GoMining launches Instant Funds for digital Bitcoin miner holders

GoMining is launching Instant Funds for its users in supported markets, allowing eligible digital miner holders to access stablecoin liquidity without selling their miners.

The feature was previously available in closed mode and lets users use eligible NFT miners as collateral to receive USDT or USDC while continuing to earn Bitcoin mining rewards during an active position.

Users can lock an eligible NFT Bitcoin miner as collateral and receive funds in their GoMining balance.

Instant Funds positions have a 30-day term, a 0% APR, and mandatory automatic renewal. An origination fee of 1.5% to 2.5%, depending on the user's VIP level, is charged when the position is opened and at each 30-day renewal.

Users can access up to 30% of their miner's collateral value, with a minimum amount of $5.

The total amount available through Instant Funds is capped at $10,000 per user, while users can open multiple positions within that overall limit.

According to GoMining, collateralized digital miners continue to mine Bitcoin while a position remains active and below the liquidation threshold, with mining rewards accruing to the holder.

If a position reaches the 60% loan-to-value (LTV) liquidation threshold, it enters a seven-day buyback period.

GoMining said mining rewards generated after the position enters the buyback period, throughout that period, and during any subsequent auction are forfeited and not returned to the user.

At launch, Instant Funds is available for miners with energy efficiency of 12 watts per terahash (W/TH) or better.

Eligible miners must be held in the user's platform wallet, cannot be listed on GoMining's secondary marketplace, and cannot have an active Mine Now, Pay Later (MNPL) plan or an overdue auto-upgrade subscription.

GoMining said it plans to raise the eligibility threshold over time, allowing more miners to qualify for Instant Funds.

The initial rollout is the first stage of broader availability.

KYC Level 1 verification is required to access the feature. Eligible users in the European Economic Area (EEA) who have completed the required verification can access funds in USDC.

Instant Funds is now available through the GoMining app in supported markets.

Users can select an eligible digital miner to review the applicable terms and access funds while continuing to earn Bitcoin mining rewards during an active position.