July 16, 2024
With the Liquid Bitcoin Hashrate Protocol and New Tokenomics, GoMining Revolutionizes Mining
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With the Liquid Bitcoin Hashrate Protocol and New Tokenomics, GoMining Revolutionizes Mining

Liquid Bitcoin Hashrate coins are introduced in GoMining’s core update, GoMining v2, making mining available to everyone.

In the past, mining for bitcoins was a difficult procedure that was mostly reserved for experienced users and mining businesses. Due to fraud and a lack of transparency, previous attempts by other companies to democratize this process through cloud mining have failed.

The Liquid Bitcoin Hashrate tokens (LBH) are a solution provided by the new GoMining strategy to these problems. With the help of these tokens, users will be able to buy mining power as a kind of virtual asset.

The Liquid Staking story served as inspiration for the concept. It denotes that users are free to use the tokens that stand in for their locked stake in the network validator and to engage in mining.

This strategy takes into account the energy usage involved in Bitcoin mining. While the cost of electricity in mining Ether is small and not taken into account when calculating income, the cost of energy in mining Bitcoin accounts for a sizeable fraction of the BTCs that are mined.

As a result, electricity costs will be borne by Liquid Bitcoin Hashrate owners and will be openly taken from mining profits.

By facilitating easy accessibility, transparency, and democratization of Bitcoin mining, the Liquid Bitcoin Hashrate protocol does just that. On the Ethereum and BNB chains, the Bitcoin hashrate is represented as non-fungible tokens (NFTs), becoming a liquid and tradeable commodity.

The mining businesses that own and run the data centers where the tokenized hash rate is hosted and controlled are the service providers that offer these NFTs.

GoMining additionally introduces new Tokenomics by incorporating a distinctive token design that includes the Discount token, the burn and mint equilibrium (BME), and the “ve Token” governance mechanism.

This is done in addition to the innovative LBH introduction. Holders receive a variety of benefits from these three components. They can get governance rights for protocol administration and earn yield as rewards for governance. They can also get savings on electricity fees paid to service providers.

Key players in the ecosystem, such as service providers, VeTokenomics, NFT Marketing, and the GoMining Team, are randomly assigned new tokens as they are created by an algorithm.

The ecosystem’s sustainability is ensured by this equilibrium. The number of tokens destroyed and the total number of tokens minted are inextricably related. In the early epochs, fewer tokens will be created than burned, preserving a dynamic equilibrium throughout the protocol’s functioning.

Based on a governance incentive feedback loop, the VeToken governance model enables the protocol to match the motivation of token holders and governance participants with the long-term sustainability of the ecosystem. The ecosystem will continue to grow sustainably under this strategy.

The GoMining v2 release ushers in a new era in Bitcoin mining technology. GoMining is poised to usher in a new age in the mining industry with a stronger emphasis on accessibility, transparency, and yield alternatives.

This revolutionary update provides a roadmap for mining in the digital age along with the introduction of innovative Tokenomics.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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