The Galactic Mining Club is aiming to provide NFT holders part ownership in a PoW mining operation. Holders will receive rewards and be able to help guide the DAO's decisions. Ultimately, this is a great introduction for NFT enthusiasts to gain insight into the mining industry.
🔑 Key takeaways:
Steven loved the fact that anyone with a little know-how could hop on and mine crypto. His goal is to combine his passions of mining and NFTs.
At first Galactic Mining Club was created to turn mining rewards into Luna. As Luna collapsed, they knew it was time to shift towards a broader mindset on the space.
Prior to the NFT collapse, they were about 2 months away from mint. Currently, they are experimenting mining with different coins. A few they are interested in are Flux, Kadena, and obviously Bitcoin.
Steven builds most of the mining rigs. It costs about $500-$1,000 to build a GPU mining rig. ASIC mining is a bit more straightforward. Profitability is primarily determined by a network's hash rate and electricity prices.
The average lifespan of mining equipment is 7-10 years and the return on investment is typically 1 year during a bull market.
Hardest part of the Terra crash for Steven was having to tell family and friends. During the collapse, his communities' activity was incredibly active. They were ready to expand to other areas of the Cosmos/IBC world.
They plan on beginning with single asset payouts in the form of stablecoin. They are still discussing with various ecosystems about where they want to end up.
NFT rewards will be automatic with staking their NFT. The community will be able to vote on a ton of functions primarily related to hardware upgrades and which networks to mine.
They are hoping to mint in Q4 and after that mint they plan on building out the infrastructure. Steven is eyeing solar as a way to power the mining rigs. He hopes to expand to as many green energy sources as possible
If Steven could have dinner with anyone, he said Do Kwon to know what inspired the "Steady Lads" tweet.