Bitcoin mining has become significantly more challenging and expensive over the years. In the early 2010s, it was possible to mine BTC with a standard laptop and receive 50 BTC as a mining reward. However, with the skyrocketing price of BTC and the Bitcoin Halvings, which reduce block rewards by 50%, competition among miners has intensified. The computing power required to mine BTC has drastically increased as more devices have joined the network.
Building a Bitcoin mining rig now requires a significant investment, and the mining rewards will be cut in half again with the 2024 Bitcoin Halving. Experts predict that miners who are unable to adapt their revenue models to the post-Halving era will struggle due to the scalability of electricity costs. Traditional mining methods are no longer accessible to average users, which is where Web3 innovation comes into play.
Bitcoin mining in the Web3 era aims to make mining accessible to individuals rather than huge corporations. GoMining, a global Bitcoin mining company, offers a solution to lower the entry barriers for individuals by using nonfungible tokens (NFTs) as a key component of mining rights. Through its Liquid Bitcoin Hashrate (LBH) protocol, GoMining gamifies the mining operation by attaching mining power (hash rate) to NFTs. This makes mining shareable, scalable, and accessible to a global audience.
Users can purchase an NFT from the GoMining platform to own Bitcoin mining capacity with a specific configuration and start earning mining rewards immediately. The platform utilizes GOMINING tokens for on-platform payments, including NFT purchasing, upgrading, and a 10% discount on electricity fees.
GoMining offers a user-friendly experience, allowing users to mine BTC by purchasing digital miners from the platform or external marketplaces. Each NFT can be upgraded in computing power and energy efficiency attributes, enabling users to scale their output easily. Mining rewards are delivered daily to the holder’s preferred wallet.
GoMining addresses the growing energy intensity of Bitcoin mining by providing access to low-cost electricity, as low as $0.05 per kWh. The company also focuses on highly efficient mining devices and constantly updates its equipment fleet. By collaborating with top-notch companies and manufacturers, GoMining ensures it utilizes the most energy-efficient devices available.
CEO Mark Zalan emphasizes GoMining’s commitment to environmentally friendly mining practices. The company strategically selects data center locations with affordable electricity and avoids areas with strained power grids. Zalan believes that prioritizing electricity costs and mining hardware efficiency will be crucial for profitability following 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. GoMining’s innovative approach, leveraging NFTs and the Liquid Bitcoin Hashrate protocol, offers a promising avenue for democratizing access to Bitcoin mining.