Today, I want to talk a little bit about my recent discovery — digital miners. Apparently, it’s a new method of Bitcoin mining that, to be honest, isn’t that easy to come by unless you are already a crypto enthusiast. When you do, however, curiosity takes over and makes you wonder if it’s a lucrative mining method and whether it’s as cheap as the claims suggest.
What’s a Digital Miner
To figure out exactly what a digital miner is, we first need to cover one of the most controversial crypto topics — NFTs. If you are completely new to the game, then let me explain. NFT stands for a non-fungible token. It’s a digital asset that symbolizes ownership over digital content or real-world assets. For a long time, the most popular types of content were art pieces, music, or videos. Digital miners are a little different. Each GoMining NFT represents a specific hash rate and energy efficiency in a physical data center that mines Bitcoin. So, by purchasing a digital miner, you essentially buy the corresponding power and take home the miner and the BTC it mines.
This system simultaneously makes use of the NFT technology and lets the tokens grow in value over time. It’s especially noticeable if we check out the most curious Digital Miner collection.
The Greedy Machines
That’s the name of the first limited Digital Miner collection, launched in 2022 by GoMining. At the time of writing, it’s impossible to buy these miners on OpenSea (the biggest NFT platform), which suggests that the owners aren’t eager to part with these miners. After having done some research, you can see that among GoMining users, the Greedy Machines miners are considered to be the most lucrative because their power is increased weekly for free.
There are only 5000 Greedy Machines.
If you think about it, this collection reflects the principle of NFTs very well: the tokens have actual value for the user, this value grows alongside the power, and there is the rarity aspect. It’s a perfect example of a non-fungible token that grows in price. Since it also mines Bitcoin, it’s more useful than a collectible and, thus, easier to sell.
The Greedy Machines might be sold out, but that doesn’t mean that there is no way to get a rare miner. Apparently, GoMining regularly releases new collections dedicated to holidays, special events, and so on. They all can be found on the website and bought through the GoMining app. But the detailed information requires registration.
The most recent collection is Christmas Limited Edition, and it’s also sold out (these miners really do go quickly), but it’s good to know that, according to the company’s social media, these miners can be won in raffles and contests.
Creating a New Miner
Everything you need to do to get into mining with this platform can be found in the GoMining app. Before downloading it, make sure you familiarize yourself with GoMining reviews, they can help avoid early mistakes. While the app is mostly intuitive, it takes some getting used to.
After you register, you need to claim your Bonus Miner. This feature is great for testing out the app and deciding whether it’s the right fit for you.
But after 5 days of trial, granted you like the app, you will have to create your own miner. Here’s where the GoMining reviews truly come in handy. More experienced users already know what works and what doesn’t, and can recommend a strategy.
There is enough technical information on the project’s website, it’s clear and concise. It gives you an overview of the main terminology and the choices you, as the miner owner, will have to make.
For instance, there are explanations behind the meaning of miner characteristics: it clarifies what hash rate is and how to manage energy efficiency. It’s all useful and relatively accessible, even for someone who’s never had to deal with these parameters. However, those who prefer a hands-on approach can benefit from trying out the mining calculator.
This feature lets you pick the parameters and see the approximate amount of mining rewards. You can set everything according to the price of the miner, and even check the expected BTC price, which helps to plan ahead. The calculator is available on the GoMining website.
There are also recommendations on how to maximize your income.
After you buy or create a miner, it immediately starts working. It also belongs to you, and you can upgrade or sell it whenever you like.
Miners can be sold on the GoMining marketplace or any NFT exchange.
Digital vs. Traditional Mining
In theory, digital miners are a great concept. Users don’t have to buy ASIC devices, set them up, and maintain them. It’s always an expensive endeavor and it doesn’t necessarily turn out to be as lucrative as expected.
Another option is to use cloud mining services. It’s a cheaper alternative and it also doesn’t require involvement from the user. Still, there are issues that may prevent you from diving into this type of mining. For instance, the minimum contract length is 12 months and there’s no trial period for the user to see if they like the service.
Needless to say, some cloud mining services turn out to be scams: they promise high mining rewards and then adjust the numbers so that payouts aren’t worth the investment. It’s something that hurts the whole market, but such is the nature of crypto mining, unfortunately, there is no way to know everything in advance, so we learn by trial and error.
But even if the service is decent, you hardly want to be dependent on the provider’s every whim because their success doesn’t mean anything for your income but their failures will certainly affect you.
Are Digital Miners Complicated?
Seems like one of the selling points of digital miners is their simplicity. It takes about two hours to get an understanding of what you’re doing in the app. In another two days, you can start developing your strategy and planning ahead. But none of that would matter if the platform doesn’t prove to be lucrative.
This is where I always look to the no.1 rule of crypto – DYOR (do your own research). You have to always check the available information about the project or service you’re interested in using. Which is also what I did with GoMining.
When I started researching GoMining, I saw plenty of comments stating that the platform is a scam because cloud mining always is.
Apparently, the company uses an entirely different approach. First of all, it’s quite transparent regarding the rewards: you pretty much get what you pay for. It’s also worth pointing out that the mining equipment belongs to you permanently or for as long as the GoMining platform remains active. Since you can sell your miner at any point, you aren’t tied to the company.
There are also comments that claim that buying a miner and making your money back isn’t possible. However, many users show more detailed data on how they managed to do so and turn a profit. So it’s more of a matter of approach; you have to know what you’re willing to invest.
There are good points in the reviews as well, like the fact that to maximize the rewards, the user still needs to visit the app daily, or that NFT’s reputation affects the first impressions negatively.
Conclusion
Starting crypto mining with digital miners is definitely easier than with traditional mining or cloud mining services. If nothing else, then simply because this way, users save time and money on physical miners or long contracts. GoMining also takes care of maintenance and electricity, deducting the fees from your rewards. This might sound questionable at first, but you can clearly see how much they deduct and when — all that is available in the app. The user’s headache is minimal.
Getting out of mining, if you choose to do so, is also very easy. So, after weighing the pros and cons, everyone can make an informed decision.
