Is Bitcoin Mining Dead? GoMining and NFTs Say "Not So Fast!"by@normbond
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8,245 reads

Is Bitcoin Mining Dead? GoMining and NFTs Say "Not So Fast!"

by Norm BondJanuary 31st, 2024
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The odds of profiting from bitcoin mining have fallen to 1 in 57 trillion, meaning it is now more likely to happen than winning the lottery ten times in a row. To combat the diminishing chances, crypto mining has moved on from being a hobbyist pursuit to one dominated by large-scale operations that use application-specific integrated circuits (ASICs), which are 100,000 times more efficient than central processing units. However, two technologies looking to make bitcoin mining more accessible, and therefore profitable, again are GoMining and NFTs. GoMining has nine data centres worldwide that mine bitcoin, and then divide the daily mining rewards into NFTs, which can be traded or held. The company has already mined 38,000 BTC and has 18,911 NFT holders and sold 48,799 NFTs. GoMining's revolution lies in its liquid bitcoin hashrate (LBH) tokens, which give more people a chance to mine bitcoin, without having the costly and complex setups usually required.
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In the early days, you could mine Bitcoin with your home computer. Miners who were able to hold onto their financial rewards are worth millions.

Today, your chances of finding a block solo are roughly 1 in 57.6 trillion. That's like winning the lottery ten times in a row. The odds of making a profit are tiny.

Most mining happens in warehouses or mining farms, not home computers or laptops. Large mining farms with specialized ASIC (Application-Specific Integrated Circuit) miners dominate the network. These ASICs can be 100,000 times more efficient than CPUs. Large-scale operations are squeezing out individual miners in the current crypto landscape.

The Mining Difficulty chart shows the historical changes in Bitcoin’s difficulty.

So how can crypto enthusiasts and investors get in on the crypto-mining action?  Buckle up as we explore GoMining and NFTs. These disruptive technologies are shaping tomorrow's Bitcoin mining landscape. It seems opportunity is knocking,

Get Ready To

Discover the history of Bitcoin mining. Unravel the mystery of Proof-of-Work. Meet GoMining, the innovative platform democratizing Bitcoin mining with LBH. Learn how NFTs are changing the game. Take action and put mining power in your hands (and your wallet).

This is your chance to ditch the outdated and embrace the future. Whether you're a seasoned miner or a curious newcomer, grab your virtual pickaxe. It's time to dig into the exciting world of Bitcoin mining 2.0!

Disclaimer: Your mileage may vary, but the potential is definitely there.

Unraveling the History of Bitcoin Mining

Bitcoin mining started in 2009 with the Genesis Block mined by Satoshi Nakamoto. This was exciting because it introduced a decentralized way to confirm transactions. This power forever changed the face of monetary practices.

Mining and confirming transactions in the world of cryptocurrency have a magical quality. They prevent the risk of spending the same money twice. This essential function is the key to the Bitcoin protocol. It paved the way for what we call "trustless transactions."

With blockchain and Bitcoin, you don't need a third party to confirm a transaction.

Imagine you're a merchant in Singapore who wants to sell a product or service to a customer in San Francisco. You've never met. How do you know if his money is good? You need a third party, like a bank or credit card company to confirm the funds are available and real. Bitcoin removes this need because the transaction is confirmed on the blockchain.

This is a disruptive concept. It changes the way information gets shared and business happens. The buzz around bitcoin and blockchain is all about cutting out the middleman.

Bitcoin prices climbed through 2016 to over $900 by the end of the year. In 2017, Bitcoin's price hovered around $1,000 until it broke $2,000 in mid-May and then skyrocketed to $19,345.49 on Dec. 16. The word was out. Mainstream investors, governments, economists, and scientists took notice.

The popularity of crypto boomed among tech bros and speculative investors. The hype started attracting more miners into the space.

The rapid growth intensified computational requirements. “Mo Money Mo Problems,” said the Notorious B.I.G. One problem for Bitcoin was slow transaction speeds.

Too many transactions were getting crammed onto the network. It's like driving home in rush hour. Lots of cars on a narrow road at the same time. How can we fix this?

Hey, it's code. Software updates allowed for bigger blocks. This is like adding more lanes to the narrow road. And it helped somewhat, but it also created other issues.

More complex software needs to run on higher-end hardware. Mining shifts from CPU (Central Processing Units) to GPU (Graphic Processing Units). As demand continued to increase, specific mining solutions emerged. Meet sophisticated ASICs (Application Specific Integrated Circuits).

More hash power will mine BTC faster

Such advanced hardware enabled faster hash rate processing capabilities. But the progress created huge economic costs. Today mining farms house thousands of ASICs. Their high energy consumption makes mining more resource-intensive. It also increases the impact on the environment.

