Also known as BGold and BTG, Bitcoin Gold is an upcoming Bitcoin fork that is scheduled for October 25 of this year. There are three days left until Bitcoin Gold sees the light of day. What do we know so far about it?
In this article, I will detail what makes Bitcoin Gold unique, what are the differences with the classic Bitcoin and Bitcoin Cash, as well as how can we potentially profit from it. But before I delve into that, let’s quickly review what Bitcoin Gold is NOT to avoid any confusions.
Do not to be confused with:
Bitcoin Cash, which is a fork that happened on August 1st and it has nothing to do with the upcoming Bitcoin Gold.
BitGold, which is a Canadian company that offers international savings and payments services which allow people and businesses to send payments and hold savings with physical gold.
Bizcoin/S2X SegWit hard fork, which is scheduled for mid-November of the same year.
Gold – Bitcoin Gold is not related to the real world precious metal in any way.
BITCOIN GOLD – FROM SHA-256 TO EQUIHASH
Jack Liao, the CEO of LightningASIC is the man behind BGold. He believes that Bitcoin, as it is today, is suffering from mining centralization. Bitcoin can only be mined by ASICS and only few people have access to those. Furthermore, a handful of big Chinese companies took over most of the mining hashrate, which goes against the idea of a fully decentralized cryptocurrency.
Therefore, Jack and his team planned the fork to “bring Bitcoin mining back to the user“. This way, anyone with a GPU at home can mine their share of coins without the need to invest a penny in an ASIC.
Bitcoin Gold will change the Proof-of-Work algorithm from SHA256 to Equihash, which will be ASIC-stable and optimized for GPU-mining
Jack Liao
If you are somehow acquainted with mining, you are familiar with the term Equihash. Equihash is an algorithm that stands behind the ZCash, Zencash, Hush and zCash Classic cryptocurrencies. Eventually, the Equihash family of ASIC-resistant coins will soon welcome its newest member – Bitcoin Gold.
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