Question 1

What is GOMINING?

Accepted Answer

GOMINING is the utility token of the GoMining ecosystem, used for functions related to transactions and asset management within the platform, rather than being merely a tradable asset. The official documentation lists uses including paying digital miner maintenance fees, purchasing miners, and obtaining governance voting rights and eligibility for weekly rewards through locking. Its tokenomics model connects Epochs, weekly Burn & Mint cycles, veGOMINING locks, and governance voting: whether and how users lock tokens affects their voting power and reward share; cycle parameters affect the relationship between minting and burning.

Question 2

What are the practical uses of GOMINING?

Accepted Answer

GOMINING can be used to pay digital miner maintenance fees and to purchase miners and certain platform items on the GoMining Marketplace. When GOMINING is used to pay maintenance fees, the documentation states that a discount of up to 20% may be available; “up to” means that the discount actually applicable depends on the platform rules at the time, rather than every payment automatically receiving 20%. The token can also be locked to obtain veGOMINING voting power. Voting power does not directly convert GOMINING into another freely fungible asset; it is a governance and reward measurement credential linked to the amount and duration of the lock.

Question 3

What is veGOMINING, and what happens after locking?

Accepted Answer

veGOMINING is a measure of voting power obtained after locking GOMINING, used to participate in governance and determine a share of weekly rewards. Lock durations range from 1 week to 4 years; for the same locked amount, a longer duration provides more voting power initially. Voting power does not remain unchanged throughout the lock period. It decreases weekly from the start to the end of the lock and falls to zero when the lock expires. Locked GOMINING cannot be unlocked early; to increase voting power, users can only add to the locked amount or extend the expiry date, with the maximum still being 4 years from the current date.

Question 4

How does GOMINING's Burn & Mint mechanism affect supply?

Accepted Answer

Burn & Mint is a token supply mechanism that runs weekly: GOMINING that has been used is burned during the cycle, while the system mints new GOMINING. It is not simply “burn-only” or “mint-only”; two opposing supply changes occur at the same time. An Epoch is a time stage that determines the minting and burning coefficients and the GOMINING emission rate. The outcome of each cycle depends on the applicable Epoch parameters and mechanism data during the cycle. Therefore, a burn alone does not mean that total supply or circulating supply will necessarily decrease; the official documentation describes the model as a self-regulating mechanism intended to reduce circulating supply over time.

Question 5

How can I participate in governance and earn rewards after locking GOMINING?

Accepted Answer

After locking, holders participate in governance through veGOMINING voting power; rewards come from 20% of the tokens newly minted in each Burn & Mint cycle. Rewards are not calculated as a fixed amount directly based on the amount of GOMINING locked, but depend on the proportion of an individual's veGOMINING voting power relative to total system voting power. Rewards are distributed every Tuesday with the Burn & Mint cycle and credited in GOMINING to the GoMining virtual wallet. Because voting power decays week by week, and total voting power, the cycle mint amount, and an individual's lock status can all change, reward amounts do not constitute a fixed-return commitment.

GoMining (GOMINING) Price