Bitcoin Gold
What is Bitcoin Gold?
Bitcoin Gold (BTG) — the hard fork of the most popular cryptocurrency (Bitcoin), was made on block #491407 in October 2017. According to Jack Liao, the mastermind behind the project, this hard fork was made to achieve two main goals:
- “Make Bitcoin decentralized again.” To do this, it is proposed to use the Equihash mining algorithm, instead of SHA-256 as in the Bitcoin blockchain. Its main feature is the main bet on the power of the GPU, instead of the CPU. The idea was to protect against mining with ASIC devices, as they almost completely captured the Bitcoin mining market.
- Creating a “backup copy” of Bitcoin. This is just a safety net in case the original bitcoin network gets corrupted in some way.
Pros of Equihash over SHA-256. The SHA-256 hashing algorithm uses CPU power for mining. This made it possible to create ASIC miners that are much more powerful and mine much more efficiently than conventional processors, but they are also much more expensive. And since the size of the mining reward directly depends on the power of the device that was mining, the following situation turned out – ASIC miners captured most of the Bitcoin mining market, which made Bitcoin very “centralized”. A large number of mining farms with incredible computing power have appeared. Because of them, mining on a standard home computer has become unprofitable. As a result, the centralization of power in the hands of mining farms makes Bitcoin very vulnerable to hacker attacks.
Bitcoin Gold is an “alternative Bitcoin” that should fix the problems described above, which is why the Equihash hashing algorithm was used, which uses the processing power of video cards. There are video cards in many modern devices and you can buy them for relatively little money especially for mining.
Bitcoin Gold mining
Bitcoin Gold mining works like Proof -of-Work, using the power of video cards. There are many services on the Internet where you can see the mining efficiency of a particular video card model.
How to buy Bitcoin Gold?
You need to buy Bitcoin Gold in reliable places, crypto exchange Leoexchanger or crypto exchange WhiteBit.
What can be done with Bitcoin Gold?
Bitcoin Gold is a very interesting cryptocurrency. With it, you can try to trade, use it as a long-term investment tool or a means of payment for goods or services.
Bitcoin Gold price dynamics (USD)
As of August 2022, 1 BTG is worth approximately $26.14. The total market capitalization is $457,756,698.
The price movement chart is shown below:
How to store Bitcoin Gold?
The most popular places to store Bitcoin Gold are crypto wallets or exchanges. There are a large number of them. The best way to find the most convenient option for you is to study the experience and reviews of other users.
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