Bitcoin Gold: The Coin That Extends GPU Mining Life?
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Update: Please read this thread before considering Bitcoin Gold: Here is why Bitcoingold is shady and a scam you should dump it as soon as you get it, never buy it!
CoinDesk has an article discussing the upcoming Bitcoin Gold, which is expected to take place on October 25th, 2017.
There could be as many as four cryptocurrencies bearing the bitcoin name if a small group of miners and developers carry out a planned fork of the blockchain this month.
Styled as a rebellion of sorts, bitcoin gold aims to follow a similar launch plan as bitcoin cash – the blockchain that split from bitcoin this summer by way of a “hard fork.” The idea of the project is to release an improved protocol, one that will challenge bitcoin cash in particular, and details are now starting to come come into focus.
Led by Jack Liao, CEO of Hong Kong mining firm LightningASIC, bitcoin gold is slated to launch on October 25, with its cryptocurrency being opened to exchanges on November 1.
Unlike the Bitcoin Cash hard fork which still uses the same SHA-256 algorithm, Bitcoin Gold aims to move to Equihash, an ASIC resistance algorithm highly optimized for GPU mining. Equihash is used by the popular coin Zcash.
One of the biggest gripes I have with Bitcoin, Litecoin and other coins with ASIC friendly algorithms is how expensive it is for the casual person to get into the currency.
Another flaw, and probably the biggest reason for the hard fork in the first place, is that ASIC miners move Bitcoin closer to a centralized currency rather than farther away. This is due to ASIC miners having high costs and very little use outside of mining SHA-256. This gives little incentive for the average person to invest in costly machines with little resell value.
While it is true that only two companies make GPU cards, those cards have uses well outside of just mining. The video game industry is worth billions of dollars which will keep GPU prices down and accessible to everyone. This will lead to less chances a country or large organization could obtain a large share of hashrate.
Questions as to whether or not GPU mining is currently worth investing in have become more frequent lately. This is mostly due to Ethereum heading toward a Proof of Stake system rather than Proof of Work. Bitcoin Gold could be the coin that helps give an extended life to your GPU mining rigs.
Anyone holding Bitcoin and controlling their private keys will also have access to an equal amount of Bitcoin Gold.
You can check out the official page that currently links to their social media here: http://btcgpu.org/
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