Bitcoin Gold (BTG)

Bitcoin Gold was created from an experimental hard fork of Bitcoin in October 2017, with a goal of making mining more accessible. A hard fork, as opposed to a soft fork, makes changes to the protocol so that it is not backward compatible. With the growth of Bitcoin, the energy needs of the mining operations had grown from being able to run computations from a laptop to requiring a large operation with a high energy demand. In July of 2017 the founder of Bitcoin Gold, Jack Liao, announced that the project would undertake a change to the proof-of-work algorithm, Equihash. The project’s initial purpose was to make it possible for individuals and businesses to once again participate in mining without the need for specialized equipment with large energy requirements.

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What is Bitcoin Gold (BTG)?

With Bitcoin, as the value and popularity of the project grew, mining became more and more competitive. The original algorithm eventually required miners to use Application Specific Integrated Circuits, or ASICs, specialized equipment that can perform calculations millions of times faster than common desktop computers. This made non-specific hardware useless to individual miners, and the companies that produced ASICs – and the operations that could afford them- soon monopolized Bitcoin mining.

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About Bitcoin Gold (BTG)

Bitcoin Gold’s new proof-of-work algorithm, Equihash, requires miners to use hardware with graphics processors rather than ASICs, which are more common to a typical computer. The new algorithm is also resistant to the use of ASICs, meaning that Bitcoin Gold mining could not be centralized with a few big players, but instead available to individuals again, restoring Bitcoin’s original vision for a fully decentralized and independent cryptocurrency.