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The notion of bitcoin cloud mining has recently been heavily criticized. What is cloud mining? Here's everything you need to know.

What Exactly Is Cloud Mining?

The notion of bitcoin cloud mining has recently been heavily criticized. The phrases “cloud mining” are frequently used to conceal pyramids and scam ventures that do little more than provide a website and advertising. And this isn’t only a Russian issue. The crypto industry is booming, and cryptocurrency investments are exceeding all profitability indicators. As a result, demand for mining has skyrocketed. Aside from that, there are additional projects that are actively being worked on.

Mining is growing popularity, and more and more people are attempting to become involved in it, which has resulted in some complications – miners have been experiencing issues with power usage, while hardware prices have skyrocketed. The GoMining project intends to solve all of these problems by developing a one-of-a-kind solution for miners.

GoMining has launched GMT, a native coin backed by computer power. The token allows its holders to mine Bitcoin every day, and GMT also functions as an asset. In contrast to traditional mining, token holders do not need to purchase mining equipment to mine bitcoin. With GMT tokens, there are no time constraints in mining.

Every week, the project’s creators add equipment and computational power, boosting token supply. The liberated capacity is then allocated among other tokens, with 20-90 percent of the new tokens incinerated. It enhances a GMT’s supply capacity, increasing miners’ pay.

Mining for Environmental Purposes

Critics have long claimed that mining computers operate virtually continuously and require a large amount of power, which is mostly generated by the combustion of coal.

One and a half months after launching this payment method, Tesla temporarily halted the possibility to purchase electric vehicles using bitcoin. The increasing rise of fossil fuels utilized in Bitcoin mining, according to the business, explains this. At the same time, Tesla has $2.5 billion in Bitcoins, which the company has vowed not to sell.

Elon Musk hopes to continue bitcoin operations after mining “switches to sustainable energy use,” but in the meanwhile, he is examining alternative cryptocurrencies.

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