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After a prolonged lull in the market, the cryptocurrency industry has regained steam to start 2024, with Bitcoin well above the $40,000 mark and Ethereum up above $2,000. While the market experienced a significant downturn in 2022, it started regaining ground rapidly as it rebounded at the end of 2023. With 2023 in the books, Bitcoin ended up as one of the best-performing investments of the year, with a remarkable rise of about 160 per cent.
Much of the renewed enthusiasm towards investing in cryptocurrency, specifically Bitcoin, the original and by far largest digital asset by market cap, has been tied to the asset’s increasing penetration into different industries and markets and the cooling of a fraught regulatory pressure in different jurisdictions around the globe.
Since the recent approval of the Bitcoin ETF, the development could have a profound impact not only on the price of Bitcoin but also on the trajectory of its growth, its potential use cases, and the rate at which it gains mass adoption. All the buzz and renewed interest in Bitcoin have led to the reemergence of Bitcoin mining as a highly popular and potentially profitable way of acquiring the asset.
Since the launch of Bitcoin back in 2009, mining has grown into a huge industry in itself, with companies devoting huge resources and expending significant energy costs in order to earn massive profits. However, as mining has evolved into a major enterprise, it has left many in the retail sector who would be interested in doing it behind. Simply put, the entrance threshold to mining, from a financial, logistical and technical standpoint is too steep for an average person to pick it up.
First, any miner needs to acquire an advanced, high-speed computer capable of solving complex mathematical problems. This alone will set them back thousands of dollars. Then the cost of electricity has to be considered, which, depending on where the miner is located, can make breaking even — let alone turning a profit — extremely challenging.
However, like the cryptocurrency industry itself, the mining sector has evolved and new technologies as well as approaches have arisen that have once again brought retail clients into the fold.
Liquid Bitcoin Hashrate
As a result of retail miners getting pushed out of the market, several solutions have been developed to democratize the industry and lower the entrance threshold for any would-be miners. One of the most popular approaches is cloud mining, in which users do not have to purchase and set up any mining equipment, instead, they can benefit from the rewards generated by a mining project by acquiring tokens or other assets from the mining project.
Despite its legitimate potential, cloud mining is a field that has been crowded with projects promising huge returns while delivering little of substance. This has led to trust issues with companies that offer cloud mining services. However, one company has decided to take many of the benefits and attributes of cloud mining and place it within a completely transparent paradigm in which users have real control over client-owned computing power shares.
This approach has turned heads, as it has brought with it a new level of control for retail miners while simplifying the process, making it easier than ever for newcomers to enter the mining sector. GoMining, a project that has mining centers around the world, has developed what it calls Liquid Bitcoin Hashrate (LBH), which is a way for users to acquire a share of the hashrate produced by the real mining infrastructure.
Comparison between mining with GoMining NFTs and traditional mining, according to the project website
Hashrate is a measure of the computational power used to process transactions on the Bitcoin network, ie, mine Bitcoin. Users can acquire LBH via GoMining NFTs, which are also called NFT miners. This opens up another, previously unexplored, use case for NFTs, giving their owners exclusive ownership rights over the NFT itself as well as the hashrate that is tied to it. After acquiring an NFT, users are ready to start benefiting immediately, as rewards are distributed daily to all owners based on the specific attributes of each digital miner.
Purchasing an NFT miner is easy and convenient, as users can choose from a variety of payment methods, including GOMINING token, USDT, BTC, Apple/Google Pay, or a bank card. Additionally, GoMining’s solution has significantly lowered the entry threshold, with the lowest-priced NFTs available for around $25-30.
A variety of NFT miners available on the Primary Market
After acquiring an NFT, users can modify their hashrate capabilities by increasing their mining power. This process is streamlined through the platform’s user-friendly interface and a transparent Bitcoin mining calculator that provides estimates based on historical data. Following this, the only expense users need to cover is electricity charges, which can be further reduced by paying with the platform’s native token, GOMINING.
Taken all together, the process offers a steady and reliable way of profiting off of Bitcoin mining without having to break the bank or set up a huge operational compound. Given its ease, many have opted to go along this route rather than buying Bitcoin or other altcoins directly, given the volatility in the market and the risks it creates.
Trustworthy BTC mining
Like the cryptocurrency industry as a whole, cloud mining and all of its variations have had growth issues. This is understandable, given the youth of the sector, but potential users need to be able to trust the projects in which they want to take part. There are a lot of opportunists who have tried to exploit the opportunity presented by this technology to profit off of unsuspecting users. As a result, users need to have solid reasons for trusting their capital with mining operations, and the onus is on the companies providing the services.
Gomining has been able to build up a community of miners thanks in large part to the transparent way it has been structured. The project has publicly laid out its tokenomics, which have been put in place to cover the interests of both the miners and the power providers. The company physically owns and operates nine mining centers that altogether have a total power capacity of 350 MW as well as a hashrate of over 2,670,000 TH/s. In accordance with its transparency policy, the centers have been equipped with cameras allowing users to monitor the mining in real-time.
Additionally, unlike cloud mining, Gomining’s LBH approach is not built upon outlandish promises of exorbitant returns. Generally speaking, if something sounds too good to be true, it is. Instead, the Gomining format is built upon steady, sustainable growth and user autonomy.
The current list of available NFT miners’ collections
Gomining has also been able to emerge as one of the rising forces in remote mining by virtue of the partnerships it has forged with other big players in the cryptocurrency industry and world-famous brand ambassadors. The project has partnerships with a handful of tier-1 digital asset exchanges, including Gate.io, Bitfinex, Bitget, MEXC, and has also collaborated with UFC legend Khabib Nurmagomedov to launch an exclusive NFT collection.
Conclusion
The importance of the current moment for the outlook of Bitcoin and the entire cryptocurrency industry cannot be overstated. With a potentially revolutionary SEC decision, there is a great deal of optimism over what the future has in store. As more people come flocking to the space, there need to be more opportunities and use cases for everyone, not just the rich and tech-savvy. The Liquid Bitcoin Hashrate concept is precisely that, a means of democratizing an industry that sorely needs it and of giving all kinds of users a pathway into an asset that is changing the way the world does finance.
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