GoMining simplifies the mining process and makes it more engaging, offering a compelling blend of technology and entertainment in the crypto-mining space.

Source: gmt.io

What is the GMT Coin?

GMT Coin is a digital token representing shares in GoMining’s Bitcoin mining power. Its total supply counts 432.9 million units, of which 401.64 are already in circulation (February 2024).

The GMT Coin is an innovative digital asset designed to streamline and incentivize participation in the GoMining ecosystem. It is a multifaceted token that integrates several key features and tokenomics to benefit its holders and users within the platform:

• Discount on Electricity Payments and Protocol Governance: GMT not only offers a 10% discount on power and maintenance fees for enhanced profitability but also enables holders to influence protocol management and rewards distribution through governance participation.
• Upgrade Hashrate and Efficiency: Utilizing GMT allows users to improve the hashrate and energy efficiency of their NFTs, impacting mining output and operational efficiency directly.
• Engagement in Solo and Pool Mining: Through GMT and its NFT gaming features, users can choose between solo and pool mining strategies, making the mining process more accessible and engaging.
• Lowered Electricity Costs for Sustainable Growth: GMT’s operational optimizations provide electricity at reduced costs, supporting sustainable growth by reallocating minted tokens for service providers, governance stakers, rewards, and incentives.
• Comprehensive Governance and Rewards System: By locking GMT, users gain governance rights and weekly rewards, promoting long-term investment and active participation in the ecosystem’s decisions.

The GoMining Token employs a strategic Burn & Mint Cycle to regulate supply and ensure sustainable ecosystem growth. This cycle uses GMT for electricity and maintenance fees, while new tokens are minted based on a predefined mint coefficient, gradually decreasing the circulating supply. This cycle is pivotal for maintaining the token’s value and demand. The distribution of newly minted tokens follows a specific allocation: 65% to service providers for covering operational costs, 20% to governance stakers as rewards, 10% for NFT owner incentives and GameFi activities, and 5% to the GoMining team for ongoing development and innovation.

Source: gomining whitepaper

The GMT Coin embodies a pioneering approach in the crypto mining sector, merging utility with governance to foster a thriving, sustainable ecosystem. Its strategic tokenomics, including a dynamic Burn & Mint Cycle, ensures long-term value and incentivizes participation, shaping the future of decentralized mining.

Gomining Main Features

GoMining revolutionizes digital mining by seamlessly integrating cutting-edge technology, offering a unique blend of utility and engagement for users. Here’s a detailed look at its standout features:

Gomining App

This platform redefines Bitcoin mining by leveraging NFTs that mirror real mining equipment’s capabilities, simplifying the mining process. Users can effortlessly earn daily Bitcoin rewards by acquiring NFTs, each representing specific power and efficiency metrics tied to actual miners. This approach removes the need for personal equipment management and offers competitive electricity rates, ensuring profitability from the day after purchase. It democratizes access to Bitcoin mining, making it viable and appealing to a broad audience, with entry prices starting at approximately $30, lowering the barrier to entry in the mining world.

Gominers

This unique collection of avatars not only boosts mining rewards but also introduces a gamified layer to the ecosystem, where each GoMiner comes with special abilities. From discounts on upgrades to early access to new NFT drops and exclusive community privileges, GoMiners embodies the fusion of gaming and mining. This initiative transforms mining into an engaging experience, fostering a dynamic community of miners. The GoMiners universe is a testament to GoMining’s innovation, blending human prowess with technology to mine more efficiently than ever before, all while participating in a broader narrative that spans across the cosmos.

Governance Mechanism

The governance framework within GoMining, centered around the veToken Model, empowers users to directly influence the ecosystem’s direction and reward distribution. By locking GOMINING tokens, participants not only gain a say in pivotal decisions but also share in the platform’s success through rewards. This mechanism promotes a vested interest in the platform’s growth and sustainability, encouraging long-term commitment. The governance rights extend to shaping the mining and NFT strategies, ensuring that GoMining evolves in alignment with its community’s preferences and the blockchain landscape’s advancements, thus fostering a truly decentralized governance structure that rewards engagement and loyalty.

Source: gmt.io

Each of these features underscores GoMining’s commitment to innovation, accessibility, and community engagement, positioning it as a pioneering force in the digital mining sector.

Is GMT a Good Investment?

GoMining’s GMT token represents an innovative approach to democratizing access to the Bitcoin mining ecosystem, allowing retail investors to partake without the complexities of direct mining operations. This model opens up opportunities for broader participation, potentially making it an attractive prospect. However, it is essential to recognize that the backbone of Bitcoin’s security and competitive mining landscape relies on the continual upgrade and acquisition of advanced mining hardware by traditional miners. This dynamic ensures the network’s robustness and resilience. While GMT offers a novel entry point, the broader context of Bitcoin mining’s evolving hardware requirements plays a crucial role in the ecosystem’s health and security.

How to Own GMT?

To own GMT, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy GMT.

News on Gomining

According to what was reported on the official GoMining blog, dated 1 December 2023, GoMining unveiled The West NFT Collection, the final installment of its cardinal direction-inspired series, featuring 5,000 unique digital miners. These NFTs, embodying the Gold Rush era’s spirit, offer a user-friendly BTC mining experience with 1 TH/s computing power and 35 W/TH energy efficiency. Available on OpenSea and GoMining’s marketplace, this launch allows enthusiasts to partake in bitcoin mining without the hassle of infrastructure maintenance, providing a gamified, rewarding experience for both novice and seasoned miners.

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