Bitcoin mining in the post-halving era is facing challenges as miners grapple with reduced income, leading some to exit the network. This decline is further reflected in the decrease in mining difficulty. While innovative protocols like Runes and Ordinals have yet to reach their full potential, their activity has also sharply declined.
Nevertheless, there is cautious optimism for the future. Similar to previous cycles, Bitcoin has the potential to rebound in the coming months. Industry leaders such as Mark Zalan, CEO of GoMining, remain positive about Bitcoin’s long-term prospects despite the current obstacles. Zalan recently shared his views and GoMining’s unique approach to making Bitcoin mining more accessible during a Cointelegraph AMA session.
According to Zalan, GoMining’s mission is clear: to make Bitcoin mining accessible to anyone with an internet connection and any budget. They achieve this by tokenizing the computational power and energy efficiency of their mining equipment and associating these tokens with special NFTs. Owning a GoMining NFT grants users ownership of real shares of Bitcoin mining power that generate daily mining rewards.
However, there’s a twist. GoMining NFTs are not tied to specific mining machines but represent a share of a pool of computing power known as the “liquid Bitcoin hash rate” or LBH. Zalan explains that this decision was made to avoid the limitations associated with individual machines, such as breakdowns, inefficiency, repairs, or becoming outdated.
The Liquid Bitcoin Hashrate NFTs offer greater flexibility, allowing users to upgrade their share of hashing power or energy efficiency to optimize their returns. They can also resell their LBH NFTs on GoMining’s marketplace or other platforms like OpenSea and Getgems, providing liquidity often lacking in traditional mining investments.
Transparency is a crucial aspect of GoMining’s reward system. Rewards generated by the entire mining pool are shared proportionally based on the user’s NFT share of the total hashing power, minus maintenance and service fees. Users have the flexibility to choose the frequency of receiving their rewards or accumulate them for later.
Real-time information is readily available to users through GoMining’s partnership with the Binance mining pool. All details about rewards, hashing power, and the user’s NFT contribution to that power can be accessed on both GoMining’s website and the Binance platform. Other notable partners of GoMining include Bitmain, a manufacturer of crypto mining servers, and the Bitcoin Mining Council.
The conversation also shed light on GoMining’s token, GOMINING. Zalan explained that their original system, which allowed easy buying and selling of NFTs, created an imbalance. Short-term investments were not ideal for funding the long-term growth required to maintain and expand their mining infrastructure.
To address this, GoMining launched the GOMINING token as a settlement mechanism within the ecosystem. Users who pay their daily maintenance and electricity fees with GOMINING receive a 10% discount, incentivizing their participation in the platform’s long-term health.
GOMINING plays a central role in fostering a healthy and rewarding ecosystem. Some tokens are strategically distributed, including to vendors who maintain GoMining’s mining hardware and for staking rewards.
Staking GOMINING not only grants users additional tokens but also voting rights through special veGOMINING votes. These votes allow users to participate in important decisions that shape the future of the GoMining ecosystem, proportionally to the lock amount.
GoMining also boasts a significant physical presence with nine data centers specifically designed for Bitcoin mining across different countries. These facilities have a combined processing power of 2.5-3 exabytes.
Location selection is crucial for GoMining, prioritizing regions with favorable regulatory environments and excess power generation. By providing a stable and consistent energy demand, GoMining benefits power providers seeking reliable customers. Promising regions for Bitcoin mining include North America, especially Canada, with abundant hydropower resources, Scandinavian countries leading in alternative energy sources, and the Middle East with diverse power generation options.
In conclusion, Mark Zalan believes that the case for Bitcoin is bullish, with continued value appreciation and adoption. GoMining remains profitable and will continue to invest in infrastructure, find new locations, upgrade hardware, and improve efficiency.
Learn more about GoMining.
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