What is GoMining VeTokenomics?

GoMining VeTokenomics is a mechanism where you lock GOMINING tokens to earn rewards and actively participate in the governance of the ecosystem.

When you lock your GOMINING tokens, you receive weekly rewards, gain voting power, and move up in your VIP status.

Key Terms

Here are some key terms to lay the groundwork for understanding veTokenomics:

• GOMINING token — utility token of the GoMining ecosystem, used for miner maintenance payments, rewards distribution, liquidity incentives, and participation in VeTokenomics.
• Tokenomics — the economic model of a token that defines how it is created, distributed, used, and how its value is managed.
• Burn & Mint cycle — a weekly process ( Tuesday to Tuesday) where GOMINING tokens collected from miner maintenance fees are burned, and new tokens are minted.
• Mint-to-Burn Ratio — compares how many tokens are minted to how many are burned in each Burn & Mint cycle. A lower ratio means more tokens are burned than created, reducing the token supply.
• Epoch — a long-term tokenomics phase that defines the mint-to-burn ratio (mint coefficient) for Burn & Mint cycles. It ends once a specific amount of tokens is destroyed, further reducing the total supply.
• VeTokenomics — GoMining’s tokenomics and governance system that combines token locking, rewards, and community voting.
• veGOMINING — the votes a user gets for the the " GOMINING token lock. They determine how many rewards they get, how much say they have in governance votes, and affect the level in the VIP Program. 
• Governance voting — a community voting process where veGOMINING holders have a say in key governance decisions within the GoMining ecosystem.

If you would like to learn more about the GOMINING token, check out our product guide.

Core Components of VeTokenomics

GoMining's veTokenomics system has three main parts:

• Epochs
• Burn & Mint cycles
• veGOMINING votes

It might seem complex at first, but once you understand how Epochs, Burn & Mint cycles, and veGOMINING votes interact, you'll see how these elements work together to power GoMining's sustainable, value-driven ecosystem. 

Epochs: The Foundation of VeTokenomics

The GoMining tokenomics model is structured into 20 epochs, each with its own mint-to-burn ratio, ending once a specified number of tokens have been burned.

Over time, this mechanism will reduce the token supply from 436,915,240 (at veTokenomics launch) to 100,000,000.

Each epoch has a target number of tokens that must be removed from circulation. Once that target is reached, the system automatically moves to the next epoch.

Epochs are designed to ensure that the burning process and the reduction in circulating tokens occur gradually and slowly over time.

This approach ensures the model remains stable and can function effectively for many years.

Epochs set the rules for long-term scarcity by gradually slowing down token creation, while weekly Burn & Mint cycles handle regular operations. 

Burn & Mint Cycles

Burn & Mint Cycles are weekly events (Tuesday to Tuesday) during which all GOMINING tokens spent on miner maintenance are burned, and new ones are minted. 

Since the system always mints fewer tokens than it burns, the total supply constantly shrinks.

How it works 

During the week, you pay miner maintenance fees in GOMINING tokens, and the system collects all these tokens into a single pool.

Every Tuesday, the smart contract executes the Burn & Mint process:

1. Burn: 100% of the collected tokens are permanently destroyed.
2. Mint: A smaller amount of new tokens is created, ensuring the total supply constantly shrinks.

Distribution: 

The newly minted tokens are allocated as follows:

• 65% – Hashpower Service Providers
• 20% – veGOMINING Holders 
• 10% – GOMINING Rewards
• 5% – GoMining Team

veGOMINING Votes

veGOMINING votes represent your locked stake in the ecosystem. The longer your lock, and the more tokens you lock, the more veGOMINING (votes) you receive. 

Once you lock GOMINING tokens and get the veGOMINING votes, they directly determine:

• Rewards: Your share of the weekly token distribution.
• Governance: Your voting power and influence over Burn & Mint settings.
• Benefits: Going up in your VIP status level and ecosystem perks.

Votes are non-transferable and tied to time; your voting power gradually decreases as your lock period comes to an end.

To get a sense of how many votes you get for locking tokens, you need one equation:

The less time you have left until the lock ends, the fewer votes you possess.

Just for reference, a person who locked 1000 GOMINING tokens and has only one week remaining in the lock period has the same voting power as someone who locked 5 tokens for a year.

Locked tokens cannot be used - it's like a deposit, but untouchable until the lock ends.

