WEBVTT Kind: captions Language: en 00:00:05.360 --> 00:00:06.480 Hello again! 00:00:06.480 --> 00:00:09.440 Welcome to Lesson 2 of our GoMining Basics Course! 00:00:09.440 --> 00:00:14.000 In the previous lesson, you learned about the  GoMining ecosystem, our goals and mission at   00:00:14.000 --> 00:00:19.040 large. Now it's time to zoom in and learn more  about our ecosystem products and features. 00:00:19.040 --> 00:00:20.880 In this lesson, you'll learn: 00:00:20.880 --> 00:00:24.800 About traditional Bitcoin mining and  why it is out of reach for most people  00:00:24.800 --> 00:00:28.400 How digital miners simplify  the process and remove barriers  00:00:28.400 --> 00:00:32.160 And about the benefits and trade-offs  of digital mining in the real world  00:00:32.160 --> 00:00:33.360 
Let's dive in! 00:00:33.360 --> 00:00:38.240 Traditionally, becoming a Bitcoin miner meant  purchasing expensive equipment - often thousands   00:00:38.240 --> 00:00:42.960 or even millions of dollars upfront.  
Then came the not-so-obvious costs:  00:00:42.960 --> 00:00:45.280 electricity, location setup,  00:00:45.280 --> 00:00:48.000 heat management, never-ending maintenance,  00:00:48.000 --> 00:00:50.560 and security 
Even worse? The   00:00:50.560 --> 00:00:54.960 moment your hardware fell behind in energy  efficiency or hash rate, you started losing   00:00:54.960 --> 00:01:00.000 money. And good luck selling used ASICs, as  they depreciate faster than smartphones.
  00:01:00.000 --> 00:01:06.240 This legacy system left mining to the "big guys" -  corporations, institutions, and wealthy hobbyists.   00:01:06.240 --> 00:01:11.280 The average person had no reasonable entry point. 
It's no wonder many think mining is:  00:01:11.280 --> 00:01:14.800 Too expensive Technically complex and overwhelming  00:01:14.800 --> 00:01:17.920 Inflexible and not liquid 
Although Bitcoin was created   00:01:17.920 --> 00:01:22.640 with a premise to democratize finances,  somehow, sadly, Bitcoin mining became   00:01:22.640 --> 00:01:28.080 a synonym of big risks and big costs, and it  made many people think "Mining isn't for me."
  00:01:28.080 --> 00:01:32.160 The New Model: Digital Miners Now imagine this instead:
  00:01:32.160 --> 00:01:36.080 There are several large-scale facilities  across the globe, housing hundreds or   00:01:36.080 --> 00:01:40.240 even thousands of high-powered ASICS.
 To become a part of it and start mining,   00:01:40.240 --> 00:01:45.040 you don't need to buy a whole farm or even  a whole ASIC machine. You can start small.   00:01:45.040 --> 00:01:49.840 You buy a share of it, even as small as one  terahash, represented as a digital miner,   00:01:49.840 --> 00:01:55.200 just to make it easier to visualize. 

It's backed  by real hash power in a secure, professionally   00:01:55.200 --> 00:02:00.320 managed data center. It's uniquely yours, and  it mines Bitcoin on your behalf every day.
  00:02:00.320 --> 00:02:03.520 And the best part is that you don't  have to worry about equipment repairs   00:02:03.520 --> 00:02:08.880 or downtime. Or about having to choose the best  equipment or making complicated calculations.
  00:02:08.880 --> 00:02:12.720 And if you ever want to exit? You can  sell the miner on a marketplace - just   00:02:12.720 --> 00:02:15.280 like any other asset. This is what GoMining   00:02:15.280 --> 00:02:20.240 has been bringing to the world and excelling at.
 Here's the breakdown of how it works in detail:
  00:02:20.240 --> 00:02:24.320 You own your digital miner: You bought it  and it's always yours. And it's not only   00:02:24.320 --> 00:02:28.960 us saying this to you. Each digital miner  is a unique NFT tied to a specific amount   00:02:28.960 --> 00:02:34.880 of hash power (from 1 to 5,000 terahashes) the  ownership of which is confirmed by blockchain.
  00:02:34.880 --> 00:02:38.160 Energy Efficiency is Built In:  You can choose miners with higher   00:02:38.160 --> 00:02:43.760 efficiency to maximize your daily rewards.
 Passive Bitcoin Rewards: Bitcoin is mined and   00:02:43.760 --> 00:02:48.880 sent to your account daily, while electricity and  maintenance costs are automatically deducted.
  00:02:48.880 --> 00:02:53.840 Fully Liquid Asset: You can sell your miner  peer-to-peer whenever you choose. We even built a   00:02:53.840 --> 00:02:58.000 whole marketplace for you to do it seamlessly.
 It's a user-friendly model where you own the   00:02:58.000 --> 00:03:01.360 miner, and we manage the mess. 
Downside 00:03:01.360 --> 00:03:05.920 As we all know, no system is flawless -  and digital mining isn't an exception.
  00:03:05.920 --> 00:03:09.360 When it comes to Bitcoin mining with  GoMining, there are some clear strengths   00:03:09.360 --> 00:03:13.840 and a few trade-offs to keep in mind.
 Let's have a fair look at both sides.
  00:03:13.840 --> 00:03:18.560 One of the biggest advantages is accessibility.  You don't need to spend thousands of dollars on   00:03:18.560 --> 00:03:23.840 specialized hardware just to get started. Instead,  you can begin with a much smaller commitment.
  00:03:23.840 --> 00:03:27.680 And a trade-off is that while the platform  makes things easier, there's still a bit of   00:03:27.680 --> 00:03:32.000 learning upfront, especially for people  who are brand-new to crypto. 

