Yes, but that is the final derived formula for the force according to the inertial reference frame expressed with the rest mass (although, it's an obsolete term) of the Earth m (or m0, according to you) and the acceleration of free fall as measured by the observer in the reference frame co-moving with the Earth. As you can see, the force is constant, regardless of the velocity (according to the inertial reference frame) of the Earh.