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Gomining

The design of GoMining token combines a Discount token, a modified version of the burn and mint equilibrium (BME) [2] [3], and ve Token (voter escrowed) governance model [4].

The GOMINING token has the following functions within the Gomining ecosystem:

Discount token for electricity payments. NFT hashrate owners are required to pay electricity and maintenance costs, which are deducted from BTC mining revenue. By using the Gomining token for power/maintenance payments, users receive a 10% discount and continuously mine more bitcoins.

Protocol governance. Users participating in Gomining governance can vote on proposals, influence protocol management, and most importantly - Gomining rewards distribution to the community of NFT owners and GameFi activities. Participation in governance requires locking tokens into a veGMT contract, which works identically to the well-known veCRV (vote-escrowed Curve contract).

Users who lock Gomining tokens in a vote-escrow (ve) contract receive (1) votes and (2) stake rewards. The longer the lock, the greater the number of votes and shares in the reward distribution for a given number of locked Gomining tokens.

In addition to the Discount Token Utility and Governance Utility, token holders can upgrade the hashrate and energy efficiency of their Liquid Bitcoin Hashrate positions using Gomining tokens.

The Gomining token uses the burn-and-mint equilibrium model (BME) to circulate within the ecosystem. It works as follows: all tokens paid by users for electricity/maintenance costs and some other activities are burned, and immediately, new Gomining tokens are minted by a smart contract.

The burning and minting process is based on epochs and minting coefficients. Each epoch has a number of tokens to be burned and minted according to a certain mining coefficient that increases from epoch to epoch. The total number of Epochs is 20, here we share some highlights:

• Epoch 0: 10,000,000 tokens burnt, 8,000,000 tokens minted, 0.80 coefficient
• Epoch 1: 20,000,000 tokens burnt, 16,200,000 tokens minted, 0.81 coefficient
• Epoch 2: 30,000,000 tokens burnt, 24,600,000 tokens minted, 0.82 coefficient
• ...
• Epoch 17: 750,000,000 tokens burnt, 727,500,000 tokens minted, 0.97 coefficient
• Epoch 18: 1,345,762,000 tokens burnt, 1,318,846,760 tokens minted, 0.97 coefficient
• Epoch 19 (the Final Epoch): the infinite number of tokens can be burned and minted with a 0.99 coefficient

The minted tokens are distributed to: 

• Service Providers (hashrate NFT issuers) for compensating their electricity/maintenance costs (65%)

• Governance stakers (20%)

• Rewards and incentives for the NFT owners and GameFi activities (10%)

• The team (5%)