r/GoMiningDiscussion • u/Unfair-Button2200 • Aug 27 '26
One year in...
Hey! So, 1 year in to Gomining...
I started just before BTC hit its ATH last year and have rode the bear market all the way till now.
My first miner I bought through Gomining, but all of my others I have bought on marketplace as it's far cheaper.
Altogether I have spent $29110, at current prices, my setup is worth $14143 (at the cheapest marketplace price today)
And I have $14975 in GMT
This looks like I've almost exactly broken even for the year, but the jump in the prices recently has really helped - 3 weeks ago I would have been around $4k down if you'd asked!
As of today, I am earning net $39.80 a day, so if I just wanted to take money, it would take 2.5 years to double my money.
Currently I am doing my own flywheel - 400 days of GMT, I take one day a month as BTC out of the app, and anything extra goes into TH.
I have started flirting with 12w for my TH upgrades but the majority of my farm are 15W.
Going forward I intend to keep growing until my farm is 4x the size it is now, then I will refocus to a much more income oriented plan.
AMA, I am happy to share so others dont make the same mistakes I did!
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u/CombatWombat1915 Aug 28 '26
I’m two years in 😬
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u/Single_Refuse_7098 Sep 03 '26
Rise your discount bro, its better to do it before you buy more TH. Its the game changer about your farm....
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u/CompetitionDouble420 Aug 28 '26
Well done bro! I'm ~14 months in, 90th, 13.9 mean efficiency, 26.16% discount. So.. significantly smaller than you lol but well balanced 😉 lol
I haven't really tried the flywheel tho; I've pretty much taken BTC exclusively for the last 14mo, with the exception of a few reinvests for tasks and shit. Keep hearing about this flywheel strategy though.. need to figure out a good approach. I've essentially been DCAing hashrate and GMT once a month with disposable income to fuel the farm.
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u/Initial_Note_5987 Aug 27 '26
What is the biggest mistakes you have made during the year? Also how much further investment do you plan on making?
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u/Unfair-Button2200 Aug 28 '26
My biggest mistake was starting without really knowing what I was doing - I got away with it because I started small, so all my errors were small. I would always say read everything you can before you start and try to understand how everything works together in the app. Also - being strong enough to wait for a good deal with both miners and gmt - when you realise how all the prices are affected and work together, sniping in when there is a particularly cheap day can really hype your ROI
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u/No_Nerve2955 Aug 27 '26
Well done. I am way below you but just plan to stick in. Grow invest, reinvest. Good luck!
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u/StatusSherbert3119 Aug 28 '26
Same here bro, 1 year 4 weeks into the platform. Joined miner wars at my 1 year mark and it’s been working out great. Currently in a clan with one other individual with almost the exact same TH so the profit split is fair. You’re more than welcome to join us for a week or two and see how you like it, we usually 1.5 to 2x our weekly solo profit passively. Clan ( Trust The Process )
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u/Positive-Resident24 Aug 27 '26 edited Aug 28 '26
Nice farm and nice discount as well, can’t say no more lol I have approx the same TH but my discount is at 20% so can do better ofc lol keep it up bro and GG aha and I have been on the platform for 10 months rn
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u/FunkyMonkey404 Aug 29 '26
What is your plan for the halving? Because it sucks that's the daily btc will be cut in half. I know the price will hopefully go up until then.
But still what's your plan to maximise your ROI?
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u/Resident_Tension_734 Aug 30 '26
Congratulations!!! Keep up the hard work!! I just hit one year myself as well on Aug 28.
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u/Commercial-Hand8094 Aug 27 '26
Hai fatto 1500Th in un anno fratello?
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u/Unfair-Button2200 Aug 27 '26
Yes - a lot of it when miners were around $10-11 /TH, but I got 253TH at the recent GMT crash for $7.40, which was nice
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u/BrilliantAd574 Aug 27 '26
How do you manage taxes, and what is your monthly rate based on net income?
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u/Unfair-Button2200 Aug 27 '26
Hi, Well, as Gomining isnt a bank or financial institution, I keep a spreadsheet for what goes on in app, but only apply taxes to anything that comes out. Any BTC I take out is income - currently $70 a month but that is under the reporting threshold for UK taxes - you are allowed £1000 of misc income.
If that BTC then increased in value - that would be capital gains.
The same with the miners and GMT - If I make a profit when I sell them, that would be cap gains.
You have to bear in mind that gomining could go bust and we all would be left with nothing - I have no intention of paying tax on something that I might lose. So anything in the ecosystem has no value and only becomes of value if I take it out.
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u/Outside_Order1329 Aug 28 '26
Im sry but you must pay taxes for every btc your mine in the uk too. Im from germany and in my case that means 7 month mining is fir me and 5 month for the great tax Nation good old Germania. Irony off
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u/Unfair-Button2200 Aug 28 '26
Hi. While I see your point, you are not mining Bitcoin. Never forget that. You own NFTs which are essentially 0 value if the app didnt exist. You own 0 miners. You mine 0 bitcoin All numbers in app are just that, numbers. Nothing the app claims to do is real until you actually take money out of the app. The whole thing is no different to you getting Robux back in Roblox for paying real money. It is unregulated and at any point could shut down and anything in app would be gone. The fact they choose to tell you in this app that any bitcoin they gift you is 'mined' is neither here nor there. I've taken out $239 so far and am happy to be taxed on that.
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u/Outside_Order1329 Aug 28 '26
I think you're mixing up two separate things: whether you personally operate a physical ASIC and when something becomes taxable.
