My Gomining Analysis

Nothing in this post is intended to be an investment recommendation or financial advice. This post is my analysis of Gomining Bitcoin mining platform.

I found out about Gomining from a post by themarkymark:

https://ecency.com/bitcoin/@themarkymark/want-to-join-block-bandits

And Gomining is an interesting investment opportunity if you believe in the future of Bitcoin.

I did quite a bit of research on Gomining and most of what I found was positive, though some criticized it for not having a free to play option, which in my opinion is not a valid criticism. You can't start mining bitcoin at home for free, so why would you expect a service for bitcoin mining to be free?Gomining Service

What is Gomining?

Gomining is a bitcoin mining service where you can purchase NFTs that represent bitcoin mining power. You can buy one NFT from twenty two dollars to over ninety two thousand dollars. The more you spend on the NFT the more Bitcoin you receive as rewards and the higher your ROI would be. Obviously you can buy more than one NFT.

In addition to the cost of buying the miner NFT you also pay maintenance fees from your rewards, these fees could be quite high, so that is where gomining tokens come in. If you pay your fees in Gomining tokens then you get a twenty percent discount:

There are other ways to increase your discount on maintenance fees which involve various activities like clicking the Service button every 24 hours or so.

There are two modes for Gomining: Solo Mining that pays you Bitcoin rewards every day with estimated ROI of around 30% per year and a Game Mode where you have to join a clan that pays you weekly but depending on your clan performance your returns could be up to six times higher.

How To Get The Best Deal On Gomining Right Now. As a part of my analysis I did in evaluating this investment opportunity I came up with what I believe is the best way to get started with Gomining right now. And right now is a good time to get started as today they started a major promotion that will run for the next nine days.

Here is how I think it can be played:

1. Click a referral link that you can find in the post from themarkymark I referenced above. It will give you 5% more power on your first miner purchased from Gomining.

2. Get a couple thousand dollars into Coinbase and transfer USDC into your wallet connected to Gomining. This will help you avoid about 4% fee for the credit card.

3. Buy the $499 miner that is currently 14% off.

4. Take advantage of the current Go Boxes promo by spending at least $130 per day upgrading your miner NFT for next nine days. That will give you five Go Boxes per day during this promotion.

The promotion runs for ten days so you would need to spend $1,300 upgrading your miner to fully take advantage of it.

There is also a promotion for whales where you would need to spend $2026 per day to get a chance for some more valuable prizes:

Also, they give you a free miner when you sign up and you can extend the mining time for this free miner by performing various activities that they call tasks.

Here is the miner I got:

This miner produced about seven cents worth of Bitcoin in first day it ran.

As you are buying and upgrading your miner you should purchase gominimg tokens so that you can pay the fees in Gomining tokens and get the 20% discount.

You should use USDC or other crypto for purchase of Gomining tokens to avoid extra fees.

Strategy

Right now with bitcoin below ninety thousand dollars it is a good time to buy BTC or invest in something like Gomining as they are running promotions and the miners on the secondary market are cheaper.

So now is good time to buy NFTs for cheaper and upgrade them as well as accumulate Bitcoin, once Bitcoin goes up it would be good time to sell extra mining NFTs and potentially even lock in some Bitcoin profits.

My Decision

I had seriously considered investing in Gomining during this promotion. And I believe it is possible to get lucky and get some free miners and all kinds of boosts from the promotion, but I think that you need to invest some real money to really make Gomining a successful investment. For example themarkymark invested over seventy thousand dollars into Gomining and is continuing to invest more.

If I were to just try to maximize the promotion I would invest around two to four thousand dollars and it would not be worth the effort and risk of Bitcoin mining becoming more unprofitable. Many mining companies are already struggling and moving more towards AI instead of Bitcoin mining so I don't think it makes sense for me to go this route.

In addition to the Bitcoin mining risk and Gomining platform risk I would also have to take on the risk of the gomining token:

I decided to add to my BTC position directly instead.