Bitcoin mining at home was once a simple and accessible process, but it has become much more challenging and competitive over time. The rising price of Bitcoin and the Bitcoin Halvings have intensified the competition among miners, leading to a significant increase in computing power required to mine Bitcoin successfully.
As a result, building a Bitcoin mining rig has become expensive, and the mining rewards will be further reduced with the 2024 Bitcoin Halving. Experts believe that miners who are unable to adapt their revenue models to the post-Halving era may struggle due to the scalability of electricity costs. This means that average users have little chance of mining BTC using traditional methods, which is where Web3 innovation comes into play.
Despite these changes, it is important to remember that Bitcoin was not invented as a way for large corporations to generate extra revenue. It was created as a form of people’s money, with rewards meant to be distributed among individuals who contribute to the network. However, the initial investment required for mining Bitcoin has made it difficult for individuals to enter the mining scene, especially considering the need for advanced financial and operational expertise and access to cheap electricity.
GoMining, a global Bitcoin mining company, offers a solution to these barriers by utilizing nonfungible tokens (NFTs) as a critical component of individuals’ mining rights. Through its Liquid Bitcoin Hashrate (LBH) protocol, GoMining gamifies the BTC mining process by attaching mining power, or hash rate, to NFTs. This approach makes mining shareable, scalable, and accessible to a global audience.
Users can purchase an NFT from the GoMining platform to prove their ownership of Bitcoin mining capacity and start earning mining rewards immediately. The platform uses GOMINING as its native token, which is used for on-platform payments, including NFT purchasing and accessing discounts on electricity fees.
GoMining offers a user-friendly experience, making it easy for individuals to start mining Bitcoin. The company utilizes its years of experience in the crypto industry and strategically placed data centers worldwide to ensure a smooth journey for mining enthusiasts. Users can select their computing power and energy efficiency rate to start mining or purchase digital miners from GoMining’s secondary market or external marketplaces.
One of GoMining’s key advantages is its focus on energy efficiency to maintain the profitability of Bitcoin mining. The company offers access to low-cost electricity, with prices as low as $0.05 per kWh. Users can further reduce their electricity costs by engaging with in-platform mechanics. GoMining also ensures that its digital miners meet the highest energy-efficiency standards, comparable to the latest ASIC miners on the market. The company regularly updates its equipment fleet to stay at the forefront of technological advancements.
By prioritizing environmentally friendly mining practices and forming strategic partnerships, such as with Bitmain, GoMining aims to keep the mining industry accessible to individuals. The CEO emphasized that electricity and mining hardware are the two key cost drivers in the mining business. Miners who optimize these costs will be well-positioned to succeed after the next Bitcoin Halving.
The evolution of Bitcoin mining from a home-based venture to a specialized industry highlights the dynamic nature of the crypto world. With traditional mining methods no longer feasible for average users, GoMining’s innovative approach, utilizing NFTs and the Liquid Bitcoin Hashrate protocol, offers a promising avenue for democratizing access to Bitcoin mining.