What is behind bitcoin gold, and how it was created, when I heard about bit coin gold, I was so confused because recently we did have a hard fork creating bit coin cash.
Before going behind the curtains as we are pointing hear to bitcoin gold, but we need to know more about the previous hard fork creating bitcoin cash.
What actually bitcoin cash is a clone of the original bitcoin, so what does clone means?
Just to make it simple, it is an identical copy for any subject with some minor differences having the same parameters and features or more.
Why bitcoin cash hard fork happened?
Some developers strive to modify bitcoin block size in order to have more transactions in one single block moreover to increase speed of the transaction.
In fact bitcash was developed by miners whom developed a code in order to crate a hard fork, and by this bitcoin cash had become realty. Everyone who own bitcoin will have the same amount of BCH.
The question hear is; if BCH have the same blocks of BTC then mining difficulty will be the same ?
Defiantly yes and miners are losing because BCH price is not compered to BTC.
Why Miners Are Mining Bitcoin Cash – and Losing Money Doing It
Like the bitcoin blockchain from which it forked, bitcoin cash is hard-wired to adjust how hard it is for miners to claim its rewards, and on Saturday, it saw such a change. As a result, bitcoin cash was made 300% more difficult to mine.
This, in turn, caused the profitability of the coin to decrease dramatically. Many miners left for bitcoin, and for about 10 hours only a few blocks were found. As a result, emergency difficulty adjustments (a technical mechanism unique to bitcoin cash) were triggered, causing the difficulty to drop enough for miners to begin switching back. What's interesting, however, is that at the time, bitcoin cash was still less profitable to mine than bitcoin by about 20%. Still, many miners, including those using pools like BTC.Top, ViaBTC and AntPool continued dedicating computing power to the blockchain.
This means these miners were likely giving up profit that they could have earned had they been mining bitcoin. So what gives? And why are miners mining at a loss?
This is not an easy question to answer and my analysis here is speculative. But, here are some possibilities:
Miners are committed to fork
Miners think the price will rise
Miners are getting subsidies more
Bottom line: It seems that the big miners were trying to tamper with the development of BTC and produced bitcash, but it is not economically feasible and today repeat their experiments and succeeded in creating bitcoin gold with the advantage of mining with GPU.
What is bitcoingold ?
"Bitcoin Gold implements a new PoW algorithm, Equihash, that makes mining decentralized again. Special computer hardware designed for BTC mining (ASICs) is obsolete for mining BTG, giving ordinary users a chance to mine with ubiquitous GPUs." More
Conclusion
Since mining bitcoin cash is not profitable the big miners developed a new coin that can be mined by GPU and making more profit and i believe thy will support it, in order to increase it price and to have more trusted value in it.
When can we claim BTG...sometime in November?
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Yes i believe so and we can do mining as well, thanks for your comment :)
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Well done
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Thanks mate,أشكرك يا خوي
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thanks
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I welcome you!
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nice post
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great explanation... resteemed
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Thanks i appreciate your support.
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This post have been upvoted by @steemitarabic , steemitarabic support arabic steemit community.
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Nice post buddy btw Bitcoin Cash is having a hard fork on 13 November with Emergency Difficulty Adjustment.
Keep it up :)
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Thanks mate, i really appreciate your support.
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Your welcome buddy :)
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شكرا، كنت أود التصويت لك، لكني لم أتمكن من ذلك يبدو أن هناك خللا ما
تحياتي
@amirduhair
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