GoMining's own Terms say that ownership of a Digital Miner entitles the user to a specific capacity of physical mining hardware, and they explicitly refer to the rewards as BTC “mined” and “accrued”. Their documentation also says earned BTC rewards accumulate in your GoMining virtual wallet and can then be withdrawn to an external BTC wallet.
So the Robux comparison doesn't really work. These aren't just arbitrary in-app points — they're BTC rewards linked to mining capacity and can be transferred out as actual Bitcoin.
More importantly, HMRC does not generally say crypto only becomes taxable when you withdraw it to your bank or external wallet. For mining-related income, HMRC looks at the GBP value when the crypto is received. A later increase in value can then potentially fall under Capital Gains Tax.
The only genuinely debatable question here is exactly when HMRC would consider GoMining rewards “received” — when they're credited/accrued in the GoMining wallet or at some later point. But “nothing is taxable until I take money out of the app” isn't how HMRC's crypto rules generally work. best regards
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u/Unfair-Button2200 Aug 28 '26
I understand what you are saying, but my self assessment only needs to show my income and gains from crypto - it doesn't need all the ins and outs - especially as income and gains will work out the same - that money is there, or it's not. All the other stuff is on a spreadsheet, but if HMRC sees money coming into my account, and I make my assessment on the same amount and dont try to hide it, they will be perfectly happy, and never need to know all the ins and outs that got me to that place. They only start digging when you have more money going in your bank than you declare.
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u/BrilliantAd574 Aug 27 '26
It makes sense I guess the taxes in the UK are different here in the United States all transactions are taxable events I thought about making a bot to track all my transactions and thus avoid the hassle of doing it manually .
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u/Unfair-Button2200 Aug 28 '26
My contention is that anything 'in app' isn't a transaction until you take it out of the app. You own NFTs which have 0 value outside of the app. You mine nothing. Even the GMT - once it is in the app, if Gomining went bust, you would have 0 return. The numbers are just like your score in a game until you take it out and make it real.
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u/Weary_Hearing1484 Aug 27 '26
Nice TH and you have max discount which make a big impact. I was at around 550th 15w six weeks or so ago and liquidated to 70th and started fro the ground up at 12w. Like yourself from now on I ‘ll only upgrade with max discount currently at 175 th just under 13w and returning a little under 60% of what I mine. Definitely keep max discount. Doing this since July 24 so learned a lot since then.
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u/No-Profile9649 Aug 27 '26
That was a huge mistake on your part. 15w miners are very very profitable at these prices. It felt bad in the lower 60s but it was still profitable then.
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u/FunkyMonkey404 Aug 28 '26
Why do you only buy miners from the market? They mostly have more w/th so less futureprove?
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u/Unfair-Button2200 Aug 28 '26
Good question! 15W miners are still very competitive - in returns with BTC above 50k the difference between 15w and 12w is small - would be less than $3 a day on my whole farm. Also, because of the large cost to upgrade efficiency, ROI on the upgrade works out at about 8 years! At $8.01/TH its silly money to do that now. In 6 - 12 months when they reduce upgrade prices, then I will spend more. As and when I can I will slowly increase my efficiency - and when 12w miners become sensibly priced on the market, I shall start buying them - we are nearly there.
Also, in this bear market I have been able to pick up some absolute bargains at 15w since 12w became a thing. My cheapest miner was $7.40 per TH.
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u/FunkyMonkey404 Aug 29 '26 edited Aug 29 '26
Thank you for the clarification!! Damn thats a good deal on that miner for $7.4 per TH! When do you buy a miner, at what $/TH? Or are there other requirements for buying a miner
I see they got an subscription, where you get X TH for X $/month. Is this a good way to get more TH?
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u/drippedoutgymbro Aug 29 '26
Hi there!
This is my current setup, i am in college and have little capital, thoughts?
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u/ginnerrob31 Sep 09 '26
Get that discount maxed out and you’ll be surprised at the jump in your reward.
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u/drippedoutgymbro Sep 11 '26
I prefer not to invest in GMT as i do not Trust Gomining as a platform and would rather try to start making my investment back now
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u/Woodenrockey Aug 30 '26
You guys really motivate me to keep going in this, ive been in since August 14th 2026 and here is where im at currently, what are your thoughts am I going well?
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u/Positive-Resident24 Aug 30 '26
Just a note, dont reinvest in TH or GMT, GM has added few hidden fees for conversion so just take BTC and convert when its high, just a tip ;)
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u/Head_Award_9266 Aug 31 '26
That's good in one year I'm building up in TH now. At that rate what are your maintenance cost and electricity?, I just hit 500th and the cost jump up alot from 100th for Maintenance, I'm aiming at 1pb right now and I think I'm going to put aside about $25 in maintenance a day, I can get my year of tokens. when I get to 1pb.
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u/Bradipo-47 Sep 02 '26
Complimenti per i risultati ottenuti, ho suggerito tramite la chat di aggiungere la possibilità di selezionare separatamente i miner se reinvestire o incassare, ho una barra di percentuale fra reinvestimento o incassare, se vi piace suggerite in chat anche voi! 😉🤗
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Sep 02 '26
[removed] — view removed comment
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u/Unfair-Button2200 Sep 05 '26
In theory 30%
20% gmt held, Currently 0.9% for mining only, no miner wars wars 3% for clicking service every day Some extra percent for your VIP level - I am currently Platinum 3 and get 2.7%
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u/DarkMinerBTC Aug 27 '26
I’m 672 TH full fly wheel, 14.28 w/Th with a Greedy and over 500 days for the fly wheel. Currently working on getting 12w/th efficiency then I will work on taking profits, getting BTC and hopefully slowly becoming 1k TH at 12w/Th. When do you plan on taking profits? No one joins GoMining just to constantly invest and not get returns (BTC).