The 2024 Bitcoin halving event reduced the block reward to 3.125 Bitcoin, slowing the supply of new BTC and causing a sharp drop in mining profitability.\
A new report delves into the current state of the Bitcoin mining ecosystem, examining economic conditions and technical developments. It also highlights innovative approaches to make Bitcoin (BTC) mining accessible to retail investors, such as GoMining’s gamified mining using non-fungible tokens (NFTs).
Historically, the Bitcoin network’s hashrate has shown volatility but follows an exponential growth trend. Significant deviations occur when miners upgrade to more efficient hardware before each halving event and retire older rigs afterwards. While the overall Bitcoin hashrate is growing exponentially, the performance of individual mining rigs improves at a slower pace.
For example, the Antminer S19j Pro, released in July 2021, accounts for 34.3% of the total network hashrate with a maximum hashrate of 100 terahashes per second (TH/s). The latest Antminer S21 Pro, released in March 2024, boasts a hashrate of 234 TH/s.
Energy efficiency has also improved, from 29.5 joules per terahash (J/TH) on the S19j Pro to 15.0 J/TH on the S21 Pro. However, with the S21 Pro priced at over $6,000, it remains inaccessible for most retail investors.
Retail investors need alternatives due to high entry barriers in traditional mining, including capital costs and technical expertise. One option is cloud mining, which allows individuals to rent processing power from remote servers to mine Bitcoin.
GoMining offers a different approach, enabling users to own a portion of Bitcoin hashrate perpetually. The company tokenizes the hashrate produced by its data center miners, minting it as NFTs with varying energy efficiency and power characteristics. These tradeable and transferable NFTs represent Liquid Bitcoin Hashrate.
The GoMining project features a native Gomining Token (GOMINING) with a deflationary mechanism and multiple use cases, including NFT upgrades, all detailed in the report.
GoMining provides two reward modes from NFTs: Solo and Pool Mining. Solo mode guarantees results based on the NFT’s characteristics, while Pool Mining mode simulates real-world mining practices. Users can launch their own pool or join an existing one to compete for block rewards, potentially earning more than in solo mining. These pools are internal to GoMining and rely on collaborative efforts.
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