DevOps Engineer & Technical Writer
@aahil
AahilDevOps Engineer & Technical Writer
Bitcoin (BTC) was the first cryptocurrency to be created and, over the years, has maintained its relevance and value in the crypto space. Like other cryptocurrencies, you can easily purchase BTC from exchanges like Binance and Coinbase. However, a more traditional way of acquiring BTC is by mining.
Mining uses computational power to solve complex mathematical problems that validate transactions on the blockchain. In return for this service, miners are rewarded with BTC.
This mining process is usually tedious and expensive as it requires a lot of computational power and electricity.
You'd need a mining rig (high-end computers) with a high hash rate and a lot of electricity to mine BTC. However, there is a way to mine BTC without spending much money on mining rigs and electricity. This is where Gomining comes in.
Gomining is a BTC mining platform that allows you to mine BTC by purchasing NFTs. They allow you to enjoy the benefits of mining without spending much on mining rigs and electricity. All you need to do is purchase an NFT, and mining begins 24 hours after your purchase.
In this article, you'll understand BTC mining while dissecting the conventional way of mining BTC. Additionally, you'll learn how to mine BTC with NFTs using the Gomining platform.
What is BTC mining?
Bitcoin mining is the process through which new bitcoins are generated, and transactions are securely added to the blockchain.
When someone makes a Bitcoin transaction, the mining process gets triggered and broadcasted to a network of nodes (also known as miners).
These miners collect and bundle these transactions into blocks every 10 minutes. Each block contains a list of transactions, a timestamp, and a reference to the previous block. To add a block to the blockchain, miners must solve a complex mathematical puzzle.
Miners compete against each other to be the first to solve the puzzle. The first one to solve this puzzle broadcasts the solution to the entire network.
Other miners quickly verify the solution, and the new block is added to the blockchain if it's correct.
As a reward for their efforts, the successful miner receives a certain number of newly created bitcoins. This is known as the block reward.
The block reward is halved every 210,000 blocks (roughly every four years). The current block reward is 6.25 BTC.
This entire process ensures the security and integrity of the Bitcoin network. The difficulty of the mathematical puzzles adjusts over time to maintain a consistent rate of block creation.
This means that the more miners there are, the more difficult it is to solve the puzzle.
What is an NFT?
NFTs, or Non-Fungible Tokens, are like digital certificates of ownership for unique items in the online world. Think of them as a kind of special, digital collector's item.
Unlike regular cryptocurrencies, each NFT is distinct and can represent digital art, music, videos, or even virtual real estate.
Figure 1. NFT collection of Nigerian artist BNXN
When you own an NFT, you're not just owning a file; you're holding a digital asset with provable ownership, thanks to the underlying blockchain technology.
This technology acts like an unforgeable certificate, ensuring your ownership is transparent, secure, and permanently recorded.
Unlike traditional cryptocurrencies like Bitcoin, where each unit is the same as the next, NFTs are one-of-a-kind. They carry a unique identifier, making them distinguishable from any other token.
How to mine BTC with NFTs
You've learned about the conventional BTC mining procedure and how it requires a lot of computational power and electricity.
You've also learned about NFTs and how they can be used to represent digital assets.
You may be wondering how NFTs can be used to mine BTC. Well, stop because Gomining already figured that out.
What is Gomining?
Gomining is the future of BTC mining. It is a BTC mining platform that allows you to mine BTC daily without spending tons of electricity. All you need to do is acquire an NFT, and mining begins 24 hours after your purchase.
This platform has nine data centers worldwide, with bitcoin-mining equipment running 24/7.
A team of experts maintains this equipment, which is constantly upgraded to ensure maximum efficiency.
Figure 2. Gomining About us page
When you purchase an NFT from Gomining, you're not just acquiring a digital collectible; you're gaining a share of the power generated by their real mining machines.
These NFTs represent a portion of the total energy and computational capacity, giving users a stake in the mining process.
In the world of NFTs, Gomining has redefined the game. They introduce the concept of Liquid Bitcoin Hashrate (LBH) through NFTs.
Unlike traditional NFTs limited to digital art, Gomining's NFTs represent a share of the liquid Bitcoin hash rate, allowing holders to mine Bitcoin passively daily without any active involvement.
How does the Gomining platform work?
Gomining connects specialized mining equipment to their data centers, a process managed by their professional team.
Instead of users dealing with the complexities of mining, Gomining simplifies the entire process by creating NFTs that mirror the properties of real mining equipment.
Each NFT corresponds to a specific amount of power (TH/s) and energy efficiency (W/TH) tied to a real miner in one of their data centers.
By purchasing an NFT, users essentially acquire a portion of a real miner's capabilities, entitling them to daily Bitcoin rewards. The more powerful the NFT, the more mining capacity it represents.
Gomining provides a straightforward and profitable way to mine Bitcoin. Your NFTs generate profits the day after purchase, eliminating the need for individual equipment maintenance.
Additionally, Gomining claims to offer the lowest electricity prices required for mining BTC, making it an attractive entry point with NFT prices starting at around $30.
Steps to start mining BTC with Gomining NFTs
The following steps will guide you on how to mine BTC with NFTs on the Gomining platform.
This tutorial will use the free NFTs provided by Gomining to demonstrate the process.
Step 1: Create a Gomining account
To create a Gomining account, follow the steps below:
Visit the official Gomining website and click on the Get Started button.
Figure 3. Gomining Homepage
You'll be redirected to the NFT marketplace. Click on the Get Started button to create an account.
Figure 4. Gomining NFT marketplace
You can use your email address or a custodial wallet like METAMASK to sign up.
Figure 5. Add your email address or wallet info.
After this, you'll need to verify your email address. Click the verification link sent to your email address to verify your account.
Step 2: Sign up for the free NFT trial
After creating your account, you'll need to sign up for the free NFT trial. This will allow you to mine BTC for free for seven days.
To sign up for the free NFT trial, follow the steps below:
Navigate to the NFT Game section of the Gomining website and click on the Game option.
Figure 6. Gomining NFT Game section
Click on the Start for Free button of the pop-up that appears.
Figure 7. Start 7-day free NFT trial
Step 3: Watch your NFT mine
BTC Once your trial begins, you can see your NFT in your Gomining wallet. To view your NFT, navigate to the My NFT tab on the left side menu and select the NFT miners option.
Figure 8. Gomining free NFT
To view your total rewards earned from your NFT, you can navigate to the Dashboard tab under the My NFT section.
Figure 9. Watch your NFT rewards
You will only see your rewards after 24 hours of purchasing your NFT.
Although this is just a trial NFT, you can follow the same process to purchase a real NFT and start mining BTC.
The Gomining platform offers various NFTs with different hash rates and prices. You can purchase an NFT that suits your budget and start mining BTC.
Conclusion
In this article, you've learned about BTC mining and how it requires a lot of computational power and electricity. You've also learned about NFTs and how they can be used to represent digital assets.
Finally, you've learned to mine BTC with NFTs using the Gomining platform. You can now start mining BTC without spending much money on mining rigs and electricity.
The Bitcoin Mining Writing Contest is sponsored by GoMining, a global bitcoin mining company operating nine data-centers across the globe. Mine BTC with GoMining NFTs, backed by real computing power, and unlock daily rewards. Start your free trial period today.
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