GoMining unveils ‘Mine Now, Pay Later’ program to cut barriers for new miners
The Bitcoin-focused mining company, known for helping miners use resources through distributed channels, has introduced a novel “Mine Now, Pay Later” program to remove the traditional financial barriers to mining.
According to a press statement released by GoMining on Thursday, the new program will help users start mining immediately with just a fraction of the miner’s cost, while spreading the remaining payments over three months.
Much similar to the buy now, pay later concept used to buy goods in traditional markets, GoMining wants to help more miners who lack the resources to solve Bitcoin’s cryptographic equations by reducing upfront costs and simplifying payment schedules.
GoMining to offer mining resources after a 25% down payment
The Mine Now, Pay Later model requires users to pay a 25% down payment for a digital miner, with the balance distributed over monthly installments for up to 90 days. The program is structured to be interest-free, so the total payments will never exceed the standard miner purchase price.
Users can also pay off the remaining balance early if they wish, either by clearing the full sum at once or by prepaying upcoming installments. Once the first payment is made, miners begin generating Bitcoin, which GoMining insists they can “withdraw immediately.”
However, some advanced features like miner upgrades are only available after the full balance is cleared, and the miner will become fully transferable and tradable following a 90-day clearance period.
The payment model is embedded on Ecommpay, a global full-stack payment service provider for growing, mid-sized, and large financial firms. Miners purchased via MNPL are eligible for additional perks, including access to GoMining’s VIP program; However, the option is not available in regions with card restrictions or compliance limitations.
“Digital miners purchased through GoMining are virtual representations of physical mining equipment. Each miner corresponds to a specific unit of computing power operated within GoMining’s infrastructure across data centers in the US, Africa, and Central Asia. Ownership grants users the right to receive real Bitcoin output,” the company wrote in its statement.
Mark Zalan, CEO of GoMining, said the program would lift the weight of the heavy initial cost that new and small-scale miners have been facing.
“For many people interested in mining, the biggest barrier has always been the initial cost. Mine Now, Pay Later’ directly addresses that. It allows users to participate in the mining economy immediately while spreading the cost gradually and transparently,” CEO Zalan surmised.
Bitcoin mining profit margin below 50%, is it still worth it?
Bitcoin mining is not as profitable as it was a decade ago due to its rising network difficulty, and the energy demands of running competitive hardware that come with it. According to data from Coinwarz, the current Bitcoin difficulty is 152.27 T, with an expected adjustment to 149.04 T in late November.
The level of difficulty and operational costs has made solo mining largely unprofitable for individual operators, while institutional entities count about 41% returns from their investments in mining rigs and warehouses.
Last week, market analytics firm Luxor reported that Bitcoin’s hashprice has dropped to a five-year low of $38.2 per PH/s. A Hashprice is the expected daily revenue a miner can earn for each terahash per second of computing power.
Bitcoin’s network hashrate is also at near record levels, averaging over 1.1 ZH/s over the past seven days. The king coin’s market slump this week has dragged it down to around $91,000, 30% lesser than its October all-time high above $126,000.
A price pullback could cause a demand effect that could drive more miners to power up their rigs, which would cause the network to increase the difficulty to restore the 10-minute interval at the next adjustment.
GoMining CEO Zalan agrees it is “no longer profitable to operate on your own,” but it is still lucrative when done using shared resources as the company’s new program proposes.
“Our goal is to make Bitcoin mining accessible for regular people. We’re Bitcoin maxis, true believers in BTC, and we want to expand towards bringing other economic benefits on top of Bitcoin,” he said during the European Blockchain Conference held in late October.
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