One of the main activities of Web3 and the financial Metaverse is Mining, which works the same way as within virtual reality. Slots on lands are limited, but opportunities on the Metaverse are endless, so it is possible to acquire extra miners in the form of NFTs and expand available spots for miner installation. This will admittedly boost the mining revenue.
We follow the trends and periodically release new miner models, improving the hardware's functionality and productivity. Byword, this merely indicates that each subsequent miner generates more tokens and reaps more benefits. On top of this, higher-end models occupy fewer slots to produce the same number of tokens than earlier generations. It is also feasible to sell the older models on the NFT marketplace if one likes to upgrade the miner. GYMNET, Gym Street's native asset, is the rewards token offered to Metaverse miners in exchange for their labor.
Mining is the primary way to earn passive income in GYMSTREET. A user who owns a mining machine in the metaverse will receive regular tokenized rewards in GYMNET. Every few months, the platform will release a new miner model, just like it happens with real-world ASIC mining hardware. Every new miner will be more productive and have a more sophisticated design than the preceding one. Users will be able to replace their miners with new ones and sell the old ones in the market- place.
Advanced miners take up more slots on a land parcel than basic ones: for example, a machine that mines 4x tokens a day than the basic model will require 2 slots, while a 9x miner will need 3 slots. The top-of-the-line 18x miners will require 9 slots, meaning that only those users who upgrade their land will be able to install them.
In spite of the increased land usage and price, buying more advanced miners will be justified from the ROI perspective. For instance, suppose that a basic miner costs $50 and produces X tokens a day; when buying two such miners, the user will spend $100. However, a better model occupies the same 2 slots and also pro- duces 2x tokens a day, but it costs only $80.
Successive models will also have utility far beyond simple GYMNET ‘mining’. The team is actively investing in real-world mining hardware for cryptocurrencies like Filecoin. Part of the proceeds from these physical mining mini-farms will be distributed to the holders of the advanced mining NFTs.
In essence, profits from crypto mining in this universe will flow to those who mine in the metaverse - an inter- esting metaphor of the physical and the virtual worlds coming together in Web3.