There is a new development in the world of Bitcoin. It is known as Bitcoin Gold. It is the idea of Jack Liao and the new commodity is destined to become a better type of gold than Bitcoin. The new commodity works to eliminate miner centralization through a change of proof-of-work.
The developers of Bitcoin Gold are using Equihash as the proof-of-work and also intend to perform a hard fork to launch the new commodity. Equihash is an algorithm which is memory-hard and is resistant to ASIC. By using this technology, Jack and his compatriots intend to make it possible for miners to use GPUs and CPUs to mine Bitcoin Gold. In getting this new digital commodity, the BTG developers are planning to perform a premine of 1%. They have not disclosed any details about how this will happen but seeing as BTG will be limited to 21 million, they intend to take some of the mining rewards. Are you wondering, “How to Mine Bitcoin Gold?” Read on to discover more.
How to mine Bitcoin Gold
The first step for doing this is identifying a server that you can mine. They are indicated in the official Bitcoin Gold website. There are servers which are dedicated for Europe, Asia and the United States. Each server has its own dedicated URL which you can visit. Once you arrive at your server of choice, you can proceed to create an account. You can also log in if you already had one. Your login name is your Bitcoin Gold Address while your password is unique and known only to you. In addition to that, make sure that you have set your Stratum port to 3032. After logging in, you can proceed to mine Bitcoin Gold (BTG).
For you to mine Bitcoin Gold effectively, you need to have the right mining software. The software that you pick essentially depends on your operating system and processor too. If you have a Windows machine coupled with an Nvidia GPU, you can use the EWBF Miner software. On the other hand, if you have coupled with an AMD processor, you can use Claymore’s Miner software.
If your machine is running on a Linux operating system and you are using an AMD processor, you can use a mining software which is known as Optiminer. Moreover, if you are using this operating system and running an Nvidia processor, the EWBF Miner software is ideal.
Ensure that your setup is working
Prior to mining BTG, you should test your setup to make sure that it is working properly. You can do this on the Testnet. This is a testing network which validates if your system is working properly and capable of mining Bitcoin Gold. Simply go online at the official Bitcoin Gold mining website and get a test network wallet address. It will allow you to log into the Testnet and see if your mining rig is ready to go.
Conclusion
Bitcoin Gold mining is bound to start soon. Official dates for commencement will be indicated in their official website. To mine this new digital commodity, you have to create a brand new mining address. This means that you can’t use your old Bitcoin address to mine BTG. The Bitcoin Gold fork is bound to happen on 24th October 2017. It will be triggered by the block labeled 491407.
