I've been revisting Gomining for the last month and have been various experiments as I upgrade and figure out the best way to grow my farm.
Gomining is a popular cloud bitcoin mining company with data centers around the world hosting bitcoin asic miners. I checked it out a year or two ago, but never really got into it. Recently I started to heavily get into it as another way to grow my bitcoin stack.
If you want to check it out, you can use my code to get 5% more power if you get a miner within the first 30 days. https://gomining.com/?ref=GGBCWPU
Starting out
I started out getting a single 64 TH miner, which is a pretty big start compared to most I suspect as it costs around $1500. You also need to have their token in your wallet if you want to reduce the electricity and service fees. Since you can get up to 30% discount, this is highly encouraged. I believe I initially deposited around $3,000 to get a miner and maximize my discount.
Anytime you purchase a new miner, or upgrade your existing one, you get raffle tickets in the current raffle. In the first week, I won the first raffle I entered within a 64 TH miner. I consider this extremely lucky and I haven't had such luck in other raffles, despite spending a lot more.
I immediately upgraded both miners from 20 watts to 15 watts. This dramatically reduces electricity fees and increases your ROI for a upfront cost. Seeing as I plan on leaving the miners going for years, doing this now I considered my best move.
At this point I started to look at the secondary market to pick up another miner at a discount. I found another 64 miner which I later upgraded to 186TH. I later regretted this as I will explain later when I talk about my greedy miners.
For the first week, I was solo mining, which gives you a predictable daily btc yield with the only real variable is the price of bitcoin affecting how much it takes to pay the fixed USD value of electricity and service fees. I pay in their GMT token for the 20% discount, which is still sensitive to bitcoin price.
At this point i was earning about $12/day and could just leave it running for the next few years until halving. I gave it about 7 days, then I started to look into Miner Wars, the alternative way to miner bitcoin with your virtual asic miners.
Miner Wars
You can freely switch between "Solo Mining" and "Miner Wars" in GoMining. I heard you can earn as much as 200-1000% more rewards in Miner Wars, so I wanted to give it a go.
I started with joining another clan, and did that for a week. I used boosts occasionally to increase our odds to win a block. At the end of the week, I made roughly what I would make solo mining.
For the next week, they remade their clan and I joined them in the new clan, but decided to only go passive. Just earning whatever blocks I would get without buying boosts. This week I did roughly the same net outcome of the previous week, but since we were the #1 clan, we moved on the horizon.
This week, we did ok, I got two solo blocks which compared to the Dune league are worth 10x more. This put me at roughly 140% normal solo rewards. I also started to aggressively upgrade my fleet of miners. At this point I started to look for a greedy miner.
Greedy Miners
Greedy miners are the first collection GoMining released that has a unique feature that gives them free power upgrades each week. The amount the miners are upgraded varies, but is currently around 0.16% each week, or another 8-9% year. I wanted to get my hands on a greedy, but they are extremely hard to come by without paying a premium.
You can find them at very high power levels (TH) for a reasonable price albeit still at a premium, but the smaller ones the price per TH goes through the roof.
For example, you can create a new miner directly through GoMining for $21/TH on the second hand market you can buy them for around $18/TH. Greedy start at around $24/TH and can easily get over $100/TH for the smaller miners.
The cheapest 15W greedy right now sorted by $/TH is almost $25/TH.
A small one however is $110/TH.
The ideal strategy is to snag a small greedy, then buying upgrades to increase the size. This allows you to upgrade at a lower $/TH while making VIP levels and earning raffle tickets. The problem is, there are no new greedys and this has been done a lot of times already, so the supply is really limited.
I did however find a really good deal for a $4300 greedy that was only $22/TH. Unfortunately it was purchased before I manage to get my deposit to clear. I did however get one for $21.65/TH which is still a great deal, but it was a much larger upfront cost. This didn't qualify me for VIP levels or raffle tickets, but gave me the best return potential on my investment.
The way greedy miners work, is each week they increase by a set % based on governance vote, but this % if based on the current size, so larger greedy miners will get the best benefit from this. Knowing this I have been focusing on increasing my greedy to get the best value of these upgrades. I also have been looking for under priced Greedys on the secondary market to buy up and hold until we get near bitcoin all time highs and I can sell them with a few free upgrades while mining with them at the same time. So far I managed to get one at a really good deal and got one free week of upgrades already. Last week I got roughly 4 TH of upgrades for free, this would cost around $88.
I have since done even more upgrades and I expect 5-6TH this week.
Going back to miner wars, two weeks ago I started my own clan, and it was going ok, not great. It looks like I was keeping even with solo mining, but without a lot of people boosting and more people, we were just under the top five. I reached out to the #1 clan in our league and decided to merge on the final day of the week. This clan was #1 so they moved to the horizon league this week which I have been with them since.
This week hasn't been great, unless we get a lot of blocks in the last few days, I think I will move to another clan or just go back to solo mining. A lot of people have complained about this week and I think there is just too many clans over boosting making competition for blocks a lot harder this week. Possibly because people are on vacation and have more time to focus on it.
I primarily only wanted to passive mine, I don't want to sit around watching the game and trying to beat people boosting all day. I don't mind doing it while I am on my computer watching the market, but I don't want to depend on that for an ROI. I haven't decided what I want to do at this point, but my farm has grown significantly. I currently mine about $114/day of bitcoin with about
50% of it being fees. I do however have a significant amount of tokens locked up, the yield from this lock pays about 85% of my fees. All said in done, I am making almost $100/day with my current farm in solo mining, but it various when doing miner wars and still need to decide my best position.
All and all it is a unique spin on stacking sats. I went pretty aggressive in it and only time will tell how it plays out. Been raffles, greedy free upgrades, sweeping the floor of under priced miners, and my lock, I think I will hit my ROI sooner than most. But I am still trying to figure out if Miner Wars is for me. I think the best strategy in miner wars is to have very little power and just aggressively buy boosts. It seems half of the top clans have very little power and use this strategy. With larger players having to buy a lot of power as well as aggressively boost is not what I want to do so I might settle for the predictable return of solo mining and focus on taking advantage of under priced miners on the market to get my ROI time table down.
If you want to check it out, using my referral link will get you more power.
https://gomining.com/?ref=GGBCWPU
I am debating if i want to try another clan in Dune league, keep trying to make horizon league work, or just solo mine. The league ends on Tuesdays and I will know then how I did this week. We have a few Hive users in our clan already.
Update
Just hit a 32x block, which is over $1000. This more than covers what I would have made solo mining (~$790). So I'm going to stick with Miner Wars for another week and see how it goes. I'm not going to boost as often though and see how it goes passively.
