Bitcoin mining is a way to earn more BTC cryptocurrency. China has dominated the Bitcoin mining industry over the last few years, with more than 70% of the world’s hash generating power being concentrated in China.
But Bitcoin mining requires huge electricity consumption, due to which cryptocurrency mining has now been banned by the Chinese government. There is also an environmental cost associated with cryptocurrency mining. Moreover, cryptocurrency mining was always having an impact on China’s financial situation. As a result of all these factors, the Chinese government decided to take such drastic action.
Cryptocurrency miners from China are now moving their mining equipment to countries like Kazakhstan and Texas in the USA to continue their operations. In addition, the Application Specific Integrated Circuit (AISC) required for Bitcoin mining is also very expensive. In the face of all these adversities, Bitcoin miners are finding it very difficult to continue their operations.
A solution to all environmental and economic issues of Bitcoin miners is being provided by GoMining, established in 2017. GoMining is presenting its GMT tokens generated by their fleet of mining machines as a solution for miners. GMT tokens will make it possible for users to get BTC daily without any mining required.
Each GMT token is powered by ever-increasing hashing power generated in Th/s per the Bitcoin mining SHA-256 protocol. GoMining has also devised a system of burning GMTs to control the total number of GMTs in existence and increase the value of the holdings of older holders.
The GMT emissions and burning schedule are decided by the GoMining high management based on the cost of the equipment required and the cost of the GMTs at the time of additional generation. When GMTs are burned, the excess computing power of those GMTs is redistributed among those GMTs already in existence. But GoMining does not just want to make earning Bitcoins cheaper. They also want to make the process more eco-friendly. GoMining claims that around 50% of their electricity consumption comes from renewable energy sources like hydroelectric power and wind energy.
GoMining’s primary objective is to control nearly 20% of the world’s Bitcoin industry in the coming years. GoMining is trying to capitalize on its cheap and renewable Bitcoin earning model to attract more users, especially in the context of the crypto mining ban in China.