As the BTC price increases, more people are looking into mining. However, anyone who’s ever tried mining has encountered similar issues. One of those issues would be the considerable expenses that mining entails. Without specific knowledge, mining is extremely difficult to get into. There are two most common methods:
Buying ASIC miners is the most pricey solution. Not only do you have to spend several thousand USD on the hardware itself, but additional expenses will include electricity and finding or renting a perfect location. Not to mention the maintenance costs. Quite often, people end up investing large amounts before making any money at all.
There’s a different path though, cloud mining. There are, no doubt, users who make this one work too but cloud mining services certainly have disadvantages. For instance, the service providers often offer lengthy contracts before you even have a chance to see the results. Unfortunately, even reviews don’t always help.
There is another option that I’d like to focus on because it gives something all beginners are looking for — affordable access to mining with minimum obligation.
GoMining digital miners have existed for a few years now. A digital miner is basically an NFT token that mines Bitcoin within the GoMining app. And the user doesn’t have to do much.
How does GoMining work
A digital miner represents a portion of the hash power and energy efficiency of a physical data center.
According to all the information on the website, your income depends on the miner you get, and the app gives you different options. It also says that the maintenance and electricity costs are deducted from your mining rewards, so you virtually don’t have to do anything.
When I first came across it, I asked around and I have to say, responses online were different, with some users calling it a ‘GoMining scam’ because all cloud mining services are scams.
That’s why it helps to Google ‘GoMining review’. This may sound like cloud mining but there are fundamental differences.
First of all, you own a miner and it stays with you for as long as the company is in business. If you want to keep it as a source of additional income, you only pay once. You also get an average estimate of your earnings: there is a mining calculator that counts your rewards depending on the computing power and energy efficiency of your miner, and the price of BTC.
For example, if you buy $100 worth of power with 4TH and 20W/TH, without any discounts, the calculator gives you $0.22 per day and $6.74 per month, considering BTC stays above $90k. This isn’t a lot, so I consider this a starting investment, to understand how it works and whether it’s the right fit for you. It takes about a year and a half to recover the costs.
The process goes much faster with a larger investment, a $1000 miner brings about $80 per month, and you can make your money back in about a year.
GoMining app Review
Any service is as good as its app, that’s why I want to focus on the application specifically.
The first thing to do, even before getting your starter miner, is to download the GoMining app from any app store. It’s available for both iOS and Android. There is also a desktop version but we want to have access to the features all the time, so app it is. While we’re at it, it makes sense to find out an answer to another question: is GoMining legit? App store pages have reviews and all the user grievances are often listed there. Interestingly enough, one of the popular ones is people getting upset over the fact that miners aren’t free.
But I didn’t really have such expectations. But the fact that GoMining provides cheap options is positive in my book.
When the app’s downloaded, it’s time to register in the system. That’s easy since you can use email and Apple or Google ID. I wouldn’t recommend Apple ID unless all your devices are Apple. I, personally, went with email as the most convenient option. You still will have to connect your wallet to the system, so you can withdraw your rewards.
As soon as you’re registered, you are free to create your own miner. There is a Bonus Miner that you can activate. It works for 5 days in trial mode, although the rewards still belong to you. And it can be prolonged but for that, you’d have to complete some in-app tasks. The Bonus Miner has minimal parameters (16TH and 20W/TH) it starts working right away. The first rewards come in 24 hours, and you immediately get an email notification.
That’s not all the app has to offer. In fact, it has plenty of features.
There is a BTC/GOMINING token wallet, where you get the rewards and the GOMINING token if you have any. If you connect your BTC wallet to the app, your reward will be withdrawn automatically and without fees but only after the sum reaches the minimum withdrawal amount.
As an alternative, you can withdraw your Bitcoin at any time, but that requires a fee.
The GoMining app has a designated farm tab, where you see all your miners, including the Bonus one. There is also a marketplace, where users buy and sell their miners, avatars that boost your farm in Miner Wars (which I’ll get to as well), and even a merch store.
I have to add some information about the GOMINING token. This is the native token of the GoMining app. With it, users can get discounts for maintenance and electricity. The starting point is 1% and depending on the amount of tokens you own, it can reach up to 20%. The current price of the GOMINING token is around $0.40. You’d have to look it up because the price isn’t listed in the app unless you’re buying the token.
Despite the seemingly low price, the token has plenty of functions: it can be used to pay the fees, locked on the veTokenomics contract to get votes and govern the platform, or invested in Liquidity Pools.
The GoMining app is easy to navigate and really doesn’t require a user to be a crypto expert. That’s a good thing because, from everything we’ve seen so far, GoMining’s goal is to bring more people into Bitcoin mining.
Mining Modes
There are two ways to mine Bitcoin in the GoMining app.
There’s a solo mining mode that starts working automatically as soon as you get your first miner. This mode brings daily rewards and they depend solely on your mining power. This mode is better for newbies and helps to quickly figure out the specifics of BTC mining.
The other mode is the Miner Wars game. There, users get together to form a clan and compete against other clans. Clan’s collective power i.e. the power of all farms of all members, is the deciding factor in game rounds. The goal is to be the first clan to add a block to the BTC chain but there are also boosts and spells that you can use to win.
This mode is better for more experienced users or groups of users really serious about mining. The rewards for Miner Wars are higher, but the competition is tough.
If you check out the leaderboard (which can be done in the GoMining app), you’ll notice the average mining power of the winners. To compete with them you’d need that or more.
Is GoMining Worth it?
Pros
- Digital miners are noticeably more affordable than ASIC miners. Basically, users can start mining for about $30, as this is how much the starter miner costs.
- The miner is not rented, it belongs to the user and the user can sell it at any point.
- A miner can be upgraded, and a new one can be added to the farm if a user wants to earn more.
- You don’t have to pay any additional fees if you don’t want to. Maintenance fees can be deducted straight from your rewards or paid for with GOMINING tokens.
- Mining modes allow one to solo-mine or participate in the game with a clan.
- Bitcoin rewards can be withdrawn without extra fees.
- No technical knowledge is needed to start mining.
Cons
- To rake in big rewards you’d have to invest larger sums.
- The token is mostly useful only within the GoMining ecosystem.
- The most lucrative miners are costly and the most popular miner collection is sold out.
- To make mining truly profitable, you’d need a strategy.
