Although there is a great deal of interest in mining, the high cost of the machines, the technical knowledge required for setup and maintenance, the physical space requirements, and the need for generators and cooling systems make it difficult for individuals to get into.

Goofy Gophers Mining Club offers a solution to the inaccessibility of mining by using different types of ASIC miners to mine multiple coins (irrespective of the chain).

The Goofy Gophers Mining Club aims to make mining fun and accessible for everyone with the community's help. In addition, they aim to promote industry advancements in areas such as renewable energy sources and "utility NFTs."

A portion of all mined rewards will go to a cross-chain community treasury, which GGMC will utilize to find quality projects across the cryptocurrency industry.

Through the burrowing (staking) of a Gopher (NFT), holders will have access to potential rewards from mining activities and the Kingdom Treasury, which will be distributed in $ADA.

The pre-sale of Gophers went live on 16 October 2022, and the public sale (mint) of 8,888 Goofy Gophers will begin on 11 March 2023.

What are ASIC Miners?

ASIC stands for Application-Specific Integrated circuits. ASIC miners are computerized devices that use ASICs exclusively for the purpose of "mining" digital currencies. Each ASIC miner is designed to mine a particular digital currency. so a bitcoin ASIC miner can only mine bitcoins. Essentially, bitcoin ASICs are specialized bitcoin mining computers that have been optimized to solve the bitcoin mining algorithm.

● mining with ASICs is a computerized process that uses them exclusively for mining bitcoins or other cryptocurrencies

● ASICs are generally designed to perform a single function or set of related functions

● blockchain data is added to the chain by bitcoin miners through reviewing and verifying previous bitcoin transactions.

The Goofy Gophers Mining Club Mining Operation

The Goofy Gophers Mining Club will invest 90% of the income from the mint into ASIC cryptocurrency miners. This will be put on the project's next-generation farm, which went live in Q4 2022.

The remaining 10% will be used to develop the project. With their scale, the team was able to negotiate a great fee structure with their partner farm.

Similarly, they have secured very competitive wholesale rates for the miners due to their extensive network which has been built over several years.

GGMC is the first mining club to mine multiple coins simultaneously; namely, bitcoin, kadena, litecoin, and doge. It will ultimately be up to the community to decide whether or not to add new coins or change the allocation.

Below is a diagram showing how miners are split at the beginning:

The DAO

The Kingdom Treasury is a community wallet that regularly receives a portion of mining rewards. The GGMC will utilize this treasury to gain exposure to all types of other projects: new, established, crypto, and non-crypto. The GGMC team will research these projects and put them to a vote for the community's consideration.

Utility

● Mining Reward Flow

For the first five months following the launch of miners, the company will focus on expansion, and the GGMC team will use 10% of the mining rewards to invest in additional miners to grow the project's operation. Then, following five months of intense compounding, the GGMC will focus on developing the Kingdom Treasury, adding different miners, and rewarding burrowed (staked) Gophers.

The team will use the remaining 25% to invest in a project development wallet they will use for a variety of purposes, including, but not limited to, founder compensation, maintenance, consultation costs (legal, tax, and technical), marketing, and development.

● Other Utilities

- Secondary Market Sales: To ensure the project's sustainability, a 10% royalty will be applied to all secondary market sales

- Burrowing (Staking) and Payouts: Holders must burrow their Gophers to qualify for mining rewards, treasury dividends, or secondary market royalties

- In addition, holders will receive the following perks:

- access to exclusive perks and benefits in partnered projects

- coaches from various fields conducting online coaching sessions, ranging from crypto professionals to fitness experts

- GGMC community networking events to meet other project founders

- airdrops and giveaways

Gopher NFTs

There are several types of Gophers, each with a different profession based on their assets, background, color, and metadata. The following are the "professions" that will determine the perks that each holder will receive:

Pros and Cons

Pros

● sustainable concept with a profitable aim

● founder visible on social media

● attractive, pixelated artwork with a lot of utility

● a website that is informative and professional

● whitepaper with a good structure and information

Cons

● the community is relatively small

● there is no Road Map (although the whitepaper covers everything)

● rewards only paid out in $ADA

● team information has not yet been fully disclosed

Conclusion

The team shares a common goal: "to grow to a highly large-scale operation of machines, working hard day and night to power the GGMC, reward burrowed (staked) holders, and push our community to heights no NFT project has seen before."

In addition to providing its community with an extra source of passive income, Goofy Gophers Mining Club is aiming to achieve a real-world utility.

Additionally, the team has shown enough transparency, ambition, and determination to deliver on their realistic plans. To conclude, I want to emphasize the improvement of their small community, without which the project would collapse.

Goofy Gophers Mining Club social media:

Discord: discord.com

Twitter: twitter.com

Minepaper: www.dropbox.com

Webpage: ggmc.io

Sources: www.investopedia.com, www.dropbox.com, twitter.com, ggmc.io