Goofy Gophers Mining Club - Diversified Crypto Mining on Cardano

Project Overview

Goofy Gophers Mining Club is a unique addition to the Cardano NFT ecosystem. It combines storytelling and pixel art, concepts that were popularised in the Ethereum and Solana NFT ecosystems, with a sustainable business model focused on Crypto mining that brings value to holders of the Gophers.

With 90% of mint revenue from the sale of the 8,888 going towards buying ASIC miners, the team has so far purchased 151 miners for their operations. As one of the most diversified crypto mining projects, they are using a variety of ASIC miners to mine Bitcoin, Litecoin, Dogecoin, Kadena, Dash, and Nervos as the primary revenue stream for the project's holders and treasury.

Professions and Gamification

GGMC has a big focus on gamification, the professions are where this is most noticeable to holders. The Gophers have one of 7 professions; Merchants, Royals, Thieves, Oracles, Warriors, Wizards, and of course Miners. Each of these has different utility and gamification elements which we can take a look at below.

Royals

Royals are the rarest Profession with only 99 in the whole collection. They receive a 3% tax on all Gopher payouts as well as 5% of secondary market royalties, and on top of that they receive 3 votes in the Juniper Room.

Oracles

There are a total of 100 Oracles in the collection and they receive rewards from both Mining and Treasury which are pooled together. They have the ability to submit a prediction for the following period on a variety of things like hashrate or price of a certain token for a given Period. The 3 closest Oracles will receive the full payout pool split between them. They have just 1 vote in the Juniper Room each.

Merchants

The supply of Merchants is 199 and their main benefit is receiving 50% of secondary market royalties starting from the 26th of March, 2022. They do not receive any Mining or Treasury rewards but do have 3 votes in the Juniper Room, the same as the Royals.

Thieves

There are a total of 399 Thieves and they have their rewards pooled together; with 50 random Thieves receiving the payout every quarter(after payouts begin). The thieves are also not subject to the King Tax which the Royals receive each payout but in turn they do not get any votes in the juniper room. Note, Warriors as a group have a 1% chance of recovering the payout from thieves. In this rare scenario, thieves would not get a payout that period and warriors would have the thieves’ payout added to their rewards pool.

Miners

Miners have boosts on their mining rewards which vary depending on the rank; with Apprentices receiving a 1.15x, Experts receiving 1.5x and Masters receiving 2.5x boosts. Master Wizards receive 2 votes in the Juniper Room, whereas both Experts and Apprentices receive just 1 vote in the Juniper Room. All miners get standard Treasury Payout.

Warriors

Warriors have boosts on both the mining and treasury rewards; with Apprentices receiving a 1.075x, Experts receiving 1.25x and Masters receiving 1.75x boosts. Master Warriors receive 2 votes in the Juniper Room, whereas both Experts and Apprentices receive just 1 vote in the Juniper Room.

Wizards

Wizards have boosts on their treasury rewards which are different depending on the rank; with Apprentices receiving a 1.15x, Experts receiving 1.5x and Masters receiving 2.5x boosts. Master Wizards receive 2 votes in the Juniper Room, whereas both Experts and Apprentices receive just 1 vote in the Juniper Room. All miners get standard Mining Payout.

Revenue

Mining

For the first 5 months after the ASIC miners have been set up, the distribution of the mined coins will be as follows; 10% to Project Development and 90% to re-invest in more ASIC Miners.

After this phase, the mining returns will change in order to begin funding The Kingdom Treasury and rewarding holders of the Goofy Gophers. The exact distribution will be 40% to holders, 25% Project Development, 17.5% to Kingdom Treasury, 17.5% to Compound the Miners. Rewards will be distributed to Holders of Goofy Gophers every quarter and they need to have their NFTs burrowed(staked) in order to receive their rewards.

The Kingdom Treasury

A portion of the mined rewards will be allocated to a community treasury(The Kingdom Treasury), which will be cross-chain and used to invest in quality projects across the cryptocurrency space and beyond. As mining is at the core of GGMC, providing long-lasting utility through real, tangible products that generate revenue regardless of the state of the market.

The Kingdom Treasury is designed to be a vehicle for GGMC to gain exposure to various types of projects, including new and established ones, both within and outside the crypto space. Nothing is off the table as long as it has long-term quality. GGMC has a verified holder discord channel where suggestions can be made on where the Kingdom Treasury could be put into.

Governance - The Juniper Room

The GGMC team will conduct research and provide information to help the community make informed decisions when voting in the Juniper Room, a grand section of Goof Castle where Gophers from across the Kingdom can gather to discuss and vote on major decisions, such as Kingdom Treasury deployments and changes to miner allocation. Generally, Gophers give you 1 vote in the Juniper Room but some rarer Gophers like Royals, Masters, and Oracles have more votes, whereas the Thieves appropriately get no votes in the Juniper Room.

Closing Thoughts

Having sold out the Pre-Sale allocation of 1000 NFTs, the GGMC team was able to begin mining Litecoin, and in the 6 months since the pre-Sale were able to mine over 140 LTC with the 5 miners deployed. The completion of the Public Sale, minting out the full collection, enabled the team to invest in many more miners - which should result in a fairly reliable albeit volatile revenue stream for the GGMC Holders and Kingdom Treasury.