GoMining is a fully fledged Bitcoin (BTC) eco-system. The main premise of GoMining is it is a platform which allows you to acquire ‘digital-miners’ (NTF’s) that then produce BTC for you daily. These NTF’s are a digital asset that represent your portion of real-world, physical miners. Think of it in this simple way:
You purchase a ‘digital miner’ (NFT)
You now have a miner with however much TH you purchased, representing a digital portion of real mining equipment.
You now receieve daily Bitcoin rewards based on the performance of your miner. The 2 key aspects of this are your TH (your hashrate) and EE (your energy-efficiency)
Understanding your Miners
Once you have purchased your miner, it will appear in your ‘My Miners’ section of the app. Every new purchase of a miner generates a random styled NFT which has a certain set of properties. Power / Efficiency (as mentioned above) are the 2 properties that directly affect your BTC income. The rest are just cosmetic and do not affect your income. Here is the first miner that I generated when first joining GoMining:
GoMining - My First Miner
It is not the prettiest of miners granted, but it holds a special place in my heart for being the first one I ever got. Here are the current ‘stats’ of this miner, which I will explain going forward:
As you can see, we have ‘Power’ and ‘Efficiency’
Power: The ‘power’ of your miner is how much TH (terahash) your miner has. Each TH generates a certain amount of ‘SATs’ (satoshis). A ‘satoshi’ is the smallest domination of Bitcoin, but is still Bitcoin nonetheless. At the time of writing, 1TH produces roughly 44 SATs.
Efficiency: This is how energy-efficient (EE) your miner is, currently in GoMining 15W/TH is the best energy-efficiency you can get (lower is better). Arguably, EE is more important than TH as above a certain threshold (currently around 28W/TH) your miner will not be efficient enough to be profitable and therefore will not produce you any rewards. (GoMining does however have a ‘negative payout’ feature, which protects you from negative earnings, if your miner isn’t efficient enough you simply wont receieve any BTC but will not incur any negative costs).
Each day your miner produces Bitcoin it also incurs a set of fees. Namely its ‘electricity’ fee and its ‘servicing’ fee. This is because physical miners require electricity to run and produce blocks (which result in you receiving Bitcoin) and also require servicing to ensure they remain running and are running as best they can be.
However, these fees can be greatly reduced through various methods within GoMining, these include:
Token Discount: This requires you to hold enough GMT relative to your TH / EE in order to receieve up to 20% discount on maintenace fees. The more TH you have, the more tokens are required to reach 20%. However, GoMining will tell you the amount of GMT you need to reach max discount in this category.
Service Discount: Each day you can hit a ‘Service’ button which adds 0.3% discount per day stacking to 3% for 10 consecutive days. If you keep your streak then you will always have atleast 3% discount.
VIP Discount: GoMining has a VIP feature which adds additional benefits to your account. One of these being a discount directly tied to VIP. You can gain VIP through various methods such as increasing TH, locking GMT and most recently a subscription tier (currently priced at £29.99 GBP per month for the ‘Platinum+ Tier’). Each VIP tier you increase adds an additional 0.3% discount maxing out at the ‘Elite Tier’ providing a 6% discount which also stacks with the other discount methods.
Mining Mode Discount: This relies on the ‘voting’ system within GoMining (each GMT you lock, provides you with a single vote). At the time of writing, the current ‘Mining Mode Discount’ is currently 0.87%.
Maximising all these avenues (which I have) at my current VIP level I have a total of 25.67% discount. As I chose to pay maintenance fees in GMT this saves me 3.39GMT tokens per day.
Here is an example of what your ‘Maintenance Discount’ screen may look like, it will give you a complete breakdown on how to maximise your discount and reduce fees as much as possible:
GoMining - Example Maintenance Discount
You can choose to ‘re-invest’ your daily rewards. There are 2 options for this, you can re-invest into GMT which will take your daily BTC earned and pay it out in GMT instead of BTC (at an equal rate). Or you can chose to re-invest into TH (selecting which miner you’d like the TH to go to), this method provides a 5% bonus on your earnings which can be a great early way of increasing your TH overtime with no additional investment.
GoMining - Example Reinvestment Screen
Another great feature of GoMining is its ‘Market’. You can ‘Mint’ your miner so that it appears in your personal wallet (whether that be TrustWallet/MetaMask etc) and you can then sell this miner on the market. Or alternatively, you can buy miners via the Market (if you do your due diligence, there are some great deals to be had).
I have currently only minted 1 of my miners, as I’m not planning any just yet, but the process was smooth and I can now see my miner in MetaMask (this allows me to sell it via the GoMining Market if I want). Keep in mind that even though your miner is minted, it will remain within the GoMining eco-system and will continue to generate BTC for you unless and until you decide to sell it.
The GoMining Token (GMT)
GoMining also has its own utility token called GoMining Token or GMT for short. This token plays a crucial role within the eco-system as it is used for various platform incentives. The main uses for GoMining Token are:
Providing discount on your ‘Maintenance Fees’.
Can be used as a currency to directly purchase new miners/TH and EE upgrades.
GoMining can be purchased directly through certain Central Exchanges (such as Kraken / CoinBase) or it can be purchased directly in-app by depositing other currencies you may already own and ‘converting’ them to GMT.
GoMining Assets
GoMining has an ‘asset’ section which allows you to directly deposit/convert and withdraw a certain number of cryptocurrencies. What is great about this section is the recently released ‘Simple Earn‘ feature. This feature provides passive BTC rewards based on the current APR of whatever tokens you store. Some of the APRs are extremely generous and the APR is paid out every 4 hours as BTC. Currently accepted tokens and their respective base APR’s are as follows:
Token
Base APR
Gold II VIP Example APR
Bitcoin (BTC)
3.03%
3.58%
Tether (USDT)
9.85%
11.62%
USD Coin (USDC)
9.85%
11.62%
Binance Token (BNB)
1.52%
1.79%
Ethereum (ETH)
2.73%
3.22%
Solana (SOL)
5.68%
6.7%
The Open Network (TON)
3.41%
4.02%
One thing to note here, is that as your VIP increases so does the APR you receive per token, I have included Gold II as an example of how your APR increases with VIP.
You can receive 5% discount on your first miner by adding the following code to your ‘Referral code’ field: J00XP7O
You can do this at any time by visiting your ‘Profile’, ‘Edit’ and then paste the code in the ‘Referral code’ field. To receive the 5% discount however, it must be applied prior to purchasing your first miner.
Final Thoughts on GoMining
Is GoMining a good Crypto platform to earn Bitcoin?
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GoMining is a great Bitcoin eco-system providing steady income of Bitcoin relative to your TH & EE. However, it is a platform in which you need to ensure you are following best practices (which we've outlined in the post such as maximising discount) to ensure you remain consistent with your earnings and ensuring you turn a profit as quickly as possible.
Pros
Consistent Bitcoin Earnings when done correctly
Offers feeless withdrawals of Bitcoin if willing to wait up to 24 hours
Regularly releasing new features to increase ways of gaining TH naturally (GoMining Card / GoMining Travel)
Strong community where the vast majority of people are friendly and helpful
Simple Earn feature offers nearly unbeatable APR on the cryptocurrencies offered
Cons
Needs to be carefully managed to ensure best results
Only pays out in Bitcoin which may put some investors off who prefer other cryptocurrencies
If wanting quick passive income, can require an upfront investment some people may not be comfortable with
