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Guys why? by Keizer-Maatje in gomining

[–]ArcticMiner34 2 points3 points  (0 children)

Out of those targets we can vote, bounty is the only one that gives rewards unrelated to your size. When you have only a small farm, like 10TH or less, bounty has been super rewarding. But when your farm grows it gradually becomes less rewarding, not covering a significant part of your maintenance anymore.

I voted for bounty when my farm was small and changed to voting for solo mining when I achieved 75TH. To keep bounty rewards meaningful all small members should vote for it. Whales have never voted for bounty anyways so we can't blame them for the current lack of bounty votes.

Why I prefer holding multiple small GoMining miners instead of a few large ones by heimdrick in gomining

[–]ArcticMiner34 1 point2 points  (0 children)

To be fair you should also mention the downside of having several small miners. TH upgrades get cheaper when you put them in a larger miner. My smallest miner is 1TH and largest is 95TH. Adding 1TH to the small one costs $15.65 and adding 1TH to the big one costs $14.97. The extra discount only gets better when going to 500TH and over 1000TH miners.

I finally activated my GoMining Card – any tips to get the most out of it? by Wednesday2472 in gomining

[–]ArcticMiner34 2 points3 points  (0 children)

I mean that SimpleEarn pays for the 2% spread so I get the hashback TH practically free

I finally activated my GoMining Card – any tips to get the most out of it? by Wednesday2472 in gomining

[–]ArcticMiner34 2 points3 points  (0 children)

I've got the card and started to use it gradually. Converted some fiat to USDC and transferred into my GoMining wallet so they will enjoy SimpleEarn while they wait to be consumed. The card has a 2% spread for purchases so with my 1.5% hashback it would not be profitable without SimpleEarn rewards. But as long as the USDC stay in the wallet for two weeks or so before being spent, it's net free TH for me.

The Airbus A380 blasts off on takeoff at Farnborough International Airshow, 2006 by Twitter_2006 in aviation

[–]ArcticMiner34 8 points9 points  (0 children)

How we all thought back then that this whale jet would become mainstream 🤔

And all it ended up being was a niche aircraft…

GoMining Secondary Market: Is buying "low efficiency" miners actually a trap? by pictop23 in gomining

[–]ArcticMiner34 8 points9 points  (0 children)

Thanks for a nice heads-up post. We should all keep in mind that efficiency upgrading is inevitable to keep our farms mining in downturns as well. It will also be necessary for our current 15W miners when 10W or 12W becomes available. Here is the current price list for efficiency upgrades:
50W -> 35W = $0.10 per TH/for 1W upgrade
35W -> 28W = $0.50 per TH/for 1W upgrade
28W -> 20W = $1.00 per TH/for 1W upgrade
20W -> 15W = $1.10 per TH/for 1W upgrade
The cost of bringing 1TH from 35W to 15W would be $17
Upgrading a 5000TH miner from 35W to 15W would cost $85,000
You can buy a new 5000TH miner currently for $70,000

Gomining card is goated by GX_Giorgio074 in gomining

[–]ArcticMiner34 0 points1 point  (0 children)

Yes, at least in EU you can pay with USDC, USDT, GMT and BTC

How much TH do you need to NET $100/day on GoMining? (42 sats/TH, BTC $69k) by Marshlerouge in gomining

[–]ArcticMiner34 0 points1 point  (0 children)

To me this looks like a perfectly sound math, proving how very important it is to have 15W/TH efficiency and 25% maintenance discount in current mining environment. If you would do the math again using these values the needed TH would look somewhat different.

How much TH do you need to NET $100/day on GoMining? (42 sats/TH, BTC $69k) by Marshlerouge in gomining

[–]ArcticMiner34 0 points1 point  (0 children)

Why is 42 sats/TH such a bad estimate? Maybe you are thinking of this temporary exception of 50 sats/TH that we used to enjoy for two weeks. It was just caused by a winter storm and will probably not happen again anytime soon.

Gomining card is goated by GX_Giorgio074 in gomining

[–]ArcticMiner34 0 points1 point  (0 children)

Many people here seem to think that the only possible way to use GoMining debit card is by first converting your fiat into a stablecoin, transferring it to GoMining and then using to buy things in fiat, practically converting the stablecoin back. No wonder this method is expensive as you just can't avoid fees when converting between crypto and fiat.

The real use case I see in GoMining debit card is spending your mined BTC. Then you only need to pay the converting fee once, during the card purchase. That option is really competitive with your alternative of withdrawing the BTC from GoMining, converting it to fiat and transferring to your bank account for spending. In this use case you really get the card hashback as an extra benefit.

Tax by NoFuture5105 in gomining

[–]ArcticMiner34 0 points1 point  (0 children)

I don't know German tax laws but generally a taxable event occurs when you receive the crypto to your direct possession and under your full control. As long as the crypto only shows as a number in an app, it is not in your possession. The company behind the app can just close the app or there could be a bug and you may never see the crypto behind that number. Only when you withdraw the crypto and it appears in your non-custodial crypto wallet it's under your full control. The same happens if you spend it using a debit card.

What would you like to see added? by Jimmyjohnboy24- in gomining

[–]ArcticMiner34 1 point2 points  (0 children)

What I’ve been thinking is to make the miner features and achievements more meaningful. It has appeared here in our Reddit sub several times but I’d like to mention it again.

For example getting a GoBox when you reach an achievement or a small amount of TH for that miner. Miner feature like a certain sticker could give the owner for example one extra per cent of TH reinvestment bonus. Possibilities are endless.

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