Bitcoin gold is a proposed hard fork on the Bitcoin network that will change the proof of work algorithm to equihash. The main advantage of this is to break the reliance of bitcoin on ASIC mining and switch to GPU based mining.
When the fork happens, this will cause a chain split, and all bitcoin wallets that have bitcoin prior to the split have both bitcoin and bitcoin gold (not bitcoin cash).
What is Bitcoin Gold?
Bitcoin Gold decentralizes mining by adopting a PoW algorithm, Equihash, which cannot be run faster on the specialty equipment used for Bitcoin mining (ASIC miners.) This gives ordinary users a fair opportunity to mine with ubiquitous GPUs.
Hard forking Bitcoin’s blockchain fairly and efficiently distributes a new digital asset immediately to people all over the world who have interest in cryptocoins. Other methods, such as creating coins with a new genesis block, concentrate ownership within a small group.
To ensure the safety of the Bitcoin ecosystem, Bitcoin Gold has implemented full replay protection and unique wallet addresses, essential features that protect users and their coins from several kinds of accidents and malicious threats.
Bitcoin Gold is a free open source software project that is built by volunteer developers and supported by a rapidly growing community of Bitcoin enthusiasts that stretches around the globe.
How to mine Bitcoin Gold?
Bitcoin Gold is designed especially for GPU mining. This means, you only need a desktop computer and a Graphics card to start earning money today. Already a Zcash miner or new to mining, this is a complete guide for you to get started from buying the necessary hardware to setting up the software and calculating your profits.
When mining, you can decide whether to mine by yourself (solo) or with other (pool mining). The difference here is that with solo mining you have to do all the work by yourself, unlike pool mining where you work alongside others to mine the block. This means that solo miners require multiple, powerful computers with many high-end video cards.
However, pool mining is far simpler because you will be “pooled” together with other miners, and the combined hashrate of the pool will go towards solving the block. Because the pool is using the combined hashrate of all the miners, instead of being paid the entire block reward like you would when solo mining, each miner will be paid accordingly towards their own contribution. For example if you are contributing towards 10% of the pool’s total hashrate when a block is mined, you will be paid 10% of the total block reward.
Some exchanges which
support the upcoming Bitcoin Gold.
You can view the other
exchanges on BitcoinGold website.
For Bitcoin Gold the
mining will primarily be done on graphics cards, but you will still need
auxiliary components such as the:
- Processor – a fast processor is not required and
a standard Intel Celeron is a popular choice among miners.
- Motherboard – there are many “mining”
motherboards that have multiple PCI slots for your graphics cards, however
any standard motherboard with a few PCI slots will be fine.
- RAM – a 4GB stick of memory will suffice for
mining.
- Storage – in order to store your operating system
and mining software you should either have a small SSD for faster boot
times or a cheaper, albeit slower HDD will be fine. It is fine to run your
operating system off of an external hard drive, but this will lead to slow
boot times.
- Power supply – to power the components you will
need a power supply, and depending on how many graphics cards you are
using you may have to use one with a maximum power of at least 800W or
even multiple power supplies.
- Case – because the standard ATX cases cannot
support more than 3 or 4 graphics cards, many miners decide to build their
own cases, some even out of shoe racks. There are also websites to buy
mining cases, however you will pay quite a large premium. Here is a link
to one of those websites: Cryptomined. If you decide to get a custom case
you will need to get PCI-E riser cables. These are nifty little extension
cables that allow you to take your video cards off the motherboard and on
to a more elevated position. This lets you put multiple graphics cards on
the same motherboard. Another thing you will need is a power button, as
you will not be able to power the system.
Here is an example list of
suggested parts when building a Bitcoin Gold mining PC: PcPartPicker.
To mine Bitcoin Gold you
will need the right software to do it. This software will connect your computer
to the network or pool, and begin hashing. Here is a list of Bitcoin Gold
compatible miners:
- EWBF Miner, compatible with NVidia graphics cards on
Windows and Linux
- Claymore’s AMD Miner, compatible with AMD cards on Windows
- Optiminer,
compatible with AMD cards on Linux
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