1 BTC Project - Go Mining.

By 2MFTProductions | 1BTC | 23 Sep 2024

This will be bitter sweet, but mostly bitter.

In 2023 I was trying to find a mining app that actually worked and came across Go Mining. Go Mining is an NFT bitcoin mining app. If that sounds buzzworthy, its because it is. They even had a bizarre partnership with, at that time Khabib Nurmagomedov at one point. Yes it seem sketchy

I installed Go Mining in August of 2023 onto my alternate phone. Honestly I have not put a lot of time into learning the ins and outs of the app, mostly because it is pay-to-play but also because the UI is horrible. It is very difficult to understand what one is supposed to do. They do have a proprietary token which is a usually a bad thing, but mining is advertised to occur in Bitcoin. I have yet to mind a way to access the prop coin though.

Here is the home page. There are no less than a dozen buttons. UIs like this are not fun to navigate, and many features get lost.

It is essential to buy a NFT to start mining. If you want to use the app you have to spend. At time of writing a starter NFT costs around $17.00 USD.

I paid $32.09 USD for my NFT. Its Viking themed. You can see my NFT miner in my profile picture. I have my doubts that the NFT miner can mine anything, or if its even an NFT. But that's the pitch. It was funded by my Cambly earnings so it didn't hurt as badly.

Here is what I thought I bought.

Here is what I got.

Yes it is similar, but why didn't I get the one that was on offer?

The app is another 'log in a hit the button to earn', or at least that is how deep I went into it. Good news It was a slow earner, but I logged in most days to boost my mining rate and the Bitcoin reward slowly added up. The slow mining rate actually gives this app some credibility. It makes sense that the mining app would be slow. Money isn't free, neither is Bitcoin. After a year my ROI was around 20%. This isn't anything to call home about, but it isn't terrible.

Here is the daily click page.

For as long as I've used the app I found it too confusing to navigate. I didn't know that you could withdraw the BTC directly. I thought you had to sell the NFT and hope to make a profit. This obviously doesn't inspire confidence because something is only worth the price someone else is willing to pay for it, and who would want to buy an NFT Bitcoin Miner at an elevated price?

Here is what the selling page looks like.

A year later, I finally discovered two things. My mining rate had ground to 0, and the mechanism to withdraw my BTC earnings. To my shock and amazement I was above the minimum withdrawal threshold which is 0.00007 BTC. That is about $6.00 CAD at time of writing. That mark is decently high in comparison to your investment and your daily reward. I plugged in my Kucoin wallet and hit the withdrawal button. It was time to wait for the Bitcoin to arrive.

and wait I did.

I eventually decided that 5 weeks was long enough to wait. I got in contact with support and they found my withdrawal on the blockchain. Unfortunately it was just not in my wallet. I then contacted KuCoin who informed me that this did not meet the minimum deposit threshold and my bitcoin is lost. Obvioulsy I am furious about this, and will be writing a full blog post about it.

So I did make a withdrawal form Go Mining. I did not get the withdrawal, but it happened. I think this is enough to justify a proof of concept. I think I will throw more money at this problem to rectify. This will give me an opportunity to upgrade my NFT and improve my mining rate from 0 to anything. I want to actually receive the withdrawal to make it feel real.

Keep in mind that I was paid in $27.00 USD to buy my mining NFT. I would have received around $12.00 CAD from the app. Thats a loss. No Bueno. Throwing more money at it will only deepen the loss.

Perhaps a viable strategy is to use the app long term and upgrade your NFT after a large market correction. Of course this is just buying and then staking bitcoin at a loss, but with style!

I am upset that KuCoin stole my money, I am also upset that I will have to drop more money on Go Mining.

Go Mining pays (I'm pretty sure), and it pays out in Bitcoin. I could be convinced that with enough investment and time this app coul dbe a profitable endeavor. There are just easier and more entertaining ways to earn.

For these reasons I give Go Mining 2 out of 5 Star.