GoMining aims to provide cheap, environmentally friendly and profitable Bitcoin (BTC) mining

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GoMining offers holders and miners a profitable channel to earn Bitcoin (BTC) through its native GMT token without having to buy expensive mining equipment or spend high electricity costs.

If you’ve interacted with Bitcoin (BTC), the largest cryptocurrency, you probably know that mining is how you earn or get new coins. Over the past decade, Chinese miners have dominated the Bitcoin mining industry with past estimates showing nearly 70% of the total hash power coming from the country.

However, miners are now caught in a conundrum and dilemma following the government ban on cryptocurrency mining due to the huge costs of electricity, the acceleration of coal mining and, well sure, of the monetary policy effect that Bitcoin carries. As mining facilities were closed, many miners sought alternatives elsewhere in Texas, the United States and Kazakhstan, popular destinations to move their mining equipment.

With the decree put in place in China, conversations and debates around Bitcoin mining have become more heated as governments around the world begin to crack down on Bitcoin mining facilities, leaving miners with no passive income.

Apart from negative regulatory influences, Bitcoin mining also suffers from unsystematic issues and challenges that make it difficult to be profitable. The high cost of application specific integrated circuit (ASIC) mining equipment, environmental effects, and high cost of electricity are barriers to entry for any ordinary person who wants to mine Bitcoin.

Solutions to the Bitcoin mining problem

Launched in 2017, GoMining is a platform that aims to reduce the challenges of Bitcoin mining through its GMT token, making it easier for both experienced and newbie investors to start their Bitcoin mining journey.

GoMining has created a unique token backed by the actual computing power of their fleet of mining devices, its website reads. Its price is increasing and allows users to get daily BTC income without buying any equipment and without spending electricity.

The story continues

Each GMT token unit is backed by real units of steadily increasing hash power in Th / s on the Bitcoin SHA-256 mining protocol. Therefore, there is no need to purchase expensive equipment or struggle for the process of technical installation of mining equipment. In addition, the GoMining token developers have also incorporated an burn schedule to reduce the number of GMTs in circulation, thus increasing the value and mining capacity of early holders.

According to the firm, each additional issuance of GMT tokens is followed by an engraving schedule determined by management. The schedule is based on the cost of the material purchased and the price of GMT (during additional issues) with 20% to 100% of the new tokens set to burn.

As a result of burning, the released computing power is redistributed among all outstanding GMTs, increasing the computing power that provides tokens, thereby increasing passive income.

A cleaner and more sustainable future

Nevertheless, the GoMining token is also committed to respect for the environment, one of the factors that led to the ban on mining in China, and sustainable development. According to the company’s statements, a total of 50% of its electricity is derived from renewable energy sources such as hydroelectric power stations and wind turbines.

GoMinings’ approach of providing a simple, fast and profitable mining structure is essential for the company to meet its goal of controlling 20% ​​of the total Bitcoin mining industry in the future.

In conclusion, moving towards a cleaner, more sustainable and more profitable path will help Bitcoin mining to grow across the world. Chinese miners forced out of the country can greatly benefit from purchasing coal-free, cheap, and regulatory-friendly mining contracts, which keeps them profitable.

Image by MichaelWuensch from Pixabay

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