Goofy Gophers Mining Club – Cardano NFT
A cross-chain community investment project that will introduce an accessible way to mining controlled by a DAO.
Problem (inaccessibility of mining)
Firstly, let me start with my desire and limitations to enter the cryptocurrency mining world.
As you all know mining began with the publication of the Bitcoin whitepaper, which kickstarted the age of the Web 3. And, you may be aware that entering then was so easy that you could basically start mining $BTC with basically your laptop. But who really did actually mine back then? Just like myself, not a lot!
With the passing of years though and the evolution of this market, it became clear that the Proof of Work system is here to stay and grow in popularity. But what did this popularity give us? A more expensive equipment necessary to actually mine successfully, which discouraged a lot of people to start – including me.
- the large initial cost of the ASICs machines
- the technical knowledge required to both setup and maintain the ASICs machines
- the physical space required
- the need for generators and coolers
Goofy Gophers Mining Club is a CNFT project which believes that the power of the collective can address this problem.
To begin with, Goofy Gophers Mining Club will use 90% of the revenue from their sale to invest in ASIC miners with the aim to create their own mining farm. By doing so, every generated coin will be used to reward the holders who stake (burrow) their NFTs in their platform. A sustainable passive income so to speak, which will be paid out in $ADA.
Notably, the facilities will not only host Bitcoin mining but the initial plan involves coins such as: Litecoin, Dogecoin and Kadena with the ASICs allocation as shown below:
Of course, the addition of other coins will be a community decision (DAO).
Furthermore, to make the operation sustainable and ever growing, 80% of the mined coins will be allocated to the repurchase of mining equipment. But that will be the case for the first six months of going live. After that, the allocation will fall to 17.5% and will remain so moving forward.
Finally, the reward allocation will follow a similar change but to the upside. In particular, the first six months will allocate a 6% profit of the total revenue to the holders and after that it will increase to 40%.
First and foremost, the DAO will be consistently funded by the mining revenue (initially with 7% and later on will a 17.5%). Secondly, the DAO will act as an investment fund to get exposure to other projects in general, with the holders having a vote on where to invest. To conclude, the overall goal of the DAO is to act as a start-up incubator for new projects from which the holders will benefit from.
The team consists of four main members of whom we have little information overall. On the bright side however, two of them are transparent enough to personally breakdown their Minepaper (whitepaper) live on a community call and to answer possible questions. In this call we get to meet Ryan, the founder of the project and Aaron, the community manager. Likewise, we know that Jessica is the legal consultant and Mirunalini is the lead artist.
Moreover, there are some partners that are yet to be announced, such as the mining partner. But, what caught my attention is that their Cardano partner will be freeroam.io. (For those not familiar, freeroam is a marketplace created by the people behind Ghostchain CNFT). Specifically, Goofy Gophers Mining Club will be the first project to mint directly through them.
To conclude, there is a piece of information that you will absolutely love. According to Ryan, the project will be fully legally incorporated. Which means that aside from being a legal corporate entity or company, it also adds an additional layer of trust between them and the community.
Community (Discord & Twitter)
The project is around for quite sometime, if we of course take into account the information provided by Twitter (April 2022). However, Discord came some time later in the Summer of 2022. And in this period of time the community hasn’t grown as much as I would expect it, with the engagement staying in the low levels as well. Someone would ask what is the problem? Well, on the one hand my guess is that we are in the middle of a bear market. And most likely the team is not looking for the usual hype to attract people. Besides, the project is dependent on its community. And, what’s better than a loyal and supportive one? But on the other hand, I believe that they should step up their marketing and maybe even organize some interviews as well. That will help with publicity and trust!
If you want to follow Goofy Gophers Mining Club social media you can check here:
It has been a long time since I last saw a pixel related project and Goofy Gophers Mining Club offers such artwork. To be honest, I know that the main focus of the project is utility by itself. However, I have to admit that the artwork is kind of attractive as well. To illustrate, it depicts pixelated gophers in one of their seven themes or in other words “professions” (Royal, Merchant, Oracle, Miner, Wizard, Warrior and Thief).
In fact, these “professions” are what will determine the perks that each holder will have, as you can see below:
You can also see some examples of the artwork below:
The website of the project was only released recently (20th of August) and in my honest opinion it looks fantastic. I mean it kind of gives me that gaming vibe. Even though I didn’t find a reference that the team wants to actually develop one. Additionally, it is very informative and professional. To sum up, the only improvement that I would make is the addition of a scroll bar or a way to get to the top easier.
Roadmap – Whitepaper (Minepaper)
Goofy Gophers Mining Club is a project with no roadmap, leaving the development open. However, we should take into account that it has a well structured and very informative whitepaper. Now, the whitepaper clearly states what the project will do and will keep doing in the long-term. And if there will be any changes to this plan, the community will decide on them along with the team. Overall, the goal can not get any simpler and I certainly do not see any reason to add a roadmap in the equation just yet.
For more details check the minepaper here.
Goofy Gophers Mining Club is a NFT project which aspires to achieve a real world utility for its community and provide them with an extra passive income. For some even fulfill a dream of becoming a cryptocurrency miner. On top of that, the team is transparent enough, really ambitious and so far shown the determination to deliver. Moreover, their plan is solid and can actually be attained. In conclusion, I would like to point to the their small community and the improvement of it. Because without one any project will eventually crumble.