Introduction
According to InvestoPedia, Crypto mining is a term used for the process of verifying transactions on the blockchain by solving complex mathematical problems which is accompanied by a crypto reward as an incentive for its execution safeguarding the decentralized character of the Blockchain. The name originates from the similarity between being rewarded for the PoW of a blockchain and acquiring precious metals such as gold, silver, copper and other mineral resources through excavation.
"Crypto Mining" is performed with the operation of specialised mining computers using high-performance hardware such as High-End GPUs, ASICs (Application-Specific Integrated Circuit) or FPGAs. These mining devices are using specialised software that is executing complex mathematical computations to generate a cryptographic number that matches the sequence of the blockchain, enabling the validity of the transactions on it. The first mining device aka miner that finds the solution to that problem receives a predefined crypto-asset reward and the process begins again for the next block of the chain. Unfortunately due to the BTC Halving mechanism, the operational cost for the supply of the specialised computing equipment required, the necessary maintenance and the electricity cost is extremely high, making crypto-mining inaccessible to many.
The Play-2-Earn shift to Play-2-Mine
Why should someone consume hours of PlayStation or Xbox gaming without earning any profit of it and waste electricity when there are several opportunities of combining the gaming satisfaction with crypto-profit from the comfort of an ordinary laptop connected to the internet?
In my previous articles title "My Top Play-to-Earn Mining Simulators" and "My Top Play-to-Earn Mining Simulators: Revisited" I explained that Play2Earn online gaming platforms are considered the future of the gaming world as they allow users to combine entertainment with the generation of profit. This can be in the form of in-game credits, NFTs or even actual cryptocurrency and theoretically they are free to play providing that the user isn't required to purchase any subscription. Yet, in-app purchases might provide to the user a higher gaming experience but also profit. Some games might be a lot more fun, combining cool features and possibility of unlimited earning potential, however, others might be a little bit more simplistic reminding the arcade games of 80s and 90s.
With the rise of the Bitcoin price, the Play-2-Earn trend has been shifted to a Play-2-Mine since several platforms decided to completely remove the farming character of their product and reveal what lies beneath. A complete crypto-mining infrastructure ready to be rented in exchange for mining profits. On this article, I will explore the curious case of GoMining, a platform dedicated on NFT mining where users rent a chunk of REAL BTC mining equipment under the form of an NFT.
My initial experience with GoMining - NFT Mining
GoMining became well-known during 2024 as an NFT-based mining platform. Yes, you heard well. Most of people so far are purchasing NFTs on OpenSea gambling on whether the creator artist will become famous, hoping to capitalize from the artist's fame to raise the price of the purchased NFT. Most of the times, it doesn't work unless you have an inside information as the artist often pumps the value of the NFTs by purchasing huge amounts of them, hoping that OpenSea will consider the pump as a genuine interest of the community. On the contrary, in GoMining, NFTs are generating profit through the mining of bitcoin satoshis on 24 hours mining cycles as they represent a smart contract connected to GoMining operations.
As I mentioned in my previous articles, a 7-day FREE trial of GoMining with a Trial NFT Miner, provided me 11,286 Satoshis, but also I expressed several questions about the validity of the project that made me to quit the venture without investing into another NFT BTC miner and uninstalled the app from my device completely.
Questions Answered ! The GoMining Data Centers
My greatest question about the validity of GoMining was how they generate profit?
Does, GoMining possibly just trade the profit from selling the NFTs and if the trading is profitable, they provide to the users a dividend on their investment ?
According to GoMining, with the purchase of an NFT, they claim that the user is actually buying a share of their REAL mining infrastructure that is already been engaged in Bitcoin Mining.
Are there any proofs about a REAL Mining infrastructure that supports that scenario ?
Initially the answer was NO!
After being away of the platform for almost a year, and completely uninstalled it from my devices, I decided lately to revisit it. Surprisingly, it seems that overheard somehow my worries for the project and when i revisited the platform, GoMing decided to provide more exposure and visibility in their real operations by embedding on their app live streaming from their US-based Data Centers in Washington, South Carolina and Texas, that mine BTC 24/7. As you can see on the screenshot below, these powerful data centers are actually the backbone of every digital miner - and the venture rewards the user with BTC mining profits without the need of installing expensive crypto mining infrastructure in the their garage.
Buying my first GoMine NFT Miner
Following the latest Bull rally of the BTC with its price reaching over 100K and having my questions answered in a substantial percentage about the validity of the venture, I decided to re-examine the platform by purchasing my first GoMining NFT Miner for roughly $26 and invest in their infrastructure in an attempt to produce a chunk of a stable passive income without the fuss of establishing my own real BTC mining infrastructure !
GoMining Clans and Wars
Several years ago I visited the royal Museum of Amsterdam where the history of the city has been demonstrated. This is where I learned about the notorious Dutch Merchants of the 18th Century and their Guilds aka their merchandising groups or clans that allowed to receive better prices for their retail through collective orders. And one of these paintings was so clear about their secret:
The same idea also applies in cryptomining with the mining pools. Yet, GoMining takes mining pools to another level with the Mining Wars where users, instead of mining individually in the Mining Pools, users are able to join a Mining Guild or Clan inside the platform and compete with other clans for mining a whole block of BTC mining!
In Mining wars your initial and individual cubic miner becomes a mining motherboard that virtually is connected on the rig of your clan with a common electricity input cost which is shared collectively to earn a better mining reward.
Personally and without any hesitation or thorough research, I joined randomly the clan "DA HOUSE" and so far it appears to be a good selection as we managed to mine block #918870 with the multiplier of 1.
If you are interested to learn more thorough information about the Mining Wars, you can find it at the relevant GoMining Blog post.
Profits So Far
When I joined GoMining for the first time,Ii received a trial miner that provided me 406+409+430 = 1245 Bitcoin Satoshi and since then I decided to quit the game for various reasons. Following the , I decided to purchase my first Miner of 1 TH and 20 W(att) / TH to examine the platform deeper and I earned a mere 14+14+15 = 43 Bitcoin Satoshi providing me a total of 1290 Bitcoin Satoshi from individual Mining Rewards.
When I opted to collaborate my GoMining operations in the clan "Da House" of the mining rewards, I started receiving my rewards in a weekly basis every Tuesday instead of daily and for the first 2 weeks I received 226+1146 Satoshis.
When I dived deeper into the financial aspects of the venture, I realized that the main aspect of the final reward of the Mining Wars, is the Maintenance Discount that the user gets and as it looks on the screenshot below, the maintenance discount varies from 0.3% to 3% depending the daily service streak of the user i.e. every 24 hours, the user needs to hit a "Maintenance" Button accumulating a better rate for each day of loyalty. If the user misses a day for hitting the "Maintenance", discounts starts from 0.3% again. In fact, the user needs at least 4 days of streak to receive a substantial -over 1% rate of "Maintenance". The trap here is that after 10 days, the streak starts from Day 1 again and so even thought a user is loyal every day to the platform, it might happen to receive the weekly reward in the first 4 days of the streak reducing the final reward for the whole mining week!
The only way to bypass the cost of Maintenance is to pay it with GoMining tokens, the in-game token which can be purchased with FIAT currency of course and save the mining rewards in Satoshis.
Another drawback of the venture is the fact that it requires from its users to pass a KYC verification before a user is able to withdraw the earnings of the crypto mining operations, since it consists of a US-based limited company.
From my personal point of view as a Maximalist of the Satoshi Nakamoto Vision, KYC verification is against the anonymity on the web as it was envisioned from Satoshi Nakamoto and the CypherPunk Movement.
Final Thoughts
Due to my technological background, Crypto Mining has always been a challenge, a desire, an accomplishment, something I really wanted to achieve for all these years that I have been involved with crypto-activities but today it requires a substantial amount of FIAT resources and time to achieve.
This is where GoMining came into the game and through its gaming interface might be able to provide that virtual Play-To-Mine feeling. On the meantime, I am still not convinced about the profitability of the project and more practical questions arose such as:
Why someone should RISK on GoMining and not simply invest through for example a Dollar-Cost Averaging Strategy on BTC on Centralised exchanges HODLing and earning interest on their capital at the same time ?
How much strong is the conflict inside you between the GoMining KYC verification and the Satoshi Nakamoto Vision for anonymity on the web ?
Nevertheless, someone needs to take also into consideration that GoMining isn’t a speed race but an endurance — it’s about having a long-term strategy in crypto mining requiring patience and persistence than seeking quick earnings. Efficiency is the art of doing more with less. Master both, and you will find success in GoMining. If a user expects a Return of Investment quickly, my advice is NOT to consider this platform. However, if someone is interested to combine on the long term, gaming fun and a realistic stable passive income then GoMining is highly recommended as a possible profitable option.
If you want to join me on this GoMining endeavour and produce your personal stable passive income for life, all you have to do is to use my referral link, scan the QCode below or Use Code jw_dK for a 5% discount off Your first Miner
Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions
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