Even though many influencers advocate the mining solution, GoMining’s actual profitability raises more questions. While in my previous article, I indicated that it was possible to recover one’s funds after 3 to 4 years, now, the investor will likely have to suffer dead losses. It is even impossible to recover one’s initial capital, and I demonstrate this:
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Reminder: Mining profitability is not linked to the Bitcoin price
An essential point to understand is that to assess the profitability of a mining investment, it must be decoupled from the Bitcoin price. To see this, invest in mining and compare the return on that investment to the return on a Bitcoin purchase.
If you don’t make this distinction, given Bitcoin’s extremely high volatility against the euro or the dollar, it won’t be easy to assess the actual value of your investment.
Analyzing the profitability of a mining investment
In the case of mining, once the currency effect is set aside, measuring an investment in a mining solution such as GoMining should be simple:
- Investment: What you initially spend (measured in Bitcoin).
- Gains: The cumulative number of satoshis (the smallest unit of Bitcoin: 1 satoshi = 0.00000001 BTC) earned.
For the investment to be profitable, the gains must exceed the investment.
A gradually decreasing profitability
As mining difficulty increases over time, Satoshi production must decrease. This decrease is approximately 1% per year. In the Excel spreadsheet used as a basis for analysis, this rate is defined as a variable.
Fatal blow: the removal of the Miner Bonus after 20 days
Yet another misunderstanding: the Miner Bonus granted upon account creation is deactivated three weeks later. Consequences: Instead of earning 445 satoshi per day, the daily gain is now only 260 satoshi, a 41% decrease.
To reactivate this Miner Bonus, it would be necessary to reinvest more in maintenance via the GoMining token—something I refuse to do.
A testimony from a GoMining victim:
“I bought a 16th 16w miner in June from GoMining and reinvested all my earnings every day. I can confirm that even reinvestment isn’t enough to compensate for the mining difficulty. Rewards are constantly decreasing regardless of the BTC price, and the payback period keeps getting further away (2 years, 3 years, then the halving, so 6 years). In the meantime, the miner isn’t mining and is worthless, making it impossible to resell. GoMining strongly encourages you to continue reinvesting your money to stay ahead. Don’t get involved.”
To boost your profitability, GoMining invites you to spend more
Some examples of incentives to spend more:
| Daily service | Click the “Service” button in-game every day to unlock up to 3% off maintenance. |
| Save up to 20% on service with GOMINING! | Keep more GOMINING tokens in your account to get bigger discounts—up to 20%—and benefit from 360 days of service to get the maximum 20% discount. |
| Improving energy efficiency | Increase your miner’s efficiency to reduce your maintenance fees and earn higher rewards every day. |
All the options offered are designed to make you spend more, while complicating the analysis of the real return on investment.
GoMining: a solution that is more like an online game or a poker room
With an interface similar to that of a video game, everything is done to hide the real profitability. In fact, the mining solution is even presented as a video game in the “Miner Wars” series. GoMining has all the hallmarks of a solution designed to generate addiction among an unsuspecting young audience, to encourage them to spend more.
New update on GoMining’s profitability
| Decline in monthly profitability | ||||
| Number of months to obtain reimbursement of capital | 0% | 0.50% | 1% | 2% |
| 36 | 79 | Loss of capital | Loss of capital | |
| Years | 3 | 6.6 | ||
The return on investment — the number of months to recover your capital —is 36 months if the miner’s performance does not decline. If it declines by 0.5% (low assumption).
Beyond that, you experience losses on your capital. In any case, the performance is abysmal, even in the 0% scenario.
And the PONZI effect continues with influencers
As mentioned in my previous article, influencers like Victor Ferry actively promote the GoMining solution. Still, their promotion has no objective other than to increase their profits through a promotional code. Ordinary investors will never have this opportunity due to a lack of awareness.
What’s next for GoMining?
The goal has been to demonstrate GoMining’s total lack of profitability and to provide information. I will ask them to reimburse me for my initial investment, and if they don’t, I will pursue administrative and legal action.
There are indeed all the necessary elements to prosecute GoMining and its directors, and to prohibit its activities in Europe.
Two authorities have jurisdiction in France: the Financial Markets Authority (AMF) and the General Directorate for Competition, Consumer Affairs, and Fraud Control (DGCCRF).
If there is no prompt and positive response, two registered letters will be sent to these two authorities.
Video: GoMining – Scam in disguise or legitimate mining solution? My unfiltered analysis
Download the Excel file that allowed me to analyze the GoMining solution
It’s here:
Frequently Asked Questions (FAQ) about GoMining
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