My GoMining Strategy
Here’s a summary of my strategy and thoughts, after 5 months of GoMining.
-Prioritize efficiency: I only buy 15 W/TH miners. Currently I’m at 150.72 TH and earn around 7000 sats per day.
-Maximize the discount: I’m aiming to maintain a minimum discount of 20%. Currently, I’m at 26%. To get to this level, I’ve had to put my “bitcoin-only” ideals aside, and purchased the GoMining token (GMT) and did the lock up. I’m locked in for 4 years, which is when I’ll reassess my situation and decide if I want to continue GoMining or if I should start thinking about cashing out my GMT and BTC and selling my miners.
-This is an ecosystem that demands some attention. I’ve been doing everything I can to optimize performance. I watch all the videos, click the maintenance button every day, etc.
-Referals are surprisingly high-reward.
-I prefer Mining Mode for consistency. The Miner Wars game can be exciting, and I’ve had some luck with it, so I might jump in and out to mix things up once in a while.
-The upside of GoMining for me is that it’s a fun way to earn bitcoin, and appears to potentially be more profitable than running actual miners with a mining pool at home.
The potential downsides: 1) My overall profitability will heavily depend on the price of GMT in the future. 2) I’m breaking my own rule of “not your keys, not your coins.” There is always a small chance that the operators of GoMining would rug pull everyone or just go bankrupt, similar to Blockfi and other seemingly reputable companies did a few years ago. 3) I am a bit concerned about how easy it will be to sell my miners to re-coup my investment in the future. Future liquidity could be an issue.
With all of this in mind, my overall strategy is to have fun with GoMining, try to maximize profits, but not invest too heavily due to the potential risks noted above. For this reason, GoMining represents a very small portion of my overall bitcoin stack, which is mostly locked up in cold storage for the long term.
I’d be happy to hear about your thoughts - what do you think of the strategy, and are there any other risks I should be aware of? Cheers!