Table of Contents
- The History of GoMining, in Seasons
- The Summer of Prosperity
- Growing the GoMining NFTs
- Rebuilding GOMINING
- Where GoMining Is Headed
The GoMining team has seen bear markets before, and is staying warm in this crypto winter
GoMining has been a central figure in the bitcoin mining space since their inception in 2016, and they have seen their fair share of bull and bear markets.
In this latest bear market, GoMining has one mission: make bitcoin mining accessible to everyone on Earth. But the question remains, how exactly did GoMining get to this point, and what made this mission such a fundamental part of the company?
Let’s find out, and learn about GoMining’s history, its growth, and its latest innovations with the GOMINING token.
The History of GoMining, in Seasons
While some may know GoMining for its flagship GoMining NFT, GoMining was actually birthed from a predecessor company, GoMining Hosting, as early as 2016. During that time, GoMining focused primarily on hosting larger-scale bitcoin mining operations for other businesses and investors.
Image 1: The GoMining Hosting website.
No more than a year into the venture, GoMining experienced the crypto boom of 2017, seeing many new investors interested in building a bitcoin mining farm for GoMining to host. Of course, that was short-lived, as the subsequent crypto bear market of 2018 arrived soon after. This didn’t deter GoMining, as they kept at the helm and pushed efforts into their first winter.
Despite the bear market, GoMining steadily increased their client base. One pattern continued to emerge: GoMining’s main customer demographic were wealthy clients that could afford springing up expensive bitcoin mining farms. More importantly, GoMining noticed that there was a severe lack of mining options given to the rest of the marketplace. This was, in GoMining’s eyes, an opportunity.
In 2021, GoMining pivoted to make a product that could make bitcoin accessible to everyone. They understood that this would mean they’d first have to build a bitcoin mining center that they could fractionalize. GoMining did just that, swiftly.
Then, when GoMining was building the GOMINING token (formerly named GMT), they assigned each token a fractional value of the computing power from their mining center. Whenever Bitcoin was mined, the earnings were pooled across holders after electrical costs were paid off.
GoMining’s digital asset utilizes a concept conceived by the project to tokenize bitcoin mining computing power and coined the phrase Liquid Bitcoin Hashrate (LBH). Their former GMT token was the first iteration of such a concept.
By creating a token that represents a share of bitcoin mining computing power, people can now gain exposure to bitcoin mining. Moreover, LBH tokens would, theoretically, be useful in DeFi activities like trading, lending, and collateralization.
GoMining was prepared for their token launch in June 2021.
The Summer of Prosperity
GoMining’s token was simple and clear for investors around the world to understand, and so the token boomed alongside the investment promise. By October of the same year, GOMINING climbed higher than $0.50. The crypto boom was in full swing.
Image 2: GOMINING Chart. Within three months, GOMINING more than doubled in value.
Things changed drastically the following year. GoMining was faced with regulatory scrutiny because their token was too similar to a security because it promised a dividend-like return with ownership in the form of BTC mining rewards.
Later, with the infamous Terra and FTX collapses shaking the entire crypto market to the core, GoMining prepared for yet another bear market winter.
When It’s Cold, Build
This bear was not anything new for GoMining. Having been in a similar situation in 2018, GoMining knew it was time to get to work and build.
First, GoMining had to change their token model to move away from a security, and opted to switch their model from tokens to NFTs. They launched GoMining’s first NFT collection, The Greedy Machines, and allowed token holders to exchange tokens for NFT power.
Once they had that out the way, GoMining worked two different angles to grow the company: (1) increase mining capacity and make more NFTs, and (2) rework the utility of GOMINING.
Growing the GoMining NFTs
The GoMining NFT was an important redesign for the ecosystem, as the return on investment (ROI) was more clear to understand. Each NFT has hash power and energy efficiency, two traits that directly determine the ROI value. The more hash power, the more Bitcoin earned. The higher the energy efficiency, the lower the cost to mine.
Image 3: A GoMining NFT with 16 TH/s and 35 W/TH, sporting a 32.8% ROI with all discounts applied.
GoMining didn’t stop with The Greedy Machines. In fact, they doubled down on the offering, launching their second collection, the East Collection, derived from locations where GoMining’s data centers are operated.
Not long after in March of 2023, GoMining announced a major collaboration with MMA legend, Khabib Nurmagomedov, to create the third NFT collection: The Khabib Collection. These NFTs sported a 29 TH/s, a strong hash rate that commemorated the number of victories in Khabib’s career.
Just this summer, GoMining launched their most recent collection, the North Collection, taking inspiration from northern regional climates, and creating a wide variety of hash power options from 1 to 128 TH/s.
Already with four collections in GoMining’s marketplace, the team intends to continue the growth of NFT collections to create more options across price ranges for every kind of investor.
The GOMINING token has received a major upgrade to facilitate the GoMining NFTs. There are three new functions that make for GOMINING’s utility:
Discount Token Model: GoMining NFT owners receive a 10% discount on all mining fees paid for with GOMINING. Doing so lowers the cost, and subsequently, earns more Bitcoin per day.
Burn & Mint Process: All GOMINING tokens spent to pay for mining fees are burned. Then, a smaller amount of GOMINING is minted and redistributed to service providers (65%), veGOMINING stakers (20%), NFT holders (10%), and the GoMining team (5%).
Vote-Escrow (ve): Users that lock GOMINING to the veGOMINING contract acquire governance rights and a share of the rewards allocated to governance participants.
The first function increases the buy pressure for GOMINING, while the other two functions act as supply controlling mechanisms. All three functions work as a means to capture value for the GoMining ecosystem and its users.
Locking tokens for GOMINING has its rewards, as GoMining is touting a whopping 252.17% APR to users that vote-escrow their tokens.
Where GoMining Is Headed
With their experiences in both market booms and busts, GoMining is still building through this crypto winter. Despite the gloom, the team has their ambitions set high, with a goal to build mining operations to account for 20% of the world’s BTC production within the next two years.
It will be a challenge to get there, but GoMining has been in winters before, and one thing is for sure: they can feel the warmth when summer is coming.
Check out the project’s website
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.