Since the launch of Bitcoin in the first few days of 2009, crypto mining has been one of the most popular ways of both, obtaining coins and contributing to the decentralized crypto/blockchain industry. Unfortunately, it was way too complicated then, and it is too complicated now, which is why only tech-savvy members of the crypto sector could engage in it.
Now, one could argue that the process has gotten simpler over time in some ways, which is true enough. Users can now engage in cloud mining, where they essentially only have to pay a mining company a certain amount in order for the firm to fund mining, and share in the profits. But, in order to truly contribute to decentralization and have a chance at making real profit from mining, mining cryptocurrencies directly is still the best way to go.Â
The only problem is that this direct engagement is still too complex, which is what gomining is trying to solve.
What is GoMining?
GoMining is a unique project which aims to ease most problems that miners and investors alike tend to face in the crypto industry, such as having to buy expensive equipment, and spend ridiculous amounts of electricity in order to ‘solve' blocks and mine coins. It is also far more profitable than traditional mining, as traditional mining's huge costs allow miners to keep little to themselves.
It is even better than cloud mining, where users only get a fraction of the earnings that the cloud mining company makes.
The GoMining project has its own token, the GMT, which is actually backed by real computing power. This allows the token's price to continue its growth, while users can use it to get daily BTC income without having to spend electricity or buy expensive mining gear. Furthermore, the computing power of the project's fleet of devices is redistributed between the total amount of tokens, so each token is backed by an equal amount of power.
However, despite this, the GMT token is not a stablecoin. Its price is still volatile, and subject to changes depending on the market's behavior, which is something that users should keep in mind. Still, the fact that it allows users to obtain BTC income is still a very good reason to consider using this coin.
How does GoMining Ensure the Growth of GMT?
One more thing regarding the project's token that is worth noting is that after each additional emission, the project uses its burning mechanism to burn an additional amount of tokens. The way the burning process works is not difficult to understand.
In connection with the purchase of new equipment, the project introduces more computing power, which also results in the issuance of new tokens that will be backed by this extra burning power. However, a portion of them gets burned. The released capacity is then redistributed among the remaining volume of GMT, adding a bit more computing power to each token, and granting it greater potential. With the increase in each token's supply power, the income gets to increase, as well.
The project burns only additionally issued tokens — those that were never included in the token sale, and which belong to the company itself. So, the token holders need not worry about their own supply of tokens. The resulting situation is that users get to keep their coins, and due to the process of burning and redistributing computing power, the token price of each coin should continue to steadily increase over time.
What Makes GoMining Better than Cloud Mining?
Now, you may be wondering, how is this different from cloud mining? The answer is actually two-fold. One, with cloud mining, users only get to mine for a limited time, depending on the duration of the contract they signed with the cloud mining firm. Meanwhile, if they were to purchase GMT, there are no time limits. You can just HODL for years and keep receiving BTC.
And two, the supply capacity of GMT will continue to grow over time. Every week, half of the newly issued tokens gets burned and redistributed between all the remaining tokens — not just from the new batch, but the entire circulating supply. In other words, you get to earn BTC while the value of your GMT continues to grow, allowing you to, essentially, earn double profits.
Plus, GoMining is very aware of the environmental issues that have been associated with crypto mining over the years, which is why it decided to take a path that will not result in the project having the same problems. It is actively committed to using green and sustainable energy. At the time of writing, the firm gets 50% of the electricity it usesfrom renewable sources, including wind turbines, hydroelectric power plants, and more. As time goes by, the company hopes to fully engage in rational energy consumption, and reduce its carbon footprint to a minimum.