Decrypting the Traditional Mining Process and the Role of Proof-of-Work

Bitcoin mining requires dedicated physical machinery. ASICs operate around the clock to decipher cryptographic puzzles. These chips form the brains of the operation, designed only for Bitcoin mining. They deliver unmatched hashing power and efficiency compared to general-purpose hardware. And their energy consumption is unbelievable.

What is a Bitcoin Mining Rig?

Imagine a high-powered computer, humming away in a room with very low light. Your eyes strain to see more than the flashing blue, red, and green indicators. Fans are whirring. This isn't your average gaming computer. It's a bitcoin mining rig. This specialized machine has one purpose. Cracking complex math problems at lightning speed.

These rigs are the workhorses of the Bitcoin network. They compete against each other, racing to solve these problems first. The winner gets a juicy reward: a block of bitcoins.

A Bitcoin mining rig requires immense processing power. Where are mining farms located? Think of areas where climates are cool and electricity costs are low.

What Is Proof-of-Work?

The technical magic fueling Bitcoin’s operation is the “Proof-of-Work” consensus algorithm. It creates an environment where participants compete to solve complex puzzles. The rules are specific. They make altering transactions confirmed earlier almost impossible. The first miner to crack the puzzle gets rewarded with minted bitcoins. Plus, they snag the accruing transaction fees.

But change is coming for miners. The current block reward of 6.25 bitcoin is being chopped in half in April 2024. This will impact the wallets of miners worldwide. Remember, these rewards play a major role in their profitability. It's like the cherry on top of their mining sundae. Slicing it in half impacts how they can mine that digital gold.

Exploring Innovations: Introducing the GoMining Platform

The crypto world is always expanding. Use cases matter a lot. The GoMining platform distinguishes itself by redefining Bitcoin mining mechanisms and practices.

They use their own powerful computers to mine bitcoins. Then they divide up all the daily mining rewards into NFTs. By representing specific amounts of bitcoin via NFTs, users can trade or hold them. The company has already mined 38,000 BTC.

GoMining has nine data centers across the world that mine Bitcoin. Since 2017, they have been building their operations and growing. Their website shows they have 18,911 NFT holders and sold 48,799 NFTs.

This is an innovative project. The focus is on user experience, energy efficiency, and environmental sustainability. Plus, it offers a unique passive income opportunity for investors globally.

The GOMINING token is what fuels the GoMining economy. Like gas in a car, GOMINING “powers” GoMining’s NFTs, governance processes, and rewards distribution systems.

GoMining brings you tradable LBH NFTs. This opens the door to liquid bitcoin hash rate and the benefits of virtual assets with a bonus.

GoMining ecosystem includes the NFT, NFT game, GOMINING Token, and more

Harnessing the Power of Liquid Bitcoin Hashrate (LBH) Tokens

LBH tokens increase the democratization of the cryptocurrency space. These innovative developments are opening up a new avenue within cryptocurrency investments.

Imagine being a new crypto enthusiast. Your eyes gleam withexcitement at the ever-evolving blockchain world. You've heard of bitcoin mining. But you feel locked out.

Remember those powerful mining rigs? They’re out of your reach. It looks like your Bitcoin mining opportunity is floating in a galaxy far away.

But wait.

Here’s the good news. LBH tokens are here to break down that barrier. You've found a secret backdoor into this lucrative opportunity.

LBH tokens can be bought, sold, and, due to its properties, allow holders to mine bitcoin every day. Unlike traditional mining, you don't need to do anything at all for this.

Forget grappling with complex setups or investing in expensive hardware. LBH tokens act like little digital mining licenses. Hold them? Now, you're renting out a share of a high-powered mining rig without lifting a finger.

Think of it like joining a mining co-op. You pool your resources with others. Then a dedicated team takes care of all the technical heavy lifting. You reap the rewards. Users invest and mine bitcoins without active participation or extensive technical know-how.

GoMining redefines what it means to invest in crypto. The company brings BTC mining profits within everyone's reach.

GoMining's Revolution in Bitcoin Mining

GoMining distinguishes itself by incorporating NFTs and LBH into its operations. There are plenty of cornerstones underpinning its potential. But these innovative technologies make GoMining shine.

The company is demystifying the complexities around Bitcoin mining. This means more people can take part in this lucrative industry. It encourages broader participation. It promotes decentralization. GoMining provides an accessible platform for both experienced and novice crypto enthusiasts.

The future of the crypto space continues to evolve. Bitcoin mining will see more technological advancements. The spot Bitcoin ETF has increased institutional participation. We can expect a greater demand for environmentally friendly practices. New regulatory frameworks will develop around the world.

Now, imagine if everyone has access to these new digital asset opportunities. Without the overwhelming complexity.

GoMining NFTs are the latest and greatest version of LBH

To get started, visit the GoMining website and create a 7-day free NFT. Put your toes in the water, or take a deep dive into the new wave of Bitcoin mining.