How to Lock Tokens and Get Votes?

 Step 1. Get GOMINING Tokens

You can buy GOMINING in two ways:

• In your GoMining account: Click on “Buy GOMINING” in your personal account and purchase GOMINING tokens with cryptocurrency or a bank card.
• On exchanges: Buy GOMINING on supported exchanges. See the full list here.

Step 2. Lock Tokens to Receive veGOMINING Votes

To lock tokens:

1. Go to the My lock section.

1. Click the Get votes button. 

3. Choose the wallet type:

• GOMINING wallet
• Ethereum wallet (via MetaMask/WalletConnect)

1. Choose the lock duration (from 1 week to 4 years). The longer the period, the more votes you'll get.  As the lock period is measured in weeks, you can choose only specific dates on the calendar.

On the same screen, you can find: 

• APR — current estimated annual return
• Weekly reward — expected weekly GOMINING rewards
• Votes — veGOMINING voting power you will receive

Note: All values shown in the calculator are estimates. APR and rewards may change depending on total voting power, epoch parameters, and governance decisions.

1. Confirm the lock.
2. Done! Your votes will appear in the My Lock section.

For the Ethereum wallet, approve the transaction in your wallet. For the GoMining in-app wallet, no action required

What Do You Get For Having veGOMINING Votes?

• Votes boost your VIP status, which comes with a range of exclusive benefits. 

• Locked tokens increase your miner maintenance discount, but are not used to pay for maintenance.

• You get weekly rewards that are powered by the Burn & Mint mechanism: 20% of all newly minted tokens are reserved exclusively for veGOMINING holders.

• You get a chance to participate in GoMining governance decisions

Reward Calculation

Your rewards are based on your share of the total voting power:

The more votes you have, the bigger your share of the reward pool.

How to claim your rewards?

The rewards are always sent to your GoMining wallet.

The way you claim your rewards depends on how you locked your tokens:

• If you locked tokens via a GoMining wallet, every Tuesday, rewards are sent automatically to the same wallet; no manual claiming needed

• If you locked tokens via an Ethereum wallet, you should claim rewards manually in the My lock section. Alternatively, enable auto-claim to receive rewards every Tuesday.

Governance Decisions and How Your Votes Can Affect Them

Vote holders have two major decisions to vote on every week:

1. Distribution of 10% of Newly Minted Tokens: 

10% share of weekly emissions (GOMINING rewards) fuels key initiatives in the ecosystem, such as:

• Extra Mining mode discount
• Miner Wars prize fund
• The Greedy Machines power increase
• Bounty cycle rewards

Every vote directly impacts the share of additional support each feature or initiative gets.

2. Voting on the Burn & Mint Mechanism

veGOMINING vote holder community can reduce the amount burned - or maintain it.

This lets users adjust the pace of token reduction each cycle - without changing the system's foundation.

How Can I Vote?

You can vote using veGOMINING votes either from your GoMining wallet or your Ethereum wallet.

Select the active voting you want to join, choose your preferred option, and click Vote.

Keep in mind:

• You vote only with the veGOMINING votes from the connected wallet
• You can vote from multiple wallets - either for different options or the same one
• Voting does not spend your votes; it simply confirms ownership
• Your vote stays active as long as you have veGOMINING in your wallet and don't revoke your vote.

Want to change your choice? Just revoke it and vote again.

To sum it up, veGOMINING is not just a way to earn extra rewards. It's your voice in managing the ecosystem.

How to Upgrade Locks?

To get more votes during the lock and receive more rewards, you can upgrade the lock. There are two ways to do so:

Lock more tokens

1. Go to the My lock section.
2. Enter how many tokens you want to lock in addition to the current amount.
3. Check the number of votes you'll get and your prospective voting power.
4. Click on the Upgrade button:

The amount of tokens entered will be locked, and your extra votes will appear in the vote balance.

All your voting statistics are also available there, including your reward balance and history, upgrade history, vote chart, and the remaining time until your lock ends.

What Happens to My Votes Over Time?

From the beginning to the end of your lock, the amount of your votes will decrease - this is part of the veTokenomics logic.

It helps to:

• Maintain the value of votes
• Keep a high reward per vote
• Ensure fair competition among vote holders

The votes of each holder decrease by the same amount continuously. It is proportional to how many tokens were locked and the initial lock duration. This process continues until the lock period ends, and the vote balance reaches zero.