Tuesday, October 19, 2021

Bitcoin Gold will switch to a new algorithm

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Recently sales of “iron” miners for the algorithm of Equihash – Bitmain Z9 mini and Innosilicon A9 Zmaster have started, and now the production of cryptocurrency on this algorithm with the help of the usual video cards became unprofitable. Developers of cryptocurrency ZCash, it seems, are not against this state of affairs, but not all share this view. For example, the developers of the rather popular Bitcoin Gold coin (BTG) are going to switch to a new algorithm called Equihash-BTG, which will be a modified and protected version of the ASIC version of Equihash.
The developers claim that after switching to the modified algorithm using the proof of performance (PoW), the equipment for mining will require much more memory, and this will lead to inefficient coin production using ASICs. On the one hand, the solution is working, but if we take into account the appearance of “iron” miners for the extraction of Ethereum, it is not too far-sighted. Yes, for a while Bitcoin Gold currency will be protected, but how long it will last is unclear.
To switch to the updated algorithm, the cryptocurrency will have to perform a hardfork. While there is no data about when the update will occur or on which block. At the moment, there are no obstacles to mining Bitcoin Gold on ASIC for the algorithm of Equihash.

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