Luckily,   00:03:32.000 --> 00:03:36.400 we got you here and you can learn more about  Bitcoin in our Bitcoin and Mining Course.
  00:03:36.400 --> 00:03:40.240 Another strength is that everything  runs on fully managed infrastructure.   00:03:40.240 --> 00:03:42.960 That means you don't have to  worry about setup, cooling,   00:03:42.960 --> 00:03:47.440 or maintenance - it's all handled for you.  And if you ever decide mining isn't for you,   00:03:47.440 --> 00:03:52.000 you can even sell your miner at any time.
 But like any activity tied to Bitcoin,   00:03:52.000 --> 00:03:57.840 mining is still subject to price volatility. When  Bitcoin's price moves, your rewards move with it.
  00:03:57.840 --> 00:04:03.440 Energy efficiency also varies between miners, so  performance isn't always the same. 

But GoMining   00:04:03.440 --> 00:04:08.400 lets you upgrade your equipment over time to stay  competitive and more profitable. Additionally,   00:04:08.400 --> 00:04:13.520 you can even save up to 20% on maintenance  fees if you pay with GoMining's utility token.
  00:04:13.520 --> 00:04:18.320 To sum up, things in the Web3 world might  sound tricky at first. But here's the thing:   00:04:18.320 --> 00:04:22.240 knowledge levels the playing field.  With the right understanding and tools,   00:04:22.240 --> 00:04:26.480 everyday users can now participate in  Bitcoin mining without the old hurdles.
  00:04:26.480 --> 00:04:30.160 And the best way to tap into that  opportunity is to start informed - grounded   00:04:30.160 --> 00:04:34.480 in the basics and clear on the trade-offs.
 We don't want you to dive headfirst without   00:04:34.480 --> 00:04:37.360 understanding how it all works.
 We want you to take your   00:04:37.360 --> 00:04:42.000 time and learn before you leap.
 Here's a simple 3-step framework to start smart.  00:04:42.000 --> 00:04:44.080 
Step 1.
 To begin with,  00:04:44.080 --> 00:04:47.440 Watch GoMining Academy's  explainer courses and videos  00:04:47.440 --> 00:04:50.320 Read our whitepaper Join the community on Discord   00:04:50.320 --> 00:04:54.880 or Telegram for real-time Q&A

 Step 2. Start Small and Get a   00:04:54.880 --> 00:04:58.240 Feel of your Daily rewards: Activate your Bonus Miner or   00:04:58.240 --> 00:05:04.000 Buy a small amount of terahashes first (for  example 10-50 terahashes) to get familiar  00:05:04.000 --> 00:05:07.920 Test your setup and monitor rewards Understand how energy efficiency   00:05:07.920 --> 00:05:12.160 impacts your returns 
Step 3. Use Tools for Leverage
  00:05:12.160 --> 00:05:15.440 Pay maintenance costs in  GoMining tokens to get discount  00:05:15.440 --> 00:05:20.320 Consider upgrading your miner over time and  calculate how it's going to affect your rewards  00:05:20.320 --> 00:05:23.440 Track your rewards using  GoMining dashboards or app  00:05:23.440 --> 00:05:29.040 
With us, you don't need to be a tech genius. You  don't need to sink $10,000 into an ASIC farm and   00:05:29.040 --> 00:05:32.000 hire experts to keep it running.
 You just need to reframe   00:05:32.000 --> 00:05:35.600 what mining looks like today.
 GoMining digital miners give you access   00:05:35.600 --> 00:05:41.280 to the same reward mechanisms as traditional  mining - with far fewer barriers. You own it.   00:05:41.280 --> 00:05:48.240 You earn daily rewards. And it stays liquid.
 No loud machines. No warehouses. No headaches.
  00:05:48.240 --> 00:05:54.480 Just a smarter, more flexible way  to mine Bitcoin in the modern world.