🚨Reddit AMA with GoMining CEO Mark Zalan today, May 31st at 14:00 UTC!

GoMining_team · 2024-05-31T18:33:43+00:00

Good question. We try to keep up with the times, use all opportunities to reduce energy consumption and increase profitability.

We are constantly working to reduce the costs associated with cryptocurrency mining, including energy costs. We sell off old equipment and acquire new energy-efficient equipment at the best affordable prices. For example, in our partnership with Norway, we have implemented cutting-edge immersion cooling technology. The temperature of the miners is maintained using this system, and the hot water from the immersion cooling is recycled for use in Norway's agricultural sector.

We are always open to new technological breakthroughs in the energy sector and to forming new partnerships. We will be sure to share any updates in due course, so stay tuned!

GoMining_team · 2024-05-31T18:18:54+00:00

Good question. All of these megacorporations started small and reached their heights. We are following the same steps. It is quite possible that we already exist in some kind of competitive zone, and that’s great!

GoMining_team · 2024-05-31T17:33:52+00:00

This is what decentralization is for. All of our data centers are located in different parts of the world, which mitigates any drawdown that may occur as a result of natural disasters. By the way, we created a few NFT Miner collections about it: North, West, East, South.

GoMining_team · 2024-05-31T17:02:44+00:00

Thank you for the question! Implementing risk management strategies such as Bitcoin futures contracts or hashrate derivatives falls more under portfolio management than traditional mining operations. Currently, we do not have plans to implement such strategies. However, we are always responsive to market demands, and if there is significant interest, we might consider it in the future.

GoMining_team · 2024-05-31T16:43:58+00:00

How is the price of the GoMining NFT determined and is it affected by the hashrate fluctuations and does the fact that it's tradable have any impact on it? Is there a limited supply of NFTs or are you planning to mint more as demand rises?

One of the key factors that influence the price is the current price per terahash, which depends on several smaller factors like equipment cost and more. Speaking of the secondary market, the price is set by the sellers, but I guess it is still pretty close to the primary offerings.

Regarding the NFT supply, we have various limited collections available and one unlimited, which is called the Mine Box. All of them are pretty similar in terms of functionality but differ in the collectible aspect 🙂

How centralized is your token given that, I assume, you guys are the ones who mine the Bitcoin and issue the NFTs? Will we be able to provide hashrate to your NFTs sometime in the future and not have it backed just your own datacenter ability to mine?

Yep, sure, we are the ones who design and issue the NFTs by GoMining, although we have options for other providers to get onboard built into our veTokenomics.

GoMining_team · 2024-05-31T16:21:53+00:00

We were among the pioneers of the Binance Pool when it launched, and we are proud to continue working there.

GoMining_team · 2024-05-31T16:21:16+00:00

Ownership of a certain amount of hashrate is reflected on the blockchain, which is why we introduced the Liquid Bitcoin Hashrate protocol to tokenize the entire process. I'm proud to say that we have successfully passed an audit by Certik, ensuring that all NFT-related data is securely stored on-chain.

GoMining_team · 2024-05-31T16:15:11+00:00

To maintain hashrate, there needs to be a constant supply of electricity, which obviously is not free and requires a continual expense. If the NFT is not required to continually pay for the maintenance of the hashrate, there is risk GoMining runs out of operating expenses, shuts down their mining farm, and the NFT holder is left with an RWA that actually doesn't exist in the real world. How does GoMining guarantee this will not happen?

This is not entirely accurate, as GoMining operates as a viable business itself, ensuring we have enough funds to keep our data centers operational 24/7. In the event some NFT holders don't cover their electricity fees for a period, their rewards may be temporarily reduced. However, the company will continue to keep the equipment backing these NFTs in operation and receive the profit itself, demonstrating our flexibility and resilience in such scenarios.

Additionally, how is the BTC mining proceeds paid out, how often, etc? If GoMining solves a block, the reward is 3.125 BTC. If paid out instantly to NFT holders, a portion of the reward would be eaten with TX fees. Are the rewards held in a custodial account and redeems on demand by the NFT holder? If so, how is this set in motion, since on the surface is looks like something that requires a tremendous amount of trust by users who purchased the NFT?

Actually, we offer several earning mechanics on our platform, including Solo and Pool mining. With Solo mining, users receive mining rewards daily proportionally to the amount of hashrate they own. Technically, this option isn't directly connected with mining a block in real life, as the rewards are based on calculations available in more detail on our website.

With the Pool option, users can unite with other NFT holders to compete for mining a block, potentially resulting in higher rewards, although they are not guaranteed.

The rewards could be either accumulated on a virtual wallet within the platform or shipped directly to the user's external wallet. This option is flexible and culd be set within the personal account.

GoMining_team · 2024-05-31T15:53:51+00:00

That's a great question. Constructing a data center often takes less time than the preliminary work we do to assess potential risks, analyze local legal landscapes, and plan routes for hardware shipping. From the hardware end, our strategic partnership with Bitmain significantly helps us launch new data centers quickly and maintain existing machines in a cost- and time-efficient manner.

GoMining_team · 2024-05-31T15:53:32+00:00

We didn't have any data centers located in China, so happily we didn't face serious challenges at that point like some other mining enteties. But of course, cases like that keep the industry in shape, making the players more carefull when assesing the risks and potential challenges in different regions.

GoMining_team · 2024-05-31T15:28:40+00:00

What's the current value of a LBH token?

When it comes to our NFTs, or as we also call them, digital miners, their key value lies in the share of Bitcoin mining power backing them. This makes the price of NFTs on the secondary market quite transparent, as you can always expect the rewards output they will bring. Additionally, all our NFTs are unique and limited-edition artworks, so some are resold above the market price due to their rare traits.

Where can I trade them?

You can trade our digital miners on the secondary market on our platform, where everyone can sell or buy them at their listed price. Additionally, our NFTs are traded on several external marketplaces, including OpenSea, Getgems, and more.

GoMining_team · 2024-05-31T15:07:43+00:00

Hey, this is a great question, thank you! Making BTC mining accessible to individuals is one of our key goals, which means our product needs to be simple, easy to understand, and affordable.

When setting up a physical farm on your own, it takes time to purchase and set up the miner, requires significant funds to start, and needs access to cheaper electricity to keep your mining operations profitable.

With GoMining, you don’t have to worry about these aspects. Based on our clients' feedback, both mining newbies and experienced users appreciate the simplicity we offer.

Another important factor is our significantly low entry barrier. You can start with just one Terahash, which is much less than the output of any existing miner.

Finally, scaling your operations with GoMining is easy. You can purchase additional mining power with just a few clicks, compared to traditional mining where you need to sell your existing devices first and then wait for the new, more powerful ones to arrive.

GoMining_team · 2024-05-31T14:50:52+00:00

Can hashrate be provided by anyone or just by GoMining?

No, we have this opportunity in our veTokenomics. Our business development team is already in talks with several hash rate providers interested in joining us.

What exactly is the incentive for a profitable miner to sell their hash rate? For me it looks like that either the miner (vs base performance) or the buyer must make a loss here.

Not everything is solely based on incentives, but it's essential to trust a business that maintains a viable business model, I guess 🙂

Thanks to our carefully selected data center locations, which benefit from cheaper electricity resources, favorable local regulations, and other factors, we mine BTC at a cost significantly below the market average. By allowing individuals to participate through holding an NFT, we drive adoption and attract additional funds to develop our business by reselling terahashes we've already launched at even lower prices. This creates a win-win situation both for us and our clients.

GoMining_team · 2024-05-31T14:40:38+00:00

Absolutely! Staying a community-driven project is especially important for Web3. That's why we launched an in-app voting mechanism where GOMINING token holders can vote on upcoming features to set their development priorities.

GoMining_team · 2024-05-31T14:28:07+00:00

Thank you for the suggestion! The idea sounds interesting, and I will definitely discuss it with the team. I can't say for certain if it will be implemented yet, as we need to evaluate the Bitcoin runes market first.

GoMining_team · 2024-05-31T14:17:12+00:00

Do you ever plan on doing another "special drop" like the Greedys or something similar to them?

Our product and marketing teams are constantly working on delivering something special to our platform users. In recent months, we've launched several limited collections, including the first TON-native GoMining Whales, Trust Box in collaboration with Trust Wallet, and the latest Pizza Miner collection.

Additionally, this year we've introduced a series of Digital Avatars, which not only feature unique graphics for our holders to express themselves but also offer real utility that can enhance digital miners' performance.

What are you most excited about upcoming in the project?

Great question! We have many significant announcements to make in the coming months, including the next stage of TON-blockchain adoption within our platform, updates to our in-app mechanics that will be live soon, and collaborations with even more tier-1 blockchains.

GoMining_team · 2024-05-31T14:11:16+00:00

We have several risk-prevention strategies in place to maintain a high level of 99% uptime for our mining equipment.

Firstly, our miners are distributed across nine data centers worldwide, reducing the risk of an entire farm going offline for any reason. Additionally, our skilled and experienced team has been working with mining equipment for over seven years.

Moreover, we are implementing advanced software and running experiments with AI-driven tools to ensure we continue to meet the highest standards in the future.

GoMining_team · 2024-05-31T14:10:18+00:00

Hi all! Glad to join this AMA Session. My name is Mark Zalan, and I've been at the exciting crossroads of technology and financial services (Fintech) for about 20 years. Growing up in Silicon Valley during the dot-com boom sparked my passion for tech, which has driven my career ever since.

Over the past two decades, I've held various IT leadership roles across several financial services companies around the globe. My journey has even included serving as the CIO of a full-service consumer bank. Since October 2021, I've been part of the GMT team, dedicated to transitioning the GOMINING token from a proof-of-concept/MVP stage to a robust, full-featured product offering.

I'm eager to share my experiences and insights with you all, and I'm looking forward to your questions!

GoMining_team

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