Interest in the globe’s most popular cryptocurrency has experienced a significant uptrend over the upcoming Bitcoin halving scheduled for April 2024. This heightened enthusiasm has already propelled the market upward, with Bitcoin prices nearly doubling since mid-November 2023. While analysts vie to make predictions, the undeniable fact remains that every previous halving has concluded with substantial market growth in the subsequent year, as evidenced by historical data.
Amid the ongoing situation, the Bitcoin mining sector has achieved a historic milestone, with the total hashrate surpassing 600 EH/s for the first time, according to CoinWarz statistics. Despite record-breaking Bitcoin mining difficulty, these numbers indicate a momentous surge in interest within the constantly growing mining industry.
Yet, in many respects, the BTC mining niche remains akin to a private club, characterized by high entry barriers that hinder numerous enthusiasts from entering the field. Setting up a sufficiently large farm to obtain even a theoretical chance of winning a competition for mining a block is prohibitively expensive, resulting in the dominance of major mining pools.
What is Liquid Bitcoin Hashrate?
In an effort to address this problem, the idea of the Liquid Bitcoin Hashrate (LBH) was first introduced by GoMining. This market-leading mining company found a win-win solution for both large computing power providers and enthusiasts seeking an opportunity to enter the domain via tokenizing the generated hashrate. In layman’s terms, the computing power produced by the mining company is reflected in a real world asset (RWA), for instance an NFT, which in turn, is owned by an individual.
This model streamlines all operational processes on the part of the mining company, relieving the RWA owner of the difficulties of building and maintaining a farm. In turn, the mining company receives a substantial influx of investment while earning a commission for maintaining the physical equipment backing the RWA with computing power.
Another significant user benefit that sets LBH apart from many other RWAs is its immunity from common legal issues associated with tokenized property ownership. This distinction arises from LBH asset holders deriving earnings not from owning the physical mining equipment itself, which would require proper registration and legalization, but from its operational outcomes.
To make a long story short, they own a share of computing power but not the infrastructure itself, thereby avoiding many regulatory issues regarding physical property ownership and maintenance.
NFT Miners & Gamified Experience
In line with GoMining’s Liquid Bitcoin Hashrate vision, RWAs backed with real computing power enable holders to receive daily mining rewards. GoMining NFTs are characterized by two main rates: computing power (measured in TH/s) and energy efficiency (W/TH). Both of these factors influence the amount of the reward, ensuring a smooth and predictable process for those opting for a solo mining strategy.
GoMining NFT Miner customization
Indeed, holding an NFT miner serves as a kind of mining process sandbox, where beginners not only familiarize themselves with the basics of cryptocurrency mining but also receive rewards in BTC or GoMining’s native token, GOMINING, as recognition of their learning efforts.
Despite sharing similarities with traditional mining, NFTs are not only immune to missing rewards unless they are unlucky enough not to mine a block, but holders of digital miners also enjoy the flexibility of managing their hashrate with just a few clicks — by expanding the power of their existing NFTs or acquiring additional ones. Thanks to the user-friendly UI and ROI calculator, making a rational decision on upgrading NFT miners is a straightforward process.
Those seeking a more interactive mining experience are welcome to enjoy pool mining options — an alternative scenario where several holders unite in virtual pools to compete to mine a block. Similar to real computing infrastructure, pools with a greater share of hashrate have better chances of success.
Building Trust & Remarkable Story
The concept of mining crypto without owning equipment is not entirely new, as several projects, including numerous scams, have previously emerged with similar promises. According to GoMining CEO Mark Zalan, the authentic value of the Liquid Bitcoin Hashrate concept lies in the vital synergy between the idea and its carefully thought-out implementation.
"The projects of the scale we are targeting do not emerge out of the blue. Our extensive experience and expertise are backed by years of building and scaling mining infrastructure hubs worldwide. Currently, we own nine data centers with a total output of over 2,568,301 TH/s, and this is only the foundation upon which we’re implementing the LBH concept," Mark Zalan says.
Another crucial piece of the puzzle, according to GoMining’s CEO, is a balanced financial model and tokenomics. The token economy implemented by GoMining is primarily based on self-owned mining infrastructure; however, there is also room for verified computing power vendors that meet the high onboarding criteria.
VeGOMINING Tokenomics
"The LBH model exemplifies a transparent on-chain regulated token distribution model where all parties' interests are brought into a harmonized symbiosis. We neither hide our background nor operational state, as the primary goal of GoMining is to build an open-door blockchain-based solution that will redefine the state of play within the mining industry. Without false modesty, I can note that the trust of our partners, such as Bitmain and the Bitcoin Mining Council, and, most importantly, the support from our community, attest to the fact that we are succeeding in this," adds the GoMining CEO.
The outgoing year for GoMining has been notable for achieving substantial milestones. For instance, GoMining has successfully sold over 30,000 NFT miners, distributed among nearly 9,000 holders. The combination of a unique idea and team efforts has already led to over 800 BTC mined by NFT miner holders, making GoMining an intriguing story worth keeping an eye on in 2024.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
