Bitcoin mining is known for being an expensive venture, requiring miners to invest millions of dollars into setting up mining rigs. However, that might no longer be the case thanks to GoMining, a crypto mining company that seeks to lower barriers to entry to make mining more accessible.
Mark Zalan, the GoMining CEO, spoke to crypto-focused news outlet CoinTelegraph on Thursday about the company’s plan to use NFTs to allow ordinary people to participate in Bitcoin mining. He said that anyone across the world with access to the internet will soon be able to mine Bitcoin with as little as $10.
The GoMining NFTs
Zalan explained to a CoinTelegraph journalist that GoMining plans to tokenize the computational power of its mining equipment and associate the tokens with NFTs. That means each holder of a GoMining NFT will own shares of the mining power and earn daily rewards.
What’s more, GoMining NFTs will not be tied to one mining equipment. Instead, each NFT will represent a portion of a pool of mining power. According to Zalan, tying an NFT to a single mining machine has numerous downsides. For example, a certain machine may lose efficiency or break down, thus failing to generate mining rewards for a particular GoMining NFT.
GoMining to Allow NFT Holders to Cash Out Their Tokens
The NFTs will produce varying computational power. Those that generate massive energy will cost more. Notably, GoMining NFTs will be tradable on the company’s self-developed marketplace and reliable trading platforms like Getgems and OpenSea. This will provide sufficient liquidity that has been lacking in conventional crypto mining investments.
Goming Reward System Explained
Regarding the GoMining reward system, Zalan said transparency in distributing the daily rewards will be paramount. Each NFT holder will receive rewards based on the mining power generated by their unique digital token. The CEO added that NFT holders can choose to withdraw their rewards daily or monthly.
Are there any fees to be incurred by NFT holders? Yes! Zalan said GoMining will impose service and maintenance fees. Those who pay the fees using the company’s native token, GOMINING, will get a 10% discount.
