Bitcoin Gold

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Bitcoin Gold is a distributed digital currency. It is a hard fork of Bitcointhe open source cryptocurrency. The stated purpose of the hard fork is to restore the mining functionality with common Graphics Processing Units GPUin place of mining with specialized ASIC customized chipsetsused history bitcoin gold mine Bitcoin.

A central part of the bitcoin process, mining, is being controlled by a few manufacturers who sell their products to a select group of industrialized miners, centralizing the mining task and breaking with one of the core values of bitcoin - decentralization [2]. ASIC resistant GPU powered mining provides a solution, as this kind of hardware is ubiquitous, and anyone can start mining with a standard, off-the-shelf laptop computer.

The hard fork occurred on October 24th,at block height History bitcoin gold team did this via a rapid mining of approximately 8, blocks at However, of the K coins, some five percent were set aside as a bonus for the team, or about coins for each of the six members.

Bitcoin gold uses the memory history bitcoin gold equihash as proof-of-work algorithm instead of the sha But for the rest, the project follows the guidelines of the Bitcoin core project. From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable history bitcoin gold.

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Bitcoin Gold, a new cryptocurrency, has been created through a so-called hard fork similar to the way Bitcoin Cash was created in August. Since Bitcoin and Bitcoin Gold share the same history up until the fork, anyone who owned Bitcoin around 8pm E. Monday should become the owner of the same amount of Bitcoin Gold as well. But as is often the case with Bitcoin, things are not that simple.

First of all, the Bitcoin Gold network is not yet live. Its creators have merely taken a snapshot of the Bitcoin blockchain at block ,, but the cryptocurrency should become publicly available on Nov. If everything goes well, those who stored their bitcoins in private wallets should see their BTG coins at that date. Those who stored bitcoins at exchanges might see different results, depending on the exchange.

Some exchanges, including Coinbase and BitMEX , said they will not support Bitcoin Gold at all though Coinbase did say it might support it at a later date. Others, like Bittrex , said Bitcoin owners will receive their Bitcoin Gold at a 1: Only a few of the major exchanges said they would support Bitcoin Gold trading.

Originally, Bitcoin could be mined the process of mining creates new coins and powers the Bitcoin network at the same time by anyone with a PC. However, Bitcoin's network is currently dominated by big mining companies, which employ specialized mining machines called ASICs application-specific integrated circuits. Bitcoin Gold uses a different mining algorithm which will once again enable mining by anyone with a home PC.

However, Bitcoin Gold has received quite a bit of criticism for being hastily put together, and for pre-mining a certain amount of coins, which essentially mean free money or the project's owners. Many were likely hoping for a reprise of the Bitcoin Cash fork in